Community Empowerment Matters

  On August 31, 2023, Mayor Mike Duggan announced a Land Value Tax (LVT) proposal, which would significantly alter the way property is taxed in Detroit. According to Mayor Duggan , “blight is rewarded and building is punished” under the current property tax system. This is not unique to Detroit. In many places in the United States, property tax systems are set up so that owners of vacant land and abandoned buildings have lower property tax bills than owners of well-kept, occupied buildings. To combat the high numbers of vacant and abandoned property in Detroit, the LVT would penalize land speculators and incentivize building and development. If the LVT is passed, “ Detroit will be one of the first big cities in the world to implement one.” Most articles that discuss Detroit’s LVT proposal look at it from the perspective of the residential homeowner, but it affects everyone who owns property, including business owners. This post seeks to expand the conversation and discuss how busi

  Introduction             For many small business owners, taking on debt in the form of a loan plays a big role in getting the business started or keeping the business running. [1] In many of these cases, the borrower, or debtor, is asked by the lender, or creditor, to put up some sort of property, called collateral, to “secure” the loan. [2] This is known as a “secured” transaction.   Although seemingly straightforward, entering into this type of relationship gives the lender certain rights, the most prominent being the right to repossess the collateral if the borrower defaults on the loan. Because a “secured” creditor has such a right, it is important for a potential debtor to understand how a secured transaction works and   the consequences of defaulting on a secured loan so they can take all factors into consideration when considering this type of financing.   What is a Security Interest? When a business owner is being asked to provide collateral for a loan, they are provi

  As a small business owner, you may be curious about the process of registering a trademark, also referred to as a mark,with the United States Patent and Trademark Office, or USPTO for short. To register for federal trademark ownership, there are certain criteria that must be met. For example, your trademark cannot be too similar to another previously registered trademark that sells a similar type of product or service. To ensure that your mark is not too similar to another mark, you can search the trademark you are hoping to register on the USPTO’s website to see what similar marks might be registered.             It is possible that the USPTO denies your trademark registration for numerous reasons, including your trademark being too similar to another registered trademark or your trademark being descriptive, among other things. If your mark is descriptive, the USPTO might suggest that you instead amend your trademark application to file your trademark on the Supplemental Register