Understanding LLC and Its Advantages For the Landlords

If you are an owner of a rental property, either for residential or commercial space, it is wise to form a LLC to deal with your property. It is a given fact that this type of business is very unpredictable. If you will not be aware of the ins and outs of the industry, then you can be in litigation. But if you are a smart investor, you have an insurance ready for cases like that. To ensure a more organize flow of your operation, it is best to put your rental property under a LLC. Though this might not be the ideal option, but it restricts the claims of LLC creditors to the LLC assets as well as protects your home and business from the creditors.

Take a look at some of these cases so you can fully understand the importance of LLC. The limitation on liability is not idea. If you are liable for doing some jobs like removing of snow and you did not do it and unfortunately such removal resulted to an injury, you can probably be involved as the person liable for such job and not simply as the owner. The role of LLC will limit your contractual liability to the point that the contract is only within the LLC and the other party and in not secured by you.

If you categorize your LLC with only one proprietor, you will be free from filing your own tax returns. It can belong under the Schedule C on your personal tax return. However, if your LLC has two proprietors, like husband and wife, you will need to file a separate partnership tax return. If you are married and one of you happens to be the LLC owner, one of you can receive the LLC membership if the initial owner dies. The long and short of it, a multiple-member LLC needs to file its own tax return. As married couples and want to have a more organized procedure, you need to be comfortable the one of your will own the LLC.

To be able to give the limited liability that is usually presented by the LLC entity, you have to claim that LLC is distinct from you. It should have its own bank account. You are not allowed to use any amount, from LLC’s bank account, for personal purposes. And the LLC must be the one to engage in any contract and not the owner itself.

Lastly, your mortgage holder may not be in favor about your transfer of ownership of your property to the LLC. Most of these mortgages would require you to pay off the balance before any necessary transaction is done. In mortgages, if you plan to transfer the real estate property into a LLC, it should be considered sold first. But there are cases that you can renegotiate this rule if you put up LLCs for rental properties. There are also other cases that they conduct the transfer hoping that the mortgage holder will not be aware of the transaction. But be careful with the risk involve when you do this. The lender can any time consider the loan due because of the violations made under the due on sale clause. This is in the case if you have successfully transferred the property and was caught by the lender. And once the loan is called due you may either refinance it or must be paid in full. The worse consequence of your actions is that you might end up paying a more expensive loan later on.

With all of these pointers, think it over and decide whether LLC option will work best on your business

Looking for more real estate properties for sale? You can check these sites Glendale, AZ Foreclosed Houses and Dallas Affordable Homes.

Published by: legal on November 11th, 2009 | Filed under Real Estate Law
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Mesothelioma Settlements – Helping You Get Your Life Back on Track

Mesothelioma settlements are a reality. If you suffer from mesothelioma, running after a settlement is your best option. What options are available to you and your family?

Asbestos Cancer

Mesothelioma is also known as asbestos cancer. This is considered a rare form of cancer that affects the membrane covering some internal organs such as the lungs and abdominal cavity. Although it is rare, it is considered quite controversial. This is because the disease is triggered by exposure to asbestos, a mineral that has been in use in various industrial applications for years. Workers and family members of workers who handle asbestos may breathe or ingest asbestos. Once asbestos settles in the organ membrane, it can stay there for a couple of decades before cancer develops.

It has been determined that many industry owners are aware of the dangers of asbestos. Some of these industries have not taken the necessary precautions to protect their workers and the public in general. When someone develops mesothelioma, it may be due to the negligence of a company that uses asbestos. It is therefore within a mesothelioma sufferer’s rights to seek compensation from a negligent company.

Going after mesothelioma settlements are optional. For many patients however, seeking a settlement has almost become a necessity. Suffering from mesothelioma does not just result in extreme physical pain. It can also put a family into a lot of financial stress. A settlement therefore is intended, first and foremost, to cover the medical bills of sufferers. A settlement will also cover income lost due to illness.

Settlement Options

You can choose to seek compensation through a trial. Trials however may take a lot of time and may also result in more emotional trauma for sufferers and their families. There is also the problem of a prescription period which limits a patient’s time frame to stake a claim. One good alternative to a trial would be to settle out of court. Both parties may agree to a suitable amount of compensation, thus removing the need for a trial.

Settlement figures aren’t uniform. Some patients may only receive a couple of thousands of dollars. Others however may receive millions. The differences in figures depend on a couple of factors. These may include state laws, case merits and extent and duration of illness and suffering. In a lot of cases, the skill of your lawyer is also a factor that can affect settlement details.

Hiring a Lawyer

Mesothelioma is a serious condition. It can also be a very complicated one. This is why sufferers who seek a settlement need expert lawyers to handle their cases. Aside from sufficient knowledge about local laws, a mesothelioma lawyer also needs to have some knowledge about the disease itself. Extensive knowledge is what lawyers need to come up with convincing evidence and arguments related to client asbestos exposure.

Mesothelioma settlements are not myths. If you suffer from the disease, you too can hope for a good settlement. It is crucial to realize though that finding an expert lawyer is a necessity.

Get more mesothelioma facts. Find more mesothelioma cases and mesothelioma settlements from online sources.

Published by: legal on April 9th, 2008 | Filed under Uncategorized
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Understanding Gift Taxation

There are many reasons to make gifts during your lifetime. There are personal and tax reasons for making lifetime gifts. Despite all of the fancy estate planning tools available, gift giving is one of the simplest and most effective ways to reduce one’s estate tax liability. Moreover, many people enjoy giving gifts during their lifetime. Despite the prevalence, many people do not understand the gift tax system.

The gift tax is a federal tax. The gift tax is paid by the person who makes the gift, not by the recipient. The receipt of a gift is not a taxable event for income tax purposes. To understand the federal gift tax system it is important to understand two key exclusions: Lifetime Applicable Exclusion and the Annual Exclusion.

The Lifetime Applicable Exclusion is an amount of money that may be given away tax free. An individual may give up to $1,000,000 in a lifetime without incurring any tax liability. If the Lifetime Applicable Exclusion is exceeded, the gift tax rate ranges between 41 percent to 46 percent.

For example, Fred has made $1,100,000 worth of gifts during his lifetime. Fred’s first $1,000,000 will be excluded from gift tax by the Lifetime Applicable Exclusion. The remaining $100,000 will be taxed at a rate of 41 percent. Fred would be subject to approximately $41,000 in gift tax. Fortunately, most people do not have to worry about exceeding the Lifetime Exclusion Amount.

The second key concept to the gift tax, and perhaps the more important concept, is the Annual Gift Tax Exclusion. The Annual Gift Tax Exclusion allows a person to make a $12,000 gift to an individual. As long as a gift to one person is equal to or less than $12,000 in one calendar year, no amount will be counted against the $1,000,000 lifetime exclusion. That is, a person can give $12,000 per year without any gift tax consequences at all.

There is no limit to the number of people that you may give $12,000 to without using up your Lifetime Applicable Exclusion. Married persons may give up to $24,000 to an individual in one calendar year. Additionally, a married person may make unlimited gifts to their spouse without incurring any gift tax liability. If a gift is less than $12,000 in a calendar year there is no need to file a gift tax return with the Internal Revenue Service. Consult your tax advisor if you want to make a gift larger than $12,000 to one person in a calendar year.

In another example: Fred has three children. Fred may give each child $12,000 per year without any gift tax liability or using any of the $1,000,000 Lifetime Applicable Exclusion. However, if Fred’s gift to each child increased to $15,000 in one calendar year, the amount of the gift in excess of the $12,000 ($3,000 for each child) would count against the Lifetime Applicable Exclusion. Fred would have used $9,000 of the Lifetime Applicable Exclusion and would be required to file a gift tax return with the Internal Revenue service. Therefore, it is generally wise, unless advised differently by your tax advisor, to limit your lifetime gifts to an amount less than $12,000 (or $24,000 for married couples) per year to any one individual.

Making a lifetime gift makes sense for many reasons both personal and fiscal. Understanding the basics of the federal gift tax system can make the process a little easier. If you are considering making a large gift be sure to consult your tax advisor. There is no substitute for individually tailored tax advice.

For further information please visit:http://www.mylaw101.com

Published by: legal on April 9th, 2008 | Filed under Uncategorized
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Pennsylvania Child Custody Laws

Pennsylvania laws are based solely on what is in the best interest of the child. If you and the other parent of your child cannot agree on who the child will live with, monetary support, visitation, etc.. Either parent can file for child custody.

When a parent/guardian files for custody, the Pennsylvania court will take control of the situation at hand. They will determine who gets custody of the children. This determination will be based on what is best for the children and not what is best for the parents or what either parent wants, in realty the parents are letting someone else make the decisions regarding the child as far as who he/she lives with, who will make decisions for the welfare of the child, when the other parent can see the child and so on.

When they decide, I mean the decision is literally taking out of the parent’s hands. These decisions can be modified and the courts best wish is for both parents to be involved with the child as much as possible although under certain circumstances the court will give sole custody to only one parent/guardian.

The Pennsylvania court when determining who should be awarded custody of a child use these factors to base a decision on:

  • - Which parent is more open and agreeable to the other parents frequent and continuing contact and physical access.
  • - A parent’s history of violence.
  • - History of criminal conduct.
  • - Children’s preference
  • - Any and all factors which legitimately impact a child’s physical, intellectual and emotional well-being.
  • - Each parents living conditions.

These factors are set forward within and by Pennsylvania Consolidated Statutes DOMESTIC RELATIONS (TITLE 23) at 23 Pa.C.S.A. 5303In regards to Pennsylvania laws the court when awarding child will address Physical and legal custody, no they are not one and the same. A parent/guardian can be awarded one, but maybe not the other.

- When physical custody is awarded this means the child will be living with that parent either all or part of the time.

- Legal custody when awarded gives the parent the right to make decisions regarding the child’s health and well-being. These decisions include religious beliefs, medical decisions and educational choices and everyday decisions regarding the child’s interests and needs.

There are actually four types when dealing with Pennsylvania laws.

  1. Physical as described above.
  2. Legal as described above
  3. Partial allows the parent that was awarded this custody the right to take possession of the child from the custodial parent.
  4. Shared is an order that can award shared legal custody and/or shared physical custody to assure the child of continuing contact to both parents.

Visitation rights can be awarded to the parent who does not have custody; this gives rights to visit but no rights to remove the child.

Obviously a family split up is devastating to all involved, especially to the child. The perfect scenario in this situation is to do what is best for the children without regard to parent’s feelings, wants or needs. This is very hard to do when feelings of anger, resentment, rejection, loneliness and a feeling of hopelessness are involved.

Many times child custody must be handled by a third party such as state court to determine what is best for the child. Many times we cannot see past perceived personal feelings to not only do the right thing for our child but protect ourselves and allow ourselves to be in the best position possible.

It is during these times we need to know what to do, when to do it, and how to do it. Child custody situations can turn in a second from what is right and fair to dirty and nasty.

Connor Trautmann is impassioned regarding children and their well-being.
The first step to winning is to understand what is involved and needed to win custody of your child; it is not by picking the phone up and calling the first lawyer on the page. Discover how this information System PENNSYLVANIA CHILD CUSTODY LAWS can save you $2,500 in attorney fees… and help get full custody of your kids. PENNSYLVANIA CHILD CUSTODY LAWS

Published by: legal on March 8th, 2008 | Filed under Child Custody Laws, PENNSYLVANIA CHILD CUSTODY LAWS
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Pay Traffic Tickets Online – Why Should You? Fight Your Ticket!

Traffic tickets are horrible, frightening, and just makes you have just about the worst day in the World. As soon as the police officer gives you the traffic ticket it makes them feel good because they now can relax because they made their quota of giving out speeding ticket fines for the month! Well, I got news for them. You need to TAKE ACTION and fight your tickets, stop letting cops give out so many speeding ticket scams just to meet their quota for the month. Plain and simple, police officer units fail and here are 8 reasons why!

1. Auto lock on wrong target – The National Highway Traffic Safety Administration suggest that you disable the auto lock on units that have this function and the newer units no longer have this capability.

2. No tracking history – this recommendation is most often ignored. It’s one that is stressed in the operational manual and its impossible to avoid if you are using the unit in the “instant on” mode. The errors occurs when there are multiple targets in the path of the radar beam and the police officer has not observed the average speed reading nor has he checked for any external interference.

3. Harmonic Error from Phase Lock Loop – This problem is common with moving radar units when the police car is accelerating and the target vehicle is moving at a slow speed, typically under 20 mph and an error can occur in the reading.

4. Terrain error – One common factor in radar units is that they always read in a straight line. They cannot read around a turn or the other side of a hill. In this case, the radar unit may actually be reading another vehicle farther up the road rather than the target vehicle that is going to be issued a citation.

5. Look past error – in this case the radar unit finds a larger vehicle between the patrol car and the targeted vehicle and locks on that one and gives an entirely different reading for an entirely different vehicle.

6. Multiple bounce error – These occur usually when there is an overpass in the vicinity of the chase and the radar beam is reflected off of multiple targets at the same time. The vehicle in question, an overpass, a sign, etc. will result in an improper reading.

7. Reflection error – If the antenna part of a radar unit is hung on the outside of the police officer’s car , the beam can actually hit a side window or part of the window and a false reading results which will throw off the actual reading for the targeted vehicle.

8. Arm Swing Error – When the officer swings the unit up to point at the targeted vehicle, the speed of his arm is added to the speed of the vehicle and throws off the reading generated by the vehicle.

Remember, the most important thing in all this is to NEVER admit your guilt at the scene. If you do, it is much harder to get out of traffic tickets.

Richard Gringer has been successfully teaching people all over America how to beat a speeding ticket. He has compiled an award winning course that exposes why you should not choose to pay traffic tickets online.

Published by: legal on March 8th, 2008 | Filed under Traffic Ticket
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Can You Get A Free Criminal Background Check? The Steps You Need To Follow To Get A Background Check

Do you want a free criminal background check? If you do, you are not alone. Thousands of people search everyday for a way to get a free criminal report. Sadly, most of them simply end up disappointed.

So, Why is it so hard?

Lets get something straight right from the get go. I don’t care how many links you click on, or how many sites you see advertise a free criminal background check, you will always be asked to pay a fee.

Here is the way it goes. You go to your favorite search engine weather it be google, yahoo, or even msn and search for a term like “how to get a criminal background check”. Your eyes light up when you see that there are millions of results. Your in luck, right? No, you are on the road to deception.

You enter a site which has an empty search box for you to enter the persons name that you want to get a criminal report on. You hit enter, and then some initial results are returned that will look something like this.

John Doe Anytown USA – Criminal History Report Is Available

Yet, when you go to download the report, you are asked for a credit card number, or to make a payment via paypal. So, are these companies trying to rip you off?

Absolutely not, the information that they provide is very hard to come by and contrary to popular belief it is not easily accessed. Maintaining a database that is able to provide a background check on anyone in the world is very tedious work and the reports are very similar to what you would get by hiring your own private investigator.

If you need to get a criminal report, and believe that you have good reason to do so you would be well served by simply paying the couple of dollars that they charge and get all of the information that you want. The alternative is to sit at your computer and click links while repeating the process that was explained above over and over again.

To start your own CRIMINAL BACKGROUND CHECK all you have to do is Click Here

Follow this link to see a list of the best sites to do a CRIMINAL BACKGROUND CHECK

Article Source: http://EzineArticles.com/?expert=Jeremy_Kelsall

  

Published by: legal on March 8th, 2008 | Filed under Background Check, Criminal Background Check
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Patent Revocation – A Significant Risk?

Not at all. The United States Patent and Trademark Office doesn’t make it easy to get a patent. Florida patent attorneys like myself work through excruciating details to secure the approval of our clients’ patent applications. Therefore, the USPTO is necessarily reluctant to take a patent away once it’s been issued.

When a third-party challenges a patent holder’s monopoly, the USPTO reviews the case; however, a very small percentage of patents are revoked. And, even those revoked are later reinstated when the patent holder appeals the decision.

I read an article today about the USPTO’s decision to tentatively nullify four patents held by Gilead Sciences, which cover a drug that treats AIDS patients (San Jose Mercury News, January 24, 2008). A consumer advocacy group up the coast from Florida (in New York) called the Public Patent Foundation is the third-party challenger in this case, claiming Gilead’s patents are invalid, because they had publicly disclosed the technology behind the drug.

This brings up something I consistently counsel Florida patent seekers (and patent seekers everywhere) against. It is vitally important not to publicly disclose your idea–and in fact not to disclose it except under absolute necessity–before filing for a patent. The USPTO can, and certainly will, reject a patent application for an idea already in the public eye.

Now, I doubt that Gilead, having already secured their four patents, will have their patents revoked. (Even the Public Patent Foundation admits the unlikeliness of this.) And, Gilead, which earned $3.1 Billion in sales based on their patents, says they will “vigorously defend each and every claim.” With that big a business riding on it, I’m sure they will.

Published by: legal on February 3rd, 2008 | Filed under Patents
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Free Public Arrest Records?

It is really rather easy and convenient to conduct a Criminal Record Search on people nowadays. In fact, there is a whole range of specific categories of criminal records to choose from. Arrest Records is one of the favorites and there are good reasons for it. Generally, there is no limitation imposed by the authorities on the release of arrest record information. There is also practically no restriction on the use of the information derived. That makes it one of the friendliest and useful tools to research the criminal past of virtually anyone.

Except where the subjects are juveniles or when it is deemed to be against public interests of security or other official proceedings, arrest records are strictly public records. That means they are freely retrievable through any legitimate means that are available to the public. By definition, they are documentations of any detention or custody taken by law enforcement, including military authorities, on grounds of suspicion or allegation of criminal violation. This record itself stands whether or not it results in incarceration, indictment, dismissal, discharge or acquittal.

Arrest records are commonly used to check out job applicants, new neighbors, friends, prospective spouse or in-laws and even tenants. It must be noted though that it is not permissible particularly in relation to employment to officially ask someone if he or she has ever been arrested. When asked in that context, it should be understood that an individual can rightfully decline to answer without any threat or repercussion.

There are a number of options to access arrest records. Free information can be obtained from police departments or even the FBI with written requests. Many of the government agencies have websites that will serve this purpose too. Fees are usually nominal if required at all. There are also private databases on the web which can be explored. Some are free, some paid and others hybrid in a sense that charges come into play depending on what level of information is sought. For example, many of the commercial information brokers online offer free searches and charge when hits are made and download of the report is ordered.

Now that you know the benefits of Public Arrest Records, find the resources at http://gov-record.org/criminal-records/

Published by: legal on February 3rd, 2008 | Filed under Criminal Law, Public Arrest
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The US Green Card Lottery

At first glance, the U.S. green card lottery sounds like an exciting chance to make some cold, hard cash. However, this is no simple lottery that consists of scratching tickets or picking numbers. The Green Card Lottery, also known as the Diversity Immigrant Visa Program, is run by the United States government. It makes approximately 55, 000 immigrant visas available to people of other countries that have low immigration rates to the United States. An applicant who receives a Diversity Immigrant visa is allowed to permanently live and work in the United States. They may also bring their spouse and any unmarried children under the age of 21 along with them. When granted permanent residence through the Diversity Immigrant Visa Program, the cardholder can work at any job and/or start a business.

How it Works

The U.S. Government holds the U.S. Green Card Lottery each year, and randomly chooses about 110, 000 applicants from all qualifying entries. Each region’s entries are individually numbered when they reach the Kentucky Consular Center. At the end of the registration period, entries are randomly selected from each geographic region by a computer. Within each region, the first entry picked is the first case registered, the second entry is the second case registered, and so on. All entries from each geographic region have an equal chance of being randomly chosen. The selected applicants are sent a notification from the Kentucky Consular Center which provides specific visa application instructions. U.S. Green Card lottery winners are then contacted by a consular office, at which time the applicant has to provide proof that all the specific requirements (level of education, work experience, etc.) are met. Regular green card applicants must be sponsored by an employer or family member; however, a sponsor is unnecessary when you are a green card lottery winner.

How to Apply

Every year, in August, the State Department publishes detailed instructions on the correct application procedure in press releases and the Federal Registrar. The registration period is usually held in October. The application form is available online only, and it is crucial to fill out this form very carefully. If it is filled out incorrectly or not completed, the applicant will be disqualified. Although there is no fee for entering the U.S. Green Card Lottery, the winner must pay a fee for an immigrant visa and a separate visa lottery surcharge. Winners are notified by mail at the address indicated on their application. The U.S. Green Card Lottery application form will ask you to submit the following information:

  • Full name
  • Date of birth
  • Place of birth (city, town, province, country, etc.)
  • Gender
  • Mailing address and telephone number
  • Email address
  • Country of eligibility
  • Marriage status
  • Recent photos
  • Number of unmarried children under 21 years of age
  • Spouse information
  • Children information

What does Permanent Status mean?

When granted permanent status through the U.S. Green Card Lottery, you are allowed to permanently reside in the U.S.A. You must pay taxes on “worldwide” income on an annual basis. You must continue to “reside” in the U.S.A., which means you must live in the U.S.A. the majority of the time and have significant ties to the U.S.A. With special permission granted, you are allowed to leave for two years. After five years, you may file for citizenship, providing you have completed required residence periods in America. Citizenship grants a person the rights to vote and to obtain a U.S. passport.

Eligibility

In order to be eligible to qualify for the U.S. Green Card Lottery program, the applicant must meet two entry requirements.

First, he or she must be a native of a qualifying country. If the applicant is native to a country that already has a high immigration rate to the United States, they are not eligible to enter the lottery. The eligibility is only determined by country of birth and not by country of current residence or citizenship. The following countries are excluded from the Green Card lottery; however, those born in non-qualifying countries can still participate based on the country of birth of their parents.

  • Russia
  • China (mainland only)
  • Vietnam
  • South Korea
  • Philippines
  • Brazil
  • Pakistan
  • Peru
  • India
  • Mexico
  • Jamaica
  • United Kingdom (excluding North Ireland)
  • Canada
  • Dominican Republic
  • Colombia
  • Haiti
  • El Salvador
  • Poland

The second entry requisite is based on education and work experience. The applicant must have completed a foreign equivalent of the U.S. high school diploma, meaning successful completion of a twelve year course of elementary and secondary education, or the applicant must have had two years of work experience within the last five years in an occupation that requires at least two years of training and experience.

For further information on the U.S. Green Card Lottery and for complete instructions, please visit the State Department website.

Abe Rothstein is the content manager for Abe’s INS Fiance Visa Help Site. He offers immigration solutions to help you get into the country legally. Visit his site for a full detailed walkthough of the fiance visa process.

Published by: legal on February 3rd, 2008 | Filed under Green Card, Immigration Law
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After the First Spouse Dies

Every family faces a unique set of challenges after the death of a loved one. And although it’s a difficult time, after the first spouse passes away the surviving spouse will need to get into see an attorney, and the sooner the better.

You really “don’t know what you don’t know” and you could end up leaving your family in a world of hurt if you don’t get matters taken care of. This is true even if you had a Revocable Living Trust; there are still many legal matters that will need to be handled. If your family has more than $2 million dollars then it is absolutely critical that the surviving spouse see an attorney to ensure everything is handled properly. If not, then your family could end up paying fees and taxes to the government unnecessarily!

Not all Revocable Living Trusts are the same. Depending on how your trust is written (and this is extremely important) one of two things will happen: (1) the surviving spouse will be able to make all of the decisions after the death of the first spouse or (2) there will be a mandatory division of the assets after the first death so as to protect against the surviving spouse giving away assets to a new spouse or having them lost to a lawsuit. There are “pros” and “cons” to each of these plans; the first offers more flexibility and less protection; the second offers less flexibility and more protection. Your best bet is to work with an attorney who will discuss your options with you so that you make the best decision for your family that meets your goals and concerns.

And, not all law firms are not the same! Be sure that you engage an attorney who will work with you to minimize headaches, transfer assets as quickly as possible, and ensure the right choices are made at every turn and all legal requirements are satisfied within the legal deadlines. Most importantly, you need an attorney who is able to help keep families together during a time that can sometimes pull families apart. Unfortunately, finding such an attorney is easier said than done. The best thing you can do for yourself and your family is to develop a relationship with your estate planning attorney now-someone who will be a resource for your family during your entire lifetime. Then, when unthinkable happens, she will be there to guide the family through the legal maze with love and compassion.

Darlynn Morgan

Want To Use This Article In Your Ezine or Website? You have my permission, as long as you include this complete blurb with it: Darlynn Morgan is an aunt, writer, speaker and Personal Family Lawyer. Darlynn makes it super easy for your family to talk about and plan for sticky subjects like money, death and taxes. Find out more about how you can protect your kids at: http://www.MorganLawGroup.com

Published by: legal on February 3rd, 2008 | Filed under Spouse
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