Category: Business and Bankruptcy

Guide on How to Choose the Best Business Lawyer

If you are planning to open your own business, it is advisable for you to get the knowledge from the best business law attorneys. These lawyers are the ones who can help you with the intricate details of business contracts as well as other legal issues that may arise. They also have the necessary knowledge and experience to deal with various taxation issues that concern your business. You should therefore seek for the best business lawyer you can afford business attorneyso that you will be guided with everything you need to know about starting up your own business.

The two major fields of law regarded in business law are personal jurisdiction, torts, and commercial law. Unlike corporate law, business law encompasses many different fields of legislation. For instance, an individual studying business law will learn how commercial law impacts all kinds of business entities from sole proprietorships to partnerships and corporations. He will also learn how these laws are applicable to employees, especially those that are conducting business on behalf of the company. Thus, you should choose someone who has the appropriate experience and background in this area.

Taxation is another important area where business attorneys help individuals and companies. A tax attorney is an expert on taxation laws so he can help you resolve any issues regarding the payment of taxes. In addition to that, he can help you decide which tax law options are applicable to your situation. Before hiring one, however, you need to be aware of his fee because he will require you to pay for his services after he has provided you with the necessary information and documents you need. Thus, it is important for you to be well informed so you can negotiate with him for the most affordable rate.

Business lawyers Chicago also have the needed experience dealing with different business transactions. Some of these transactions include buying, selling, rental, leasing, outsourcing, and bankruptcy among others. In every business transaction, there is a need for contracts. If you are a business owner, then it is essential for you to hire the services of a lawyer so he can draft the appropriate contracts for you so you can avoid being at a loss once you enter a business deal.

Apart from drafting the legal documents, business lawyers assist businesses in other ways as well. These include advising business owners on the importance of having policies that protect their business interests. Moreover, they can help business owners understand the legal bases of their contractual agreements. Thus, business lawyers are very important because they provide business owners with the knowledge and expertise they need in resolving various business-related legal issues.

When choosing among business law attorneys, it is important for you to find a competent professional so you won’t waste your time or money. If you are planning to hire one, it is also a good idea to look for testimonials and reviews so you can get a clear picture about what other clients have to say about their legal services. To ensure that you get the best results, it is important to get a legal professional who can give you affordable prices. Finding a highly competent business law attorney is definitely a wise decision.

Rules of Bankruptcy- Filing of Petition to Liquidation

The Federal Rules of Bankruptcy Procedure, also called the Bankruptcy Process, are a group of federal procedural rules prescribed by the Supreme Court of the United States pursuant to the Rules Enabling Act, said bankruptcy and financial lawyers in Florida. They are basically the same as those found in civil processes, with significant differences. They provide for orderly debt collection and distribution of properties owned by a bankrupt person or company.

Because the bankruptcy process is governed by federal rules, most states also have their own variations of local rules for filing bankruptcy. But even within the states, there may be substantial differences in the rules. Therefore, it is a good idea to research the federal bankruptcy process as well as the local rules to see what applies to you, especially if you are not an expert on either the federal rules or the local rules in your state.

 

One of the most common differences is in the authority granted to the trustee. In general, bankruptcy cases are filed in U.S. bankruptcy court. However, some states use the local county process, which is similar to the U.S. bankruptcy process. If you are filing for bankruptcy in a different state, researching the process for the specific jurisdiction is important.

 

Another significant difference between the federal bankruptcy laws and the local ones is in the trustee’s duties. Trustees in most states are prohibited from dealing with debts in any way that does not advance the recovery of the creditors’ principal. This means that a trustee cannot allow a debtor to pay unsecured debts with another lender to avoid payment of the debt owed. A trustee also cannot hold property in trust for debtors who do not intend to repay the debts.

 

Bankruptcy lawyer in FloridaOne of the other major differences is in the means test of bankruptcy. Under the federal code, debtors need to prove that they are unable to pay the debt. The means test, however, is not limited to the inability to pay. It also means that if an adult child is bankrupt and is able to continue living independently, the parent’s assets will not be subject to bankruptcy proceedings. On the other hand, in the united states test for bankruptcy, an adult child is required to prove that he or she is indigent.

 

One final difference between the federal and local bankruptcy codes is in the reorganization plan provisions. While most states require that a debtor establish an account for managing his or her affairs and providing security for creditors, the federal code does not. Instead, the bankruptcy code provides that a debtor may reorganize his or her debts into one debt with one monthly payment, using a regular repayment amount determined by a bankruptcy judge. Although most creditors support the reorganization plan, the courts often prevent them from limiting certain assets of the debtor.