Operating Agreement vs Articles of Incorporation: The Key Differences
What Is an Operating Agreement? An operating agreement defines how an LLC will be run. While state law will specify the most basic elements of an LLC, the members of the LLC can specify a great deal more through an operating agreement. The LLC operating agreement is the primary governing document for the business, and contains provisions such as how much each member will contribute to the LLC and the percentage of ownership of each member . For multi-member LLCs,
Handling Reaffirmation Agreements for Car Loans
What is a Reaffirmation Agreement? What is a reaffirmation Agreement?A reaffirmation agreement is a legally binding contract between a debtor and a creditor. It specifies that a debtor agrees to repay some or all of their debts in spite of having sought the protection of bankruptcy. An agreement of this nature is not strictly necessary to maintain possession of a car after the bankruptcy process has commenced. Car loans form an exception to the general rule of secured debt management
Understanding New York’s Statute of Limitations for Legal Malpractice
What Is Legal Malpractice? When a lawyer is tasked with a particular case or transaction on behalf of a client, there is an expectation that the lawyer will be effective in pursuing the client’s objectives. Indeed, when a client hires an attorney, they are making us a promise that we will perform all services necessary to further our clients’ interests and represent them faithfully. Unfortunately, there are times when lawyers fail to live up to this promise and they are
Can You Be Common Law Married in North Carolina? Here’s What You Need to Know
Being Common Law Married Common law marriages are informal unions between individuals who choose to represent themselves as married without the benefit of a marriage certificate or license. Whether a marriage contract exists that gives rise to a common law marriage varies by state. Historically, common law marriages were created to permit individuals to be recognized as married without the formalities of a marriage license. They were particularly popular during the 1800s and early 1900s, in part, because of the
Getting the Most out of Legal Citations: ALWD Guide to Legal Citation, 7th Edition
ALWD Guide to Legal Citation: An Introduction The ALWD Guide to Legal Citation, now in its seventh edition, serves as the authoritative source for legal writing and legal research in the United States. It provides an unrivaled in-depth look at citation standards and legal research processes, both for print and electronic resources. It is written specifically for law students, legal practitioner, and scholars. The ALWD Guide is also an approved citation guide for many legal journals and law reviews across
Colorado Phone Recording Laws – What You Should Know
Colorado Recording Laws – An Overview Before 1993, some states (including Colorado) allowed individuals to record phone conversations without consent, but in 1993, the state legislature updated the statute to require all parties to consent to any recording. C.R.S. 18-9-309.Since 2001, Colorado law has allowed employees and employers to tape record calls regarding employment concerns, as long as one party to the communication consents to the recording. C.R.S. 8-2-127. The Colorado Supreme Court has held that the law only allows
The One-Sided Contract and Real Estate Transactions
What Is a One-Sided Contract? A unilateral contract is an agreement that involves only one party. In other words, a unilateral contract occurs when only one person or organization must follow through with any obligations while the other does not. The more conventional type of contract – the bilateral contract – would be a transaction where both parties must fulfill requirements in order for the agreement to be valid.The lease between a commercial unit owner and the tenant of the
Alabama’s Ages of Consent Explained
Alabama’s Consent Age Overview Alabama’s law regarding the ages of consent are found in Alabama Code Title 13A – Criminal Code, Section 13A-6-70, which states:(a) for a person to be legally charged with the crime of rape in Alabama, he or she must be at least 12 years of age and the other individual involved in the incident must be less than 16 years old. This is the case in the majority of U.S. states.(b) both individuals must be above
The ‘As Is’ Residential Contract for Sale and Purchase Explained
What is an ‘As Is’ Residential Contract? What is an "As Is" Residential Contract?The "As Is" Residential Contract for Sale and Purchase is a contract commonly used in the sale of real property located in Florida. The term "As Is" does not mean that a La-Z-Boy recliner and an unmade bed will be included in the purchase; rather, it means that the Seller is selling the property without a warranty from the Seller regarding the physical condition of the property.
What You Need to Know About Suppressor Laws in North Carolina
Overview of Suppressors Suppressors, colloquially referred to as silencers, have some of the most complicated and restrictive laws affecting firearms. They may be purchased just like any other firearm in most states, but if a suppressor is purchased in North Carolina, a Form 4 is executed in triplicate and federal income taxes are paid, then the suppressor is stamped and registered by BATFE to your name, serial number, and state. Any prospective criminal defense cases concerning the possession or alteration