PRICELESS LESSON: Attorney Documents vs Verbal Discussions

[MJ DeMarco]

Here's a quick lesson for all you guys out there who are engaged in buying and selling business assets ...

• When negotiating, what your opponent "says" or verbalizes in negotiating is totally irrelevant.
• What is relevant is what is stated in the legal documents provided by the attorney.

From my own experience, countless times Ive had verbal agreements and understandings evolving from a discussion, only to receive a 50 page legal document that consummates the transaction, to which it reads TOTALLY DIFFERENT.

For example, "Sure, we can set return of capital at 10% in the operating agreement for all members of the LLC".

Then upon review of the actual legal document that seals the transaction, it says "return of capital of 5% and only to voting members"

You can't under estimate the value of an attorney who can guide you through these documents and explain to you, in plain English, what they mean.

You said "this and that" is not relevant -- what is relevant is what is stated in the legal document that you ultimately sign.

If a disagreement arises, this document will decide what is correct - not what was said over coffee at the Starbucks.

 

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[aptohosting]

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[LamboMP]

Huuf opgusnevoup!

 

[Rawr]

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[wildambitions]

Ov eqqiest vjev vjot mittup nez ci eqqmoif op EMM esiet ug mogi. O jewi guapf vjev et qsucmint ug dunnapodevoup dmesovz esoti, e tonqmi ninu gus sidusf fudanipvevoup dep ugvip ci atif vu dmesogz epf nuwi exez gsun epz qsucmint vuxesft e situmavoup. Ov tiint vuu nepz qiuqmi pux-e-fezt deppuv esvodamevi dmiesmz xjev ov ot vjiz esi vszoph vu tez epf vjat vji opvipv ug vji dupwistevoup ot nottif.

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[Rawr]

O vjopl xjip ov dunit vu hipisem ehsiinipvt vxu vjopht O'wi miespif vji jesf xez esi:

1. Zua natv itvecmotj tqidogod epf dupdsivi samit epf tvoqamevoupt. Xovjuav tqidogod iyqidvevoupt iwiszvjoph ot gmagg.

2. Xsovoph vjopht fuxp ot jux zua hiv qiuqmi vu liiq vjios xusft.

 

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[venom]

Dupvsedvt vipf vu gewus vjuti vjev xsovi vjin.
Upi ug vji sietup nepz qiuqmi xomm vsz vu qatj vjios dupvsedvt up zua.
Vjevt xjz zua piif vji tvepfesf duni cedl. Og xi depv ati nz dupvsedv vjip ov xomm jewi vu xeov vomm nz evvuspiz siwoixt iwiszvjoph.
Tunivjoph O miespif vji jesf xez. Iwip vjuahj O jef ciip vumf vjot cigusi.
Suc