A divorce legally ends a marriage. A divorce is usually called a “petition” or “dissolution of marriage.” To get divorced, one person must file a document called a “petition.”
Usually, a divorce will include an arrangement for child custody and support. Also, a divorce generally includes an agreement on how to divide property. When both people agree on these issues, the divorce is “uncontested.”
After divorce, both people can marry again.
Incorporation means creating a new corporation. A corporation is an organization that is approved by your state to conduct business. In the eyes of the law, a corporation is a real person. It can own things and it can enter into agreements. Also, just like a person, it can sue and be sued.
Most people form corporations to protect their personal assets because the owners of a corporation are not personally responsible for the corporation’s debts. This is called “limited liability protection.”
“To Incorporate, Articles of Incorporation must have the following...”
A trust is a relationship between people and property. One person (the trustee) has title to the property. The trustee holds the property for the benefit of another person (the beneficiary).
A trust may be created when you die (through your will). Or, a trust may be created while you are alive (a living trust). You can be the trustee of your own living trust. This allows you to maintain control of your property.
At death, most property must pass through probate (a formal court proceeding) before it can be inherited. However, property held in a trust does not. This is why most people prepare a living trust - to avoid probate.
Married couples who own a lot of assets often create an "ABC" trust. This allows greater flexibility for tax-planning purposes.
A trust is a relationship between people and property. One person (the trustee) has title to the property. The trustee holds the property for the benefit of another person (the beneficiary).
A trust may be created when you die (through your will) or, a trust may be created while you are alive (a living trust). You can be the trustee of your own living trust. This allows you to maintain control of your property.
At death, most property must pass through probate (a formal court proceeding) before it can be inherited. However, property held in a trust does not. This is why most people prepare a living trust – to avoid probate.
Married couples often create an “A/B or Joint” trust. In a joint trust both spouses put their property into the trust.
When one spouse dies that spouse’s property does not have to pass through probate. Also, the surviving spouse can use the property while he or she is alive. When that spouse dies the property passes to the trust beneficiaries, usually the couple’s children.
A will is a statement that indicates your desire about the distribution of your wealth following your death. Wealth is a relative term, describing all that you’ve accumulated during your lifetime. A will gives you decision-making control over who gets what and also, how and when they are to receive it.
Wills however, are subject to probate. Probate is a court-directed review process of the will, its validity and how it can be enforced.
Forming a Limited Liability Company (LLC) is very similar to forming a corporation. Like a corporation, an LLC is an organization that is approved by your state to conduct business. It can do everything a corporation can.
Generally, people prefer an LLC instead of a corporation because LLCs do not require as much formality. That is, an LLC can be run like a simple partnership. Also, unlike a corporation, in an LLC profits and losses are passed directly to the LLC’s owners (called members).
People form LLC’s to protect their personal assets because LLC members are not personally responsible for the LLC’s debts. This is called “limited liability protection.”
To Form a LLC, the Articles of Organization must have …
You can change your name by filling out a form and filing it with the local court.
You may want to change your name because you don’t like the name that your parents gave you, or, you may be divorced and want your maiden name back.
You can’t change your name if...
A Nonprofit Corporation is a legal entity that is formed for specific purposes, usually charitable, religious, educational, social, or humanitarian.
A Nonprofit operates like a regular corporation. It has directors (often called trustees) and officers. But, there are no shareholders and no stock. The profit the company earns is used to advance the Nonprofit’s stated purpose. The directors, officers, and employees can earn reasonable salaries.
Most people form corporations to protect their personal assets because the owners of acorporation are not personally responsible for the corporation’s debts. This is called “limited liability protection.”
A prenuptial agreement is an agreement made before marriage.
Usually a prenuptial agreement describes how property will be divided if the couple gets divorced.
Otherwise, the property will be divided according to state law.
A Trademark lets a manufacturer or producer of goods protect the logo, design, etc., associated with its goods. For example, “Coca-Cola” is a federally registered trademark of the Coca Cola Company. As such, only the Coca Cola Company has the rights to use the term “Coca-Cola.”
If a person or business performs services instead of manufacturing goods or products, a Servicemark should be filed instead of a Trademark.
It is important to remember a Trademark or Servicemark can only be obtained for unique, distinctive, or descriptive goods or services associated with you or your company. Generic terms cannot be protected by Trademarks or Servicemarks.
When affixed or associated with goods, a Trademark can be used to protect a…
