http://www.CoinlaundryAttorney.com

LOS ANGELES COIN LAUNDRY ATTORNEY

Myles M. Mattenson is an attorney with experience representing manufacturers and distributors of coin laundry equipment, as well as purchasers and sellers of laundry businesses throughout California.   Mr. Mattenson has authored numerous articles of interest to the coin laundry business community in The Journal published by the Coin Laundry Association as well as Fabricare, the magazine of the Dry Cleaning and Laundry Institute.

Mr. Mattenson also successfully represented a distributor of dry cleaning equipment in an action before the Ninth Circuit Court of Appeal which established that valuation of a security interest in the equipment and location of the bankrupt should be based upon the worth “on location” and not “off location.”   This holding is discussed in the published decision, to be found on this website, of Ardmor Vending Co., et al. v. Peter Kim, et al., 130 F.3d 863 (9^th Cir. 1997).

Mr. Mattenson, based upon his many years of experience in this industry, can assist you with coin laundry business issues such as lease review, equipment purchases including security interest acquired by equipment distributors, competition issues, common area maintenance charges, and the purchase or sale or such businesses, including escrow instruction issues, income and expense representations, income and expense projections, and security documentation executed in connection with the purchase or sale of such businesses, including assignments of lease as collateral security, security agreements, and UCC forms.   Mr. Mattenson can also assist with litigation pertaining to the above issues as well as fraud and misrepresentation in the sale of such businesses.

Many businesses seek Mr. Mattenson’s assistance in corporate formation.   The simple act of forming a corporation, however, will not shield an individual from personal liability if the individual is merely using the corporation as an “alter ego.”   Under the Doctrine of Alter Ego, the courts may disregard the concept that a corporation’s separate existence is distinct from that of its shareholder, and “pierce the corporate veil” thereby exposing the shareholders to personal liability for corporate debt.

How do you avoid alter ego situations?   Do not co-mingle funds.   Issue stock and do so by filing the appropriate notices to be filed with governmental agencies.   Maintain minutes and adequate corporate records.   Provide adequate capital when you form a corporation.   Do not divert assets from the corporation to the detriment of creditors.