Law of the Land Government interest in your property could bring business to a screeching halt. Know how to work the system for the best deal.
Opinions expressed by Entrepreneur contributors are their own.
Bad news. Your brother just overheard two regional plannershaving a discussion about a proposed freeway access ramp, and itseems they want to run it right through your store. "Noway!" you cry. "They can't do that to me!"
Well, yes, they can. Under the legal principle of "eminentdomain," the government has a right to take private propertyfrom you when it's needed for a public purpose. If a federal,state or local government wants to widen a road or build a new cityhall and needs your property to do it, it has a right to force youto sell. You do have a right to fair compensation, but you mightnot agree with what the government offers to pay.
|
The rest of this article is locked.
Join Entrepreneur+ today for access.
Already have an account? Sign In