Liability Partnership

A law firm is a type of business formed by one or more lawyers in order to engage in the practice of law. The primary service these businesses provide is advisement to clients regarding legal right and responsibilities.

They also act to represent clients in criminal or civil cases, and help with business transactions and additional matters in which legal assistance is required.

Firms can be organized in a number of ways, depending on the jurisdiction in which it practices. Some common arrangements are:

1. Limited Liability Partnership – (LLP), This type is one in which the owners are partners with one another, but in which no partner is liable to any creditor or for any negligence on the behalf of any other partner. The partnership is taxed as such while enjoying the liability protection that is afforded to corporations.

2. Professional Corporations – One in which lawyers are issued stocks in a way that is similar to that of a corporation.

3. Limited Liability – One where owners are referred to as “members” but are not directly liable to third party creditors of the firm.

4. Professional Association – One which operates very similarly to that of a limited liability company or professional corporation.

5. General Partnership – That in which each attorney shares equal liability and ownership.

6. Sole Proprietorship – That in which the attorney is the firm and is solely responsible for any and all profit, loss, and liability.

Partnership

In many cases, firms are organized around partners, who own them jointly; associates, or employees of the firm; and a variety of staff members who provide clerical, paralegal, and other support services.

Although associates have the prospect of becoming a partner, it may take as long as nine years before such a promotion is given. In fact, many firms have a policy in which any associate who does not make partner within a certain time frame are required to resign.

Becoming a partner is a very prestigious feat for any associate. In some instances, firms may even take out advertisements in order to announce the decision. Typically, partners share in the profits of the firm, and thus is why becoming one is ideal for many practicing attorneys.

Rank

Because legal practice is adversarial, rankings are typically relied on by prospective associates, potential clients, and lateral hires. Substantive rankings generally cover practice areas like Top IP Firms.

Work place rankings are more directed toward students or lawyers, and cover such topics as quality of life, family friendliness, hours, and salaries. Statistical rankings cover more of the profit-related data such as revenue per lawyer and profits per partner.

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www.weforum.org 29.01.2010 China’s transition from a low-cost, export-driven developing economy into an advanced one with a diversified industrial base is happening faster than the rest of the world expected. What are the global dimensions of China’s historic economic transition that need rethinking both in China and abroad? In partnership with the World Economic Forum, CCTV hosts this debate focusing on China’s growth. Klaus Kleinfeld, President and Chief Executive Officer, Alcoa, USA David Li Daokui, Director and Mansfield Freeman Professor of Economics, Center for China in the World Economy (CCWE), Tsinghua University, People’s Republic of China; Global Agenda Council on the Future of Mining & Metals Stephen A. Schwarzman, Chairman and Chief Executive Officer, The Blackstone Group, USA John Zhao, Chief Executive Officer, Hony Capital, People’s Republic of China; Global Agenda Council on the Future of China Moderated by Rui Chenggang, Director and Anchor, China Central Television, People’s Republic of China; Global Agenda Council on the Future of Journalism

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The Kramer Law Firm generally has two different situations that people are calling about. First are people who are looking to start their business and want to know what type of formation they should use, such as; corporation, partnership or Limited Liability Company. Contact The Kramer Law Firm at 301-961-1503 Bethesda, MD or yoursmallbusinesslawyer.com

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A Practitioner’s Guide to Joint Property

A Practitioner’s Guide to Joint Property Feature

A Practitioner’s Guide to Joint Property Overview

“A Practitioners Guide to Joint Property” is the only legal reference guide available that focuses solely on joint property, providing practitioners with a unique single reference source. Providing a detailed overview of the various aspects of this complicated subject, from divorce and insolvency to land and chattels, this expert book offers invaluable advice on the pitfalls and problem areas of joint property law, alongside the guidance that will enable you to confidently advise your clients.

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How to Start a Business in New Jersey (How to Start a Business in New Jersey (Etrm))

This is a valuable book (resource) for budding entrepreneurs. It seems to try to cover all the bases for starting a small business, but it can’t do them all well in the space available between its covers. The book is only 288 pages long. If you are in the planning stages of starting a small business, then I highly recommend you get a copy of this book. Read it, study it, and outline it. There are helpful checklists to help you grasp the subjects. You will come up with a plethora of keywords and terms that you will want to google to find Web pages giving more detailed (and maybe more current) information.

I am a SCORE counselor (Senior Corps of Retired Executives) who typically does face-to-face counseling sessions three nights a month. It would really be neat if my clients would read this book BEFORE they came to their session with me because they would pretty much be “educated customers” ready to ask educated questions. Our sessions would be so much more beneficial.

My favorite chapters were:

1. Initial business concerns
2. Your business’ structure
3. Business start-up details
5. Sources of business assistance (SCORE is mentioned here)
7. Your smart business plan (and a good sample plan is included)
8. Obtaining the financing you need

The book is weak when it comes to how the Internet can be used in corresponding, hiring, and marketing. But this is just one example of how googling keywords and concepts found in the book will make the book more complete. Don’t treat the book as authoritative on the law. It isn’t. Nor was it ever intended to be. It is light on tax information as it relates to small business.

I was particularly impressed with the material presented in Chapter 2: Choice of Legal Entity. That subject is sorely ignored in most small business books, and it is critically important. It is a subject I regularly must spend a great deal of time discussing at my SCORE sessions. This book does a pretty good job on the topic.

Chapters 4 and 9 through 12 are easy to find fault with. The topic of each could fill a book. But having these topics covered definitely will help a budding entrepreneur know some of the issues they raise.

I would have liked the book more if Chapter 6 (marketing) had been less superficial. When I read it I got the impression that the author was more a public relations expert than a marketing expert. I generally categorize public relations as a subset of marketing. Marketing includes advertising, public relations, and a whole host of other promotion techniques. I did not get this message when I read the book. I also would have liked the book better if the Internet, email, and Web sites had been discussed more. But there are many books on those subjects. Therefore, I can’t complain too much about the limited discussion of computers.

When you read this book it may feel a little like it was produced on an assembly line. Maybe it was? There are 50 versions of this book sold; the only state I haven’t found a copy for is Montana. Content is king, and this book has it. 5 stars!

How to Start a Business in New Jersey (How to Start a Business in New Jersey (Etrm)) Feature

How to Start a Business in New Jersey (How to Start a Business in New Jersey (Etrm)) Overview

How to Start a Business in New Jersey is your roadmap to avoid planning, legal and financial pitfalls and direct you through the bureaucratic red tape that often entangles fledgling entrepreneurs. This all-in-one resource goes a step beyond other business how-to books to give you a jump-start on planning for your business and provides you with:

• Quick reference to the most current mailing and Internet addresses and telephone numbers for federal, state, local and private agencies that will help get your business up and running
• State population statistics, income and consumption rates, major industry trends and overall business incentives to give you a better picture of doing business in New Jersey
• Checklists, sample forms and a complete sample business plan to assist you with numerous startup details
• State-specific information on issues like choosing a legal form, selecting a business name, obtaining licenses and permits, registering to pay for taxes and knowing your employer responsibilities
• Federal and state options for financing your new venture

How to Start a Business in New Jersey (How to Start a Business in New Jersey (Etrm)) Specifications

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LLC or better known as Limited Liability Corporation is basically an ownership formed by proper blend of corporation and sole proprietorship or partnership. In Florida, LLCs are best for smaller companies who have limited number of owners. Like any other sole proprietorships or partnerships LLC owners also enjoy the benefits of reporting their profit or loss in LLC to their individual tax returns. Thus they enjoy huge tax benefits and get a shelter from personal liability. That is why the name is “limited liability” i.e. when your businesses are running in losses then operating it in partnership will give you large tax deduction. So you losses can pass the owners’ tax return.

This means that in legal problems the assets of the corporation are only in danger. Under no circumstances creditors cannot claim the owners’ personal belongings. So we can say that the LLCs combine have both characteristics of partnership and corporate business structure.

Like in any other LLCs, the LLC in Florida or LLC Florida is not restricted any limited number of members. Members can be people, other LLCs or corporations. The members will have ownership interests in the business but no interest in shares which will help them to gain tax benefits of limited partnership as well as the limited liability constituent of corporations.

As the LLCs are separate legal bodies so the liabilities donot pass to the owners. Since the LLCs are governed by the Membership Agreement so the administration as well as the organizing a LLC is also flexible. The owners manage LLCs and all of them are vote on all matters. They choose managers just like board of directors in any other organizations. These managers manage the business thus giving the owners a chance to release their pressure. With the help of LLC Operating Agreement the members are allowed to make decision among themselves for betterment of the corporation. Thus it indirectly helps to frame a better management structure.

If the LLC is owned by a single owner then he or she has to file a sole proprietorship while the multiple-owners in LLC will be filed individual taxes.

As the LLC don’t have a double taxation problem so it is a pass-through entity. Basically the attorneys prefer LLCs as they provide better asset protection to members. In LLCs every member’s share in the net profit or loss passes to the individual taxpayer’s 1040 individual tax return.

Now a days beside LLC S corporation is also getting importance. People are highly getting attracted towards it. S corporation are IRS recognized. Governing a S corporations depends on the state laws as the state law for S Corporation varies from state to state. For Example double taxation is free in Florida S corporation or S corporation in Florida. This is the main difference of having an S corporation and an ordinary organization.

There is no such difference between a S corporation and LLC except S corporation is IRS recognized while LLC is not. But S corporation will not be a good choice for you if your LLC is holding a real estate. This is because you have to pay extra tax for it.

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Commercial Law and Practice in the South Pacific (South Pacific Law)

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Commerce has become an area of central importance to the South Pacific region. Although the countries are small it is widely acknowledged that their need to promote and develop commercial enterprise is crucial for their future sustainability.

This new textbook is the first to examine the main areas of commercial law in the common law jurisdictions of the South Pacific region. These jurisdictions include the Cook Islands, Fiji Islands, Kiribati, Marshall Islands, Niue, Nauru, (Western) Samoa, Solomon Islands, Tonga, Tuvalu and Vanuatu. The text is divided into six parts each with its own introduction to aid the reader through each particular area.

Utilising both a structural and transactional approach it examines:

• the establishment and termination of commercial organizations
• the internal and external relations within and between organizations
• the legal principles applicable to various kinds of commercial dealings eg. insurance, sale of goods, bills of exchange
• aspects of foreign trade and international commerce relevant to the region.

Knowledge of the legal principles that regulate commercial activity within the South Pacific Region is essential for the communities themselves and for those from outside interested in doing business in the area.  Students studying commercial law in the region will find this textbook essential reading as will those involved, or seeking to become involved, in commercial activity there

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Up until a few years ago there were only 3 types of formal business formations. These were the corporation, a partnership and a sole proprietorship. Each had both positives and negatives and depending on your situation, you would choose the right one for you.

The latest business type however has attempted to create like a hybrid with the benefits of sole proprietorship and protections of a corporation without the formalities.

An LLC (limited liability company) provides the benefits of liability protection, like a formal corporation but also features the tax design of a sole proprietorship or partnership. The biggest benefits of an LLC are in the taxation and liability areas, although unlike a corporation, an LLC can be set up for a limited amount of time only.

Unlike a corporation where income is taxed twice, an LLC business passes through income to the owners. That is, the income goes directly to the owners of the company who then are responsible for the taxes. Of course good business practices are a must and this doesn’t mean that the company can be treated as a personal piggy bank for the owners.

As the rules that bind an LLC are more in line with a sole proprietorship, many of the corporate governance like a board of directors is not required. The LLC formation also makes it easy to dissolve without the filing and notice requirements of a formal corporation.

LLC’s can usually be formed with a simple form filed with the state. Check your local authorities for more information on the type of filing, forms, and other information that may be needed. One identifying characteristic to note is that the name of any limited liability company needs to end with the letters “LLC.” Here’s an example: Joe’s Shoe Repair,LLC.

Filing LLC business documentation though is not difficult and can be accomplished in several ways.

An attorney can generate the basic documentation and should cost a couple of hundred dollars. This is recommended if you’re planning to change the business type of an ongoing business. If you already have a business in operation, it’s necessary to cover all the details. Using an attorney also can give peace of mind should you be concerned.

If however, you’re just starting out or have a brand new business, filing the necessary paperwork is really very easy. To set up an LLC, you file articles of formation or articles of organization with the state. This document is usually an easy to complete one-page form. It has areas where you can fill in the blanks with basic information about your new company including the name and other important information. The state agency that is usually charged with accepting LLC filings is the state department of corporations. If your state doesn’t use this name, a quick call to the secretary of state office can point you in the right direction. Some state also have additional minor requirements to open an LLC company. The state department where you file the documents will let you know of any additional requirements.

After the state accepts your articles of LLC formation and you complete any other state requirements, you’re done with your LLC formation.

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