What To Do If Another Business Or Person Owes You Money?
What do you do if another business or person owes you money?
There are many stressors that come with being a small business owner. Do I have the right employees? Are my employees content? Is my cashflow sufficient? Do I have any issues with my landlord?
However, one of the most stressful things, if not the most stressful thing, is when another business or person owes your business money. This can happen in many ways. You may be a contractor and have done work for a customer, but the customer refuses to pay you. You may have leased out some equipment to another company, but the company has not compensated you for the time, or even worse, they still have your equipment.
These types of scenarios can shake your business to the core, mess up your financial equilibrium, and worst of all stress you out to the point where you can’t concentrate on what you should be doing – running a successful business.
You may have tried many times to reach out, whether by telephone, email, or letter to the person or company, but have not been successful in getting paid what you are owed. You may have been promised payment, but time keeps dragging on and you are getting nowhere fast. Before you panic, call or meet with a business law attorney. Getting the money you owe may be easier than you think.
A business law attorney will look over any contracts, bills and statements you have. Even if you only have emails the attorney will read those as well. A Demand Letter can be drafted and sent to the person or company. The type of letter sent depends on who owes you money. Often the letter itself, coming from an attorney’s office, will make the other party see that you are serious in obtaining what you are owed. Often this opens a dialogue between your attorney and the other party, leading to negotiations that are in your favor. This is common and does not involve your attorney ever having to file a lawsuit.
However, if the business or person that owes you money either ignores the letter, or claims that they do not owe you money, an experienced business law attorney can take the next steps on your behalf. The attorney can file a lawsuit, forcing the party to answer to your claims of money owed. Often at this stage the other party is willing to pay or settle, as they see that you are serious about collecting the money owed.
If the other party is not willing to settle, your business law attorney, who should be experienced in litigation, will work hard on your behalf, navigating the court system as efficiently and cost-effectively as possible to get you your money owed. Therefore, it is important to hire a business law attorney who not only specializes in transactional work (contracts, employment agreements, corporate formation), but one who also specializes in litigation- suing the person or business that owes you money.
If you are the prevailing party in the lawsuit, you may even be entitled to have the other party pay your attorney’s fees and costs of the lawsuit.
By hiring a business law attorney, you can take a deep breath and relax, knowing that your attorney is working on your case, representing you and using every method available to get you the money you are owed. This way you can go back to concentrating on running your business.
Florida Business Law Attorneys in Broward County
Matthew Fornaro, P.A. provides comprehensive business law services to individuals, companies, and businesses in Coral Springs, Parkland, and throughout Broward County. We encourage you to contact our law firm to speak with an experienced business law attorney
To request a consultation, call 954-324-3651 or contact us online.
