Business Formation: Asset Protection
Types of California Business Partnerships– General Partnerships, Limited Partnerships & Limited Liability Partnerships
In California, a business partnership can be created by a formal written contract filed in state records, or by something as simple as an oral agreement. The different types of partnerships have different requirements. A general partnership is the easiest partnership to form since you are not required to register this type of partnership at [...]
Tips for New Entrepreneurs: Forming a Business Entity
Entrepreneurs opening up a new business will quickly run into the challenges that face small business owners on a daily basis. The Griswold Law Blog will be posting a series of articles intended to address some of the obstacles that come along with running your own business. The decision whether to form a business entity [...]
Avoiding Business Disputes: Should You Go Into Business With Family And/Or Friends?
It is natural to partner up with friends and family for a business venture. These are the people with which you most often socialize and share ideas. Also, these are the people you trust. Going into business with family and/or friends is perfectly okay–as long as you remember it is “business.” For those of you [...]
Health & Safety Receivership: A Powerful Tool in Today’s Real Estate Market
Receiverships are commonly initiated in courts across California. Under a receivership, the receiver undertakes custodial responsibility over another’s property, assets and rights. The extent of the receiver’s duties and powers are stated in the appointment documents, be it a court order, a statute or private agreement. A Health & Safety Receivership is an immediate and [...]
Transferring Ownership of Real Property from Personal Ownership to LLC Ownership
If an individual chooses to form an LLC for property ownership purposes after the purchase of the property in their own name, it is possible for that individual to transfer ownership. A transfer deed can be executed, delivered and recorded whereby ownership is transferred from the individual to the LLC. However, there are some key [...]
Choosing the Correct Business Entity: LLC Not Always the Best Choice
LLC’s seem to be the fad right now across the U.S. For many situations, the popularity is warranted. However, it is important for an individual to assess the true nature of their “business” before rushing into the formation of a particular business entity. Consumerism as it is, there are far too many people out there [...]
Owning Real Property as an LLC or other Business Entity
Many real estate investors’ properties are owned under a separately formed entity–many times, but not always, by LLC’s. Such alternative ownership structure protects one’s personal assets. For example, if a claim or lawsuit arises relating to real estate owned by a properly formed and managed LLC, only the assets owned by the LLC are generally [...]