Wrongful Repossessions
In the event of default by a consumer with respect to a Motor Vehicle Retail Installment Sales Contract (defined as an agreement, signed by the buyer in this state, pursuant to which the title to, the property in or a lien upon a motor vehicle, which is the subject matter of a retail instalment sale, […]
FTC Cooling off Rule
The FTC’s Cooling-Off Rule gives you a 3-day right to cancel a sale made at your home. Certain types of sales can’t be canceled, even if they take place in places normally covered by the Rule. The Cooling-Off Rule does not cover sales that are: •under $25 for sales made at your home;•under $130 for […]
Sole Proprietorships
The notation “dba” is an acronym for ” doing business as”. The legal significance of the ‘dba’ designation is that the entity so designated is treated as a sole proprietorship. Thus, “John Doe d/b/a Doe Auto Detailing” simply means that John Doe is ‘doing business as’ Doe Auto Detailing and each is the alter ego […]
What is a “security”?
A “security” is statutorily defined in 15 USC 78a et seq. as; [A]ny note, stock, treasury stock, security future, bond, debenture, evidence of indebtedness, certificate of interest or participation in any profit-sharing agreement, collateral-trust certificate, preorganization certificate or subscription, transferable share, investment contract, voting-trust certificate, certificate of deposit for a security, fractional undivided interest in […]
Pros & Cons of Various Business Entities
Sole Proprietorships; Some of the basic advantages of a sole proprietorship are; 1) simplicity of formation: 2) simplicity of administrative operation: 3) simplicity of dissolution: 4) little if any legal fees for formation, operation & dissolution; 5) flexibilty of conversion to another entity; 6) centralization & flexibilty of power & management; & 7) single level […]
Private Placements
A securities offering exempt from registration with the SEC is sometimes referred to as a private placement or an unregistered offering. Under the federal securities laws, a company may not offer or sell securities unless the offering has been registered with the SEC or an exemption from registration is available. Generally speaking, private placements are […]
Massachusetts LLC’S
A Massachusetts Limited Liability Company (LLC) combines the benefits of a partnership & a corporation, in that the “members” (a term ascribed to the owners of the LLC) can actively participate in the management of the business yet enjoy limited liability. Other benefits include centralization of management & control (which can be vested in members […]
Finder’s Fees in Securities Transactions
Any individual selling stock for another must comply with the broker laws imposed by the SEC. This is true whether the individual is a family member, friend, director or employee. If the individual selling the stock regularly sells such stock, he must be properly registered as a broker with the SEC. Failure to properly comply […]
Business Entity Classifications
There are 6 basic types of business entitites as follows; 1) SOLE PROPRIETORSHIP; 2) PARTNERSHIP; 3) LIMITED LIABILITY COMPANY; 4) CORPORATION; 5) LIMITED PARTNERSHIP; 6) BUSINESS TRUST Each business entity has a variation of the following factors; 1) LIMITED LIABILITY; 2) CENTRALIZATION OF MANGEMENT; 3) PERPETUAL LIFE; 4) TRANSFERABILITY OF INTEREST; 5) SIMPLICTY OF ORGANIZATION;
Asset Protection 101
The first issue to address is protecting your personal assets (versus your business assets) from potential creditors. This can be done via a Limited Liability Company (“LLC”) or Corporate Entity. The LLC/Corporate Entity will protect you from “inside liability”,ie, liability resulting from wrongs committed by your agents or employees during the scope of their employment. […]
