Creditor-proofing Your Company
Protecting your company’s assets should be one of your top priorities. There are several ways to do so. 1) Incorporate your business. One of the biggest advantages of incorporating is that it protects your personal assets from creditors. See “When Should I Incorporate?” 2) Secure your loan. You can loan money to your company and [...]
Located in: Real Estate Law
When Should I Incorporate?
At some point, it may be worth incorporating your business. Here’s what you’ll need to consider. 1. Limited liability As a general rule, shareholders are not responsible for corporate debts. If a corporation goes bankrupt, its shareholders will lose no more than their investment (unless the shareholder has provided personal guarantees for the corporation’s debts). [...]
Located in: Real Estate Law
The Structure of Your Business
The three basic types of business structure are a sole proprietorship, a partnership and a corporation. A sole proprietorship is easy to form – you simply start doing business. The business is owned and operated in your own name or through a trade name. Business income and personal income are treated the same for tax [...]
Located in: Real Estate Law
Underground storage tank liability and removal
Underground storage tanks (“USTs”) are a potentially major source of liability for residential property owners. These tanks can contain contaminants and corrode over time, polluting soil and groundwater. Removing USTs and remediating the land they pollute can be very expensive – in one recent case, costs exceeded $200,000. The law may require landowners to remove [...]
Located in: Real Estate Law
Subject Clauses
A useful tool for prospective house buyers in negotiating their house purchase is the subject clause. “Subjects” enable buyers to have the house they bid on taken off the market while they attend to matters relating to the purchase. Perhaps most importantly, subjects provide buyers with more time to decide whether or not to buy [...]
Located in: Real Estate Law
