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Hello this is Santiago Lampon. I am a lawyer and a notary in Puerto Rico. Most of my business has to deal with real estate transactions, both residential and commercial. One thing that I want to share with you and remember you can go to puertoricolegalblog.com to reach my free articles and free videos. I have written over 150 articles, more than 35 videos on Puerto Rico law, they are all for free, available on puertoricolegalblog.com.
One of the things that I have dealt with in my 25 years of practice, have done with businesses. One thing that comes to mind as the year-ends and the new-year begins in a few days, is the fact that a lot of businesses that are, I don’t wanto to say mom and pop, but they are actually small businesses, carried through in a very formal way. Half planted within it a seed of severe significance and potential problem looking forward at the time of performing a transaction. Even before and after that. But recently particularly in the 2016 year I have done a couple of transactions in which the subject of employment law has become a significant issue of the transaction.
With the new year comes new regulations for employers and in Puerto Rico in particular first we don’t have at will employment. You cannot terminate someone just because, just because. There is got to be just cause for the termination. The reasons for just cause are laid out in writing as a matter of law. There are hundreds of cases from the courts interpreting this particular law and the other laws related to it. It is actually a complex subject.
The informality in handling and managing employee relations is actually disastrous if it is not done correctly at the time of the transaction. So this is a new area that I am going to start communicating more often on. I have done employment law throughout my years, but what I am going to do is I am going to recur to a couple of the most well known and practiced layer and employment lawyers in Puerto Rico and ask them for their help in proving to you information on this subject. I am going to be either conducting interviews with them or having them write articles so I can share them with you, but I see that in dealing with this transaction the better you can establish what your employment law requirements are and then you establish the practices which helps you comply with those requirements at the time of selling your business or the time of acquiring a business you will be in a better position in many ways. I will be explaining more of that as we move along. Again my name is Santiago Lampon. I am a lawyer and notary in Puerto Rico. Visit Puertoricolegalblog.com for more free information or give me a call a 7872736767. Happy New Year. Hope you have a great day.