Category Archives: Legal
Alternatives To Litigation
While there’s no concrete answer to how long a lawsuit process might take in court, US cases take over a year on average, and cases running 5 or more years are not unheard of. The load of cases before state courts has increased over time, and staffing has not. Statistically, most litigation is not… Read More »
Rent-To-Own Agreements
Picture this agreement between two players in a board game: ‘If you land on my property 10 times, pay $5 more each time, and then you can buy it for $200.’ The first player still owns the property for those 10 turns, but the second player has secured a set price and (potentially) first-in-line… Read More »
What is an S Corporation?
In US law, corporations are organizations authorized to act as a legal entity. US and state tax laws allow a special ‘S Corporation’ tax status that changes how corporate taxes are handled. The government taxes regular ‘C’ corporations directly on their profits, under corporation-specific laws. Individual income tax only applies to money that owners… Read More »
What is a Limited Liability Corporation?
In US law, corporations are organizations authorized to act as a legal entity. US law also recognizes another legal status for a company, called a ‘limited liability corporation’, or LLC for short. LLCs are not separate legal entities like regular corporations, but they do provide some legal protections for owners. LLCs can be insured… Read More »
Intellectual Property Basics
These comparisons to board games might help you understand patents, trademarks and copyright – the main forms of intellectual property. Imagine a game rule that says, you can make up a new rule. If the banker allows the rule, you get exclusive use it for 20 turns. If others like it, they must pay… Read More »
Types of Child Custody
If a marriage with children is legally ended by divorce, access, time and legal responsibility for the children – ‘custody’ – must be decided. Custody arrangements include physical custody, parental visitation rights, and legal custody. . Physical custody arrangements define where the children will reside; this could be with one parent or both, if… Read More »
Asset Division In Divorce
When the legal state of marriage is ended by divorce, legal commitments by the couple – property, debts and more – must be resolved. While laws vary by state, the divorce process generally involves distinguishing ‘community property’ that was jointly owned by the couple from ‘non-community property’ owned by just one person. Property may… Read More »
Divorce Basics
When a couple marries, they gain the legal right to do certain things together, such as own property or owe debts. Divorce is the legal termination of marriage; the legal status, responsibilities and arrangements of the married couple are cancelled. Divorcing requires that these all be resolved in some way. Property and debt has… Read More »
How To File Bankruptcy
US law allows courts to declare individuals and businesses bankrupt, allowing them to settle debts without full payment. Filing bankruptcy is a legal action asking the court to make this declaration; deciding to file should account for: –Debts that are owed –Assets that could be affected by the decision –Assets that are exempt from… Read More »
What is A Bankruptcy Petition?
Filing for bankruptcy starts with disclosing all financial information. This is done on a form called a ‘bankruptcy petition’, provided by the US Bankruptcy Court. The bankruptcy case starts when the bankruptcy petition form is filed. Both individuals and businesses can file bankruptcy petitions. These can be voluntary – done by the person or… Read More »
