A will is a written document that directs the disposition of a person's property after his or her death. Disposition under a will can be outright or in a continuing trust. A will nominates one or more personal representatives, sometimes referred to as “executors,” to manage and distribute the estate. A will can also nominate a person to be guardian and conservator for a minor or incapacitated child.
A Federal Tax ID is also known as an Employer Identification Number (EIN). It is a nine-digit number valid in all states for banking, tax filing, and other business purposes.
An Employer Identification Number (EIN) is also known as a Federal Tax Identification Number, and is used to identify a business entity.
What is a Limited Liability Company (LLC)?
A limited liability company (LLC) is a form of business entity that is separate and distinct from a person, like a corporation. The LLC is often described as hybrid between a corporation and a partnership (or sole proprietorship). It allows for the limited liability protection similar to that of a corporation (i.e. your risk is limited to the amount that is invested in the LLC, and personal assets beyond that are usually protected). It also allows for a more flexible setup and operating structure than a corporation while providing the pass through taxation of a partnership (if a multimember LLC) or a sole proprietorship (if a single member LLC). One of the main advantages of an LLC over a Partnership or a Sole Proprietorship is the Limited Liability protection.
Limited Liability Company (LLC)
- Independent legal structures separate from their owners
- Help separate your personal assets from your business debts
- Taxed similarly to a sole proprietorship (if one owner) or a partnership (if multiple owners)
- No limit to the number of owners
- Governed by operating agreements
The LLC (Limited Liability Company) is the newest form of business entity, and it is rapidly becoming one of the most popular ways for new and small businesses to operate. It is often described as a hybrid between a corporation and a partnership.
It limits personal liability, like a corporation, while providing a simpler and more flexible structure than most other forms of business. A single member LLC is taxed on the federal level the same as a sole proprietor or Sub-S Corporation, while a multimember LLC is taxed on the federal level the same as a partnership or Sub-S Corporation. Since a huge number of small businesses are sole proprietorships and partnerships, an LLC is frequently an excellent choice for these types of businesses. It retains most of the benefits of a sole proprietorship or partnership with the added benefit of limited liability.
What is a Living Will?
A Living Will is a written statement that expresses your wishes about medical treatment that would delay death from a terminal condition. It also applies to situations of persistent vegetative state or irreversible coma. A Living Will would speak for you in the event that you were unable to communicate.
Collecting debt can be frustrating for creditors, especially in the case of non-paying debtors. One option for collecting monies owed you is to file a lien against property owned by the debtor. This option is best used when you've exhausted other measures since it's complicated and can become expensive, even for the creditor, due to legal fees and time required to complete the process
A lien gives a creditor a legal hold over the debtor's property, making it collateral for debt owed to the creditor. It's often used for second mortgages, where the creditor places a lien on the home as collateral for the loan. It can also be used for loans against car titles, and some people offer other high dollar items as collateral for large loans. A lien prevents the owner from selling or transferring the title of the property during the time the lien is in effect.a
LEASE - A document under which a landlord and tenant set forth the rights and obligations of each party with respect to an apartment, rental unit, or other real property owned by the landlord and used by the tenant. An instrument conveying the possession of real property for a fixed period of time in consideration of the payment of rent.