The probate process can be a headache when estates are not planned well. Uncover the probate process with an estate planning and probate lawyer in this free video on estate law.
Thursday, May 31, 2018
Estate Planning : The Probate Process Explained
The probate process can be a headache when estates are not planned well. Uncover the probate process with an estate planning and probate lawyer in this free video on estate law.
Wednesday, May 30, 2018
How Do I Set Up an LLC Without a Lawyer?
Limited Liability Companies (LLC) are business entities that got
their start in 1977 and are considered to fit somewhere between sole
proprietors/partnerships, and fully incorporated companies. Existing to
fill the gap between corporations and sole proprietors LLCs can help to
segment personal and business assets and liabilities while at the same
time maintaining a simplified tax structure. An LLC is not corporations
but is a company structure to operate like a corporation.
Liability
An LLC is in itself its own legal entity so long as it is treated as one. The LLC can assume obligations of debt. In other words the LLC, not the members, hold a loan and the liabilities that go along with it. If however the members of an LLC use the entity as their personal bank or for personal matters it is possible that the LLC will not be recognized as a separate entity if a lawsuit is filed.
Taxes
As far as taxes go LLCs are considered by the IRS as pass-through entities. This means income passes through the business and goes straight to the LLC members just as they would with a sole proprietorship or partnership. These profits or losses are filed on each individual's tax return. A caveat to this is that LLCs can be taxed as a corporation if the members elect to do so. So, if treated appropriately an LLC can shield its members from the liabilities of a corporation without assuming the tax overhead a true incorporation must maintain.
How to File
If you are thinking about forming an LLC for your business, spend the next 20 minutes educating yourself on the difference between Sole proprietorships, LLCs, and S corporations. My guess is that for most people starting out as a sole proprietorship will be sufficient for current needs and much cheaper than filing for an LLC.
If you have done your homework and have decided that an LLC is the way to go, what next? The steps to filing an LLC are not complex and although requirements vary from state to state, setting up an LLC is a simple process that can usually be done in an hour.
Publish a Notice
Some states require a notice of intent to be published. This can be as simple as running a classified ad in your local paper. Specifics on this will vary and your secretary of state can provide you with the steps required.
Licensing
The last bit to think about is obtaining other appropriate insurance, permits, and licenses for your new LLC. Each industry had its own unique set of requirements so be mindful of this once your business is established.
Conclusion
LLCs are considered by many to be a great way to establish a small business. There is little required to get one started and protection they provide could be priceless. That said an LLC may not be needed for everyone. Only you know the entity type most appropriate for your business.
Liability
An LLC is in itself its own legal entity so long as it is treated as one. The LLC can assume obligations of debt. In other words the LLC, not the members, hold a loan and the liabilities that go along with it. If however the members of an LLC use the entity as their personal bank or for personal matters it is possible that the LLC will not be recognized as a separate entity if a lawsuit is filed.
Taxes
As far as taxes go LLCs are considered by the IRS as pass-through entities. This means income passes through the business and goes straight to the LLC members just as they would with a sole proprietorship or partnership. These profits or losses are filed on each individual's tax return. A caveat to this is that LLCs can be taxed as a corporation if the members elect to do so. So, if treated appropriately an LLC can shield its members from the liabilities of a corporation without assuming the tax overhead a true incorporation must maintain.
How to File
If you are thinking about forming an LLC for your business, spend the next 20 minutes educating yourself on the difference between Sole proprietorships, LLCs, and S corporations. My guess is that for most people starting out as a sole proprietorship will be sufficient for current needs and much cheaper than filing for an LLC.
If you have done your homework and have decided that an LLC is the way to go, what next? The steps to filing an LLC are not complex and although requirements vary from state to state, setting up an LLC is a simple process that can usually be done in an hour.
- Articles of Organization
The first step is to contact your secretary of state and obtain the required form for filing a LLC. In some cases this will be a simple fill in the blank form. The state of Washington for example has an online application. The processes guides you through establishing a legal name, completing the certificate of formation, establishing the registered agent, defining the members, and guides you through the initial annual report. The fee for WA is roughly $200.00, additional costs may apply depending on how you file. Google your secretary of state to find out more of the specifics. - Registered Agent
As you fill out your articles of organization you will be required to define the registered agent for the LLC. In most cases this will be you. The registered agent is the person or business that is designated to receive important documents on behalf of the LLC. The most appropriate individual for this is generally the one spear heading the business. - Operating Agreement
The operating agreement is the internal agreement between the members of the LLC. It is not required to form the LLC but it should be drafted to state the rights and responsibilities of the members. The operating agreement should contain but is not limited to the following;
- Capital Contributions. How are the members expected to make capital contributions if the business needs additional capital?
- Management Decisions.When the members are faced with important management decisions, does each get one vote, or do they vote according to their percentage interests in the LLC? Majority shareholders may feel they deserve a larger say.
- Financial Withdraws. How do owners go about draws from the profits of the business?
- Buy Out/Cash out. How do members leave the LLC? Will they receive an immediate payout of their capital contributions?
- Compensation. If a member does leave how much should they be paid?
- Share. While there are not actual shares within a LLC it should be defined how or if a departing owner is allowed to sell an interest to an outsider?
Publish a Notice
Some states require a notice of intent to be published. This can be as simple as running a classified ad in your local paper. Specifics on this will vary and your secretary of state can provide you with the steps required.
Licensing
The last bit to think about is obtaining other appropriate insurance, permits, and licenses for your new LLC. Each industry had its own unique set of requirements so be mindful of this once your business is established.
Conclusion
LLCs are considered by many to be a great way to establish a small business. There is little required to get one started and protection they provide could be priceless. That said an LLC may not be needed for everyone. Only you know the entity type most appropriate for your business.
Tuesday, May 29, 2018
DUI Expungement Process - Steps to Clear Your DUI Record
If you are convicted of DUI, you may want to expunge your DUI
record in order to get a job, loan, house, etc. Expungement refers to
the process of removing or erasing your DUI records. You are required to
petition the court in order to get your records expunged. This article
discusses steps to clear your DUI record by covering the whole process
from petitioning to obtaining expungement. Each state's expungement laws
vary; therefore, this article gives you a basic idea on the process.
DUI expungement process:
1. Where to file a petition for expungement?
You need to file a petition for expungement in the superior court in the county where your DUI arrest occurred.
2. What are the grounds for denial of expungement?
You can be denied for expungement:
- if you haven't completed probation.
- if you didn't show a good reason to expunge your DUI record.
- if you are convicted of severe felony.
- if a great deal of time has passed since your arrest or conviction.
3. What are the grounds for acceptance of expungement?
You are allowed to expunge:
- if this is the only conviction on your record.
- if you didn't spend any time in state prison.
- if you have rehabilitated yourself.
4. How to file for an expungement?
- Do you need a lawyer?
You don't necessarily need a lawyer for expunging your records. It's just that this process involves a lot of paperwork and if you have a lawyer by your side, he can give you advice regarding that. If you don't wish to hire a lawyer, you should learn all the procedures that are required to get this process done.
- How long does it take?
The entire expungement process could take anywhere from 4 to 6 months.
- What is the filing fee?
The filing fee may vary from $50 to $400 depending on your case and your state.
- What forms do you need to fill and where to get them?
You need to go to your county courthouse and ask the clerk for the expungement forms. As mentioned above the forms may cost around $50 to $400. The clerk may give you the following forms: 1. Expungement petition, 2. Affidavit or proof of service form.
5. What happens after you file the petition for expungement?
After you file the petition for expungement, a copy will be sent to all agencies that have your records like arresting agency, the county attorney, the city police department etc. They may accept or refuse your request. If they accept, the court will grant your petition without hearing. If they refuse, a hearing will be held and you are required to attend. (This law can vary from state to state). You will be notified of hearing date through the mail. In some states, though, the court sets the hearing date, while in others you have to pick the date. You must ask your clerk beforehand regarding how your state's county court hearing date is set.
6. The Court hearing and decision:
Your petition for expungement may or may not be granted. If you won the expungement hearing, you must check after 60 days to see for yourself whether your records show up during a criminal record check. The 60 days period is when the court orders all the agencies to seal your record. However, if you lose your hearing, you may need to ask for an expungement once again.
DUI expungement process:
1. Where to file a petition for expungement?
You need to file a petition for expungement in the superior court in the county where your DUI arrest occurred.
2. What are the grounds for denial of expungement?
You can be denied for expungement:
- if you haven't completed probation.
- if you didn't show a good reason to expunge your DUI record.
- if you are convicted of severe felony.
- if a great deal of time has passed since your arrest or conviction.
3. What are the grounds for acceptance of expungement?
You are allowed to expunge:
- if this is the only conviction on your record.
- if you didn't spend any time in state prison.
- if you have rehabilitated yourself.
4. How to file for an expungement?
- Do you need a lawyer?
You don't necessarily need a lawyer for expunging your records. It's just that this process involves a lot of paperwork and if you have a lawyer by your side, he can give you advice regarding that. If you don't wish to hire a lawyer, you should learn all the procedures that are required to get this process done.
- How long does it take?
The entire expungement process could take anywhere from 4 to 6 months.
- What is the filing fee?
The filing fee may vary from $50 to $400 depending on your case and your state.
- What forms do you need to fill and where to get them?
You need to go to your county courthouse and ask the clerk for the expungement forms. As mentioned above the forms may cost around $50 to $400. The clerk may give you the following forms: 1. Expungement petition, 2. Affidavit or proof of service form.
5. What happens after you file the petition for expungement?
After you file the petition for expungement, a copy will be sent to all agencies that have your records like arresting agency, the county attorney, the city police department etc. They may accept or refuse your request. If they accept, the court will grant your petition without hearing. If they refuse, a hearing will be held and you are required to attend. (This law can vary from state to state). You will be notified of hearing date through the mail. In some states, though, the court sets the hearing date, while in others you have to pick the date. You must ask your clerk beforehand regarding how your state's county court hearing date is set.
6. The Court hearing and decision:
Your petition for expungement may or may not be granted. If you won the expungement hearing, you must check after 60 days to see for yourself whether your records show up during a criminal record check. The 60 days period is when the court orders all the agencies to seal your record. However, if you lose your hearing, you may need to ask for an expungement once again.
Monday, May 28, 2018
Incorporation - Is It Right For My Business?
The process to form your incorporation is relatively easy, and
the legal concept of incorporation is recognized all over the world. A
Certificate of Incorporation is the evidence of incorporation and
registration of the legal entity with the authorities of a particular
state or an offshore jurisdiction. A primary advantage of incorporation
is the limited liability the corporate entity affords its shareholders,
and in many cases, favorable tax treatment. For anyone starting up his
or her own business, an understanding of business incorporation is a
must before taking that step.
Incorporation is a system of registration which gives a business certain legal advantages in return for accepting specific legal responsibilities and is an option that many businesses each year decide to take advantage of. However, prior to filing with the state, you should have your attorney and accountant advise you as to whether or not incorporation is the right step for your business, both from a legal standpoint and from a tax perspective. If the corporation is a closely held corporation and does business primarily within a single state, local incorporation is usually preferable. Incorporation is a state process, and therefore the process and specific benefits may differ from state to state, as well as registration costs, resident agent fees, etc.
What type of incorporation is best for my business? A "C" Corporation, an "S" Corporation or a Limited Liability Company (LLC)? In addition to those choices, you then need to decide where to incorporate. Not only does each state offer certain benefits, but costs to file and maintain the corporate status are different. Additionally, if your business purpose is rather simple and straight forward, you may be able to use an online incorporation service to incorporate, at substantial savings. Remember, when in doubt, or if any questions or issues need addressed, seek professional advice...it usually is cheaper in the long run!
There are certain states that offer important incorporation benefits to the directors and shareholders. You need to make a comparison of these benefits, as well as the filing costs, to determine if incorporation in that state is warranted. Another consideration for incorporation in a state other than where your business is located, is that you may be required to register as a foreign corporation in your resident state. This will usually entail annual filing fees equal to or greater than that for a domestic corporation. Again, prepare a checklist and weigh all benefits as well as additional costs, etc. before the incorporation process begins. Rather than incorporating in another state, you may also benefit by an offshore incorporation. Check it out carefully.
Incorporation is a system of registration which gives a business certain legal advantages in return for accepting specific legal responsibilities and is an option that many businesses each year decide to take advantage of. However, prior to filing with the state, you should have your attorney and accountant advise you as to whether or not incorporation is the right step for your business, both from a legal standpoint and from a tax perspective. If the corporation is a closely held corporation and does business primarily within a single state, local incorporation is usually preferable. Incorporation is a state process, and therefore the process and specific benefits may differ from state to state, as well as registration costs, resident agent fees, etc.
What type of incorporation is best for my business? A "C" Corporation, an "S" Corporation or a Limited Liability Company (LLC)? In addition to those choices, you then need to decide where to incorporate. Not only does each state offer certain benefits, but costs to file and maintain the corporate status are different. Additionally, if your business purpose is rather simple and straight forward, you may be able to use an online incorporation service to incorporate, at substantial savings. Remember, when in doubt, or if any questions or issues need addressed, seek professional advice...it usually is cheaper in the long run!
There are certain states that offer important incorporation benefits to the directors and shareholders. You need to make a comparison of these benefits, as well as the filing costs, to determine if incorporation in that state is warranted. Another consideration for incorporation in a state other than where your business is located, is that you may be required to register as a foreign corporation in your resident state. This will usually entail annual filing fees equal to or greater than that for a domestic corporation. Again, prepare a checklist and weigh all benefits as well as additional costs, etc. before the incorporation process begins. Rather than incorporating in another state, you may also benefit by an offshore incorporation. Check it out carefully.
Sunday, May 27, 2018
Uncontested Divorce Made Affordable - By the People
Divorce is probably never easy, but it doesn't have to be expensive. Rene of By the People in Fairfield CA talks briefly about help with uncontested divorces with our without children. Rene or Tammy will be happy to answer all your questions. Call them at 707-428-9871 and you can visit the website at http://bythepeopleca.com
Saturday, May 26, 2018
Business Laws : Forming an LLC
Forming a LLC, or limited liability company, requires contacting the Small Business Administration to find out what type of licenses and registrations are needed to be filed.
Friday, May 25, 2018
Thursday, May 24, 2018
Estate Planning Eases Confusion, Financial Worries
What you need to know about estate planning, including why having a will and assigning a power of attorney is crucial.
Wednesday, May 23, 2018
Defining Legal Terms - By The People
Rene goes over what types of questions they can help answer at By The People. A legal document preparation company.
See more at http://www.bythepeopleca.com
Tuesday, May 22, 2018
Why Forming an LLC is a Good Idea
If you are experienced in running your business, you understand the importance of getting the correct corporate form in place. You should seek to have a structure that will not only aid long term expansion but also protect your assets. The good news - there are a lot of potential forms your business can take.
You should consider, if you have a small business, forming an LLC. Think about setting up an LLC if you have a small business. Fortunately, they are simple to create. There is little paperwork with them. Further, in many states, you won't need to file an annual report.
Also, LLC forms a business structure that can protect your personal assets. Just keep you LLC compliant and your personal property is protected.
With an LLC, you can safe guard your business name.Also, LLCs allow unlimited owners. This will help give your business growth room. Also, owners don't need to have US citizenship.
In addition, an LLC doesn't require meetings. It also needs little paperwork. And you can flow your profit and loss to your personal taxes.
Keep in mind that setting up an LLC has fees and paperwork. Also, you need to make sure you are following all city and state laws. Thus, only consider an LLC if you have a clear business plan.
Overall, an LLC is great for small business. So you should at least consider one if you are serious about your business. Remember, it can save you time and money, both of which you can invest in your business!
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