WISCONSINILLINOISMINNESOTA

The Virtual Attorney Blog

Feb
01
2012

A buy-sell agreement is a binding contract - between you and your co-owners - that controls when an owner can sell his interest, who can buy an owner's interest and what price will be paid for that interest. Usually a buy-sell agreement also gives the company and its owners an opportunity to buy out an owner who has stopped working for the company or has died. By so doing it eliminates the possibility that active owners will be forced to share profits with an inactive owner or an unsuitable new owner.

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Feb
01
2012

The Virtual Attorney has partnered with Rocket Lawyer in order to better serve Rocket Lawyer clients. To view my Rocket Lawyer profile, click here.

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Feb
01
2012

An AB living trust is also commonly referred to as a “Bypass Trust”. It is a common planning tool for married couples and works like this: Property is put in the living trust by the couple much like any other living trust. However, when the first spouse dies, the property in the living trust is distributed to two separate trusts, typically one trust for the surviving spouse and one trust for other beneficiaries named by the deceased spouse (many times this is the couple’s children). The surviving spouse will be able to...

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Feb
01
2012

Articles of Organization

Articles of organization are similar to articles of incorporation for a corporation. They set forth items such as the name of the LLC and the names and addresses of the organizers. They are filed with the state in which the LLC is being formed

Operating Agreement

An LLC operating agreement is similar to corporate by-laws. It sets forth the rights and responsibilities of the LLC members and the inner workings of the LLC.

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Feb
01
2012

Articles of Incorporation

Articles of incorporation are what legally create your corporation. They set forth things such as the name of the corporation, the purpose and who the founding members are. States have their own specific requirements on what must be contained in the Articles of Incorporation. Once completed, they are filed with the appropriate state body.

By-laws

By-laws are what govern the day to day operations for the corporation once it is founded. They typically set up the board of directors, officers and committees....

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A power of attorney is a written authorization to represent or act on another’s behalf in certain affairs, typically of a medical or financial nature. A power of attorney is the document which gives an agent or attorney-in-fact the authority to act on a principal’s behalf. A power of attorney can be drafted in a way so that the agent does not have any authority to act until such time the principal is incapacitated and unable to act for...

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