When you run a business, you have to deal with a number of things. You may have control over most of those things in your business, but you have almost no control over eminent domain Constitution and its actions. Under the umbrella of this law, the government can claim your property for public projects regardless of your authority on it. Because of this law, many business owners face a lot of problems that are hard to deal with. Today, we will discuss the most prominent 7 eminent domain challenges a business owner has to face all the time.
1.If government claim the property under eminent domain Constitution, a business owner may lose one of its largest assets. Losing a large asset may affect the entire business, its growth may hamper, and in some cases, the business may have significant loss as well.
2.Finding a new space would be difficult for the business owner. If he finds one, then he may need to pay much larger amount for the space depending on current market price. Along with that business, they need to advertise their new address as well. Compensation money may or may not cover all these expenses.
3.The company may need to move to a new location that may not be suitable for business. Compensation may not cover the moving cost, and if there are damages in the moving process, the business owner needs to bear the loss. This will be a direct loss for the business owners along with other complications.
4.Transporting the business equipment or supplies to the new location is never easy. In some cases, the size of equipment would be very large that can make it even more complicated to transfer the business from one place to another.
5.Need to take new approvals and licenses to work from the new location. Sometimes this may take a long time that would make it an unnecessary delay in the start of the work.
6.After losing the property because of eminent domain constitution, business owner either need to get the property on rent or he needs to take the mortgage for same. In either of the case, this would be an extra burden on the company, and it will affect the business growth.
7.Business may need to customize the place again as per their specific need. Sometimes it takes years of customization to get the desired perfection for the place. Creating the same customization can take a lot of time, and it can affect the growth of business for sure.
These are the 7 common challenges that a business owner may face because of eminent domain. Moreover, due to these complications, a business owner may even go out of the business as well. That is possibly the biggest challenge a business owner has to face due to this law. Thankfully some excellent lawyers can help businesses to deal with the situation. And if you ever got a notice for same, then it is advised that you contact a lawyer and take your actions accordingly.