Whenever you sell any personal property to another person, it is a good idea to document the transaction in writing. A General Bill of Sale can be used for that purpose by anyone selling any item of personal property (i.e. lawnmower, computer system, furniture, electronics equipment, art piece etc…). It can help both the Seller and Buyer to… Read More »
An indemnity agreement is a contract where one party agrees to protect another party against certain future claims or losses. In an indemnity agreement, one party, the “indemnitor,” agrees to “indemnify” the other party, the “indemnitee,” for things spelled out in the indemnity clause. The most common case of a business that has indemnity agreements is in construction. But… Read More »
An Advance Health Care Directive is a set of documents consisting of a Power of Attorney for Health Care and a Living Will, that allows you to make decisions about future health care issues, by allowing you to give health care instructions, select a health care agent or do both. By using an Advance Directive, you can also… Read More »
A corporation is a creation of law. It is governed by the laws of the state where it was incorporated and of the state or states in which it does business. In recent years it has become the business structure of choice for many small businesses. Corporations are, generally, a more complex form of business operation than either… Read More »
The limited liability company is a hybrid type of business structure. It contains elements of both a traditional partnership and a corporation. The limited liability company form of business structure is relatively new. Only in the last few years has it become available as a form of business in all 50 states and Washington D.C. Its uniqueness is… Read More »
A partnership is a relationship existing between two or more persons who join together to carry on a trade or business. Each partner contributes money, property, labor, and/or skill to the partnership and, in return, expects to share in the profits or losses of the business. A partnership is usually based on a partnership agreement of some type,… Read More »
A sole proprietorship is both the simplest and the most prevalent form of business organization. An important reason for this is that it is the least regulated of all types of business structures. Technically, the sole proprietorship is the traditional unincorporated one-person business. For legal and tax purposes, the business is the owner. It has no existence outside… Read More »
One of the first decisions that potential business owners must confront is how their business should be structured and operated. This crucial decision must be made even before the business has actually begun operations. The legal documents that will generally accompany the formation of a business can follow many different patterns, depending on the particular situation and the… Read More »