LLC vs. Corporation: Which Is Right for Your Business?

When a family member dies, unfortunately you face not only the grief of the loss but also a list of legal duties that have to be dealt with in short order. Estate administration and probate is the court-supervised path to dealing with a loved one's estate, and a local Boerne attorney can help you move along this path as smoothly and quickly as possible. Steps to Boerne Estate Administration and Probate Gathering All Important Information First you'll need to collect all papers that prove who died, what they owned, and whether they left a will. A certified death certificate is the first document almost every institution will demand, and you will need several originals rather than photocopies because banks, title companies, and government agencies all demand originals and will keep the copies they receive. If a will exists, the original (not a scan) must travel with the application. You'll also need bank and financial account statements, deeds and vehicle titles, any life-insurance designations, and a working list of people who may inherit or who you know hold claims against the estate. Filing You'll file probate in the county where that person lived, or, if they didn't live in Texas, in the county where the principal estate property sits or where the death occurred. Once the clerk accepts the filing, a citation is posted so any interested persons are notified about the proceedings. The court will schedule a hearing, and all these parties are free to attend if they wish. Letters Testamentary At the hearing, the court confirms the death, examines the will if one was offered, and names a personal representative of the estate. If the will names an executor, that person will usually be chosen unless the court finds them unqualified. The clerk then issues something called "letters testamentary," which tell banks and title companies to treat the executor as someone with the authority to manage accounts and property and speak for the estate. Inventory and Appraisal Within ninety days, the executor must have an inventory made, do an appraisement of the estate's goods, and list all the claims or provide an affidavit in lieu of inventory stating that unpaid debts other than secured debts, taxes, and administration expenses have been satisfied. Once that filing is accepted, all taxes and valid debts get paid in a certain order. Paying the Beneficiaries Once all taxes and debts are taken care of, beneficiaries inherit the rest. If there's a will, the administrator of the estate must follow its instructions. If there is no will, Texas intestacy laws name out the heirs according to marital status, the status of all separate and community property, and whether the deceased has children. Setting things up so your estate moves smoothly through probate will make things much easier for your loved ones. For help with your probate and estate planning, contact us at the Lovorn Law Firm in Boerne, New Braunfels, or Kerrville, TX today to request a consultation.

When you're navigating a divorce in Long Island or anywhere in New York, an experienced local spousal support and alimony attorney can help you understand your financial rights and obligations. Alimony isn't a given, and whether you're trying to get it or fighting an unfair demand, a lawyer can help you learn where you stand. The Formula Courts Use in New York The formula used here in New York looks at the higher-earning spouse (called the payor) and the lower-earning spouse (the payee) and only applies the guideline math to the payor's income up to the current statutory cap of $241,000. Anything above that cap gets handled separately through the court's discretion. The Calculations There are two basic calculations: When the payor also pays child support When there is no child support If the payor is also paying child support, then the calculation for alimony is 20% of the payor's income (up to the cap) minus 25% of the payee's income. When there is no child support or when the payor is the custodial parent, the calculation is 30% of the payor's income (up to the cap) minus 20% of the payee's income. A second combined-income check is then performed in both situations, where the courts add the two incomes, take 40% of the total, then subtract the payee's income. The guideline award is whichever of the two calculations is smaller (or zero if the result is negative). If the guideline calculations would leave the payor below the self-support reserve, the court adjusts it so the payor keeps at least that minimum amount for their basic needs. How Long Does Alimony Last? Once the amount is set, the court ultimately decides how long payments should last, but there are state guidelines that give advisory ranges based on the length of the marriage. For marriages of 15 years or less, the law suggests that alimony be paid for 15 to 30% of the marriage length. For marriages between 15 and 20 years, the range rises to 30-40%. For marriages longer than 20 years, the range is 35 to 50%. Judges can go outside these ranges, but they must explain their reasoning on the record. Maintenance ends if either spouse dies or if the recipient remarries, and it can also be modified later if there is a substantial change in circumstances. How a Spousal Support and Alimony Attorney Can Help You Prepare Even though the formulas given above provide a starting point, the outcome in any given case often depends on how the facts are presented and your arguments about whether the guideline result would be unjust or inappropriate. That is where experienced legal help can make an enormous difference. Your attorney will gather and organize all the detailed income information the court requires, identify which of the statutory factors might justify a higher or lower amount for the alimony, and then build an argument for what's fair to you. This is just one of the key steps in getting divorced that your lawyer will take on for you. For help with your spousal support concerns or any issues related to divorce or family law, contact the Stone Studin Young & Nigro Law Group in Woodbury, NY right away. We help families throughout Long Island.

Your LLC company must meet state LLC operating agreement requirements regarding ownership shares, management rules, and profit splits to be valid. Instead of leaving those choices to state defaults, though, it's best to have your own agreement drawn up with the help of an experienced Woodbury, New York lawyer who understands the regulations and how to structure your agreement so it does what you want while following all the rules. LLC Operating Agreement Requirements New York laws require that every limited liability company: Adopt a written operating agreement Put the agreement in place before, at the time of, or within ninety days after the articles of organization are filed with the Department of State Describe the “conduct of the LLC's affairs” Explain the rights, powers, preferences, limitations or responsibilities of members, managers, employees or agents If it includes provisions limiting the personal liability of managers, have no provisions that limit any knowingly illegal action or anything done in bad faith or attempt to limit liability from before the LLC was formed Important Elements of an LLC Agreement Your operating agreement is a legally binding document, so the more clarity you have here, the better. If you don't put it in the agreement, and there are issues or arguments later that end up in court, you'll be at the mercy of whatever decisions the courts may make under New York law. Member Ownership Include each member's ownership percentage and capital contribution, and be sure to spell out the cash, property, or services each person put in and the percentage of interest their contribution created. Decide in advance how additional capital calls will work and what happens if a member fails to meet one. Management structure You can keep the company member-managed, so every owner takes part, or make it manager-managed, so one or more designated managers run the operations. Whatever you choose, be sure to list the powers and duties of whoever holds authority, including who can sign contracts, open bank accounts, or hire/fire employees. Set Voting Rules Decide whether votes should track with ownership percentages or whether each member should receive one vote, and then be clear about which decisions need a simple majority and which need a supermajority or unanimous consent. Some of the decisions you might need to spell out specific percentages for would include: Admitting a new member Borrowing money Selling major assets Closing out the LLC Be sure to also spell out the exact notice periods that will be required and how the meetings have to be conducted (in person, by phone, or with written consent) and whether proxy voting is ever allowed. Profit and Loss Distribution New York defaults to giving members equal shares unless the operating agreement says otherwise. If you want something different, common arrangements include: Tying allocations to ownership percentages Creating preferred returns for certain members Setting special rules for tax items Talk to a Woodbury, New York Attorney Call us today at the Stone Studin Young & Nigro Law Group to request a consultation on forming your LLC. As the premier Long Island business law firm, we're ready to help, whether you're ramping up, starting up, or facing trouble.