Business and Industry Law Articles
Articles written by attorneys and experts worldwide
discussing legal aspects related to Business and Industry.
A nuncupative will is an oral will. Several states allow their residents to create oral or nuncupative wills under limited circumstances. Commonly called “deathbed wills,” testators make nuncupative wills during their final hours before at least one impartial witness.
A trust is a legal type of property ownership which allows a grantor to transfer legal title to trust property to a third-party trustee. The grantor gives another person the right to manage and temporarily retain ownership of his property for his benefit. To create a valid trust, a grantor must create the trust through a written instrument.
In recent months, China has been dominating media headlines in connection with exchange rate disputes with the Unites States and possible participation of China in the bailout of some Eurozone nations. China seems to be proving the truth behind the Chinese proverb that says that ‘the saving man becomes the free man’.
On 4 February 2004, Ukraine ratified the Kyoto Protocol to the United Nations Framework Convention on Climate Change. This gave Ukraine an opportunity to engage in various types of projects purported at reduction of greenhouse gas emissions (the “GHG emissions”), in particular and especially joint implementation projects (the “JI projects”).
North Dakota is only one of 10 states to adopt the Uniform Probate Code’s augmented estate concept. Augmented estates allow disinherited spouses to claim a share of their spouse’s property if they were disinherited.
One of the things you should take into consideration when planning your estate is how your family members, or former family members, may feel about your wishes. Of course you have every right to leave your assets in any manner you see fit. But to make sure that the rightful heirs to your estate don't run into problems after your death you need to do what is necessary to avoid challenges.
Your would probably be surprised if you heard that someone died without leaving behind a last will or some other type of estate planning document directing distribution of his or her assets. Many people view estate planning as a simple, basic responsibility that everyone has to engage in for the well-being of their family members. So for many it comes as a surprise to learn that not everyone understands how important it is to have an estate plan in place.
Once a custodian of a will locates a decedent’s will, he must file it within 10 days of receiving notice of the decedent’s death. After the custodian files it with the probate court in the county where the decedent died, the probate court will conduct a cursory review of the will to establish its validity and authenticity. Probate courts can validate a testator’s will by using one of three different validation and authentication methods.
To get around the judicial process of authenticating a will, the Florida legislature enacted Section 732.503 of the Florida Statutes within the Florida Probate Code. To create a self-proving will, a testator must comply with the legal requirements to create a valid will. In addition to signing a will in front of two impartial witnesses who also provide their signatures, a testator will self-prove his will in front of a notary using a statutory acknowledgement form.
In Florida, Chapter 732 of Part II of the Florida Statutes is the Florida Probate Code. Pursuant to Section 732.201, Florida law allows married spouses to receive elective shares of probate property. As such, spouses cannot disinherit one another from receiving at least some of their estate assets. The Florida Statutes allows a spouse to receive one-third of a spouse’s elective estate.
The location of Bulgaria makes it strategically advantageous for accessing the developing markets in Eastern Europe and Turkey. It is also a largely unspoilt rural country with enormous business tourism potential. It has a coastline along the Black Sea and lovely mountains making for potential investment opportunities.
Intelligent long-term planning is essential for most people if you want to be prepared to enjoy your retirement years to the fullest.
Home ownership has long been the key to wealth building in the United States, the recent downturn in the housing market notwithstanding.
If you want to be prepared every step of the way you have to go forward with the understanding that estate planning is an ongoing process.
Serving your country in the military is a supreme sacrifice, but there are some rewards that go along with it. Most people are aware of the fact that veterans who have served at least 20 years are eligible to receive a retirement pension.
Most people realize the importance of estate planning and keeping up to date with their plan; however, if you are a small business owner, creating a succession plan is equally as important. A succession plan is basically the same as an estate plan, except it focuses on what will happen to your business, or your interest in a business, upon your death.
When you start considering estate planning issues, you do so with the intent to pass on as much of your wealth and property as possible.
Unfortunately, many complaints filed by consumers alleging deceptive trade practices or illegal contracts involve senior citizens.
There are a number of considerations to make during your estate planning process, of which includes getting your affairs in order prior to creating a will.
If you have a new baby, adopted a child, or have a step-child or other special child you want to provide for, you need a new estate plan.
There are some statistics that you run across that are kind of hard to believe if you have not already done some research into the subject in question.
There are those who refer to the federal estate tax as the "death tax, «and though this can sound like a flippancy there is actually reasonable logic to support this name. To explain, let's take a look at the anatomy of this levy.
Most people think to create a plan for their personal assets in the event of their death; however, if you are an owner, or part owner, in a business, you need to include your business assets in your estate planning.
Even U.S. Supreme Court Justices are required to leave legally valid written wills to save their executors from unnecessary probate fees.
One of the biggest concerns for individuals and couples with a sizable estate is how to accomplish the transfer of assets upon death without incurring estate taxes.
Some people never get around to planning their estate or creating a will. In this situation, there is no will to determine how affairs are to be handled and how assets are to be distributed.
A recent survey reported by the newspaper USA Today had some surprising findings for the growing group of Baby Boomers that are anticipating caring for their aging parents - only half could name any medications their parents take.
Most people sign their estate planning documents, breathe a sigh of relief, pat themselves on the back for completing the task, and don’t think about their estate plan again.
Everyone is aware of what a last will is in a general sense and what it is used for, but there are those who think that it is a document that is only read by family members.
Some people are surprised when they hear about the details of the federal estate tax. They are under the impression that this tax does not apply to them because it is only imposed on the super-wealthy.
The federal estate tax looms as a significant source of asset erosion and taking steps to mitigate your estate tax exposure is a big part of what estate planning is all about.
A lot of people equate the process of estate planning to the execution of a last will. While it is true that you can choose to use a last will as your primary vehicle of asset transfer and a lot of people do, it is not always the best choice.
Taxation is an interesting thing, and a lot of people would question why you should have to pay a tax when you give someone a gift.
If you want to be prepared for the future you need to engage in careful and intelligent advance planning.
The courts must enforce foreign judgments that meet the criteria described in this article. In fact, once a foreign judgment has been rendered “executor” by a court in the DR. Congo, it may be enforced by writ or order of the court. Generally, as in most civil law systems, the court will recognize the foreign judgment and issue the enforcement order in the same proceeding.
When you are inventorying your assets in anticipation of distributing them to your loved ones after your death you may find that your home is your single most valuable asset.
Living on a fixed income can be difficult, and this is one of the reasons why it is so very important to engage in retirement planning.
If we said 2010 was an interesting year in the field of estate planning it would be a gross understatement.
There are those who hear retirement planning attorneys say that it is important to make preparations for retirement but let this advice go in one ear and out the other.
According to the U.S. Government Accountability Office (GAO), certain errors by air traffic controllers rose by 81 percent between 2007 and 2010. These errors, which result in planes flying too closely to one another or too closely to an object, have the potential to result in injury or death. For instance, in January of 2010, an error made by an air traffic controller resulted in a plane crash in Hawaii that killed a pilot and passenger.
One of the important issues to emerge with respect to the development of software is the integration of open source software in the application, platform or program. Any company developing software, outsourcing the development thereof, or obtaining software through an acquisition, must understand the risks associated with its use, and establish precautions to prevent the unknown integration of open source software into its key technologies.
The absolute most important part of disability is naming successor trustees and power of attorney agents.
Much of estate planning focuses on the reduction or elimination of taxes, with good reason. Consider the “hand of taxation «which represents all the taxes during your lifetime and at your death.
TThere are not too many people who like paperwork; and, funding a revocable living trust is a lot of paperwork. Yuck
Every kind of commercial contract will have its own individually negotiated and agreed terms (for example what is to be supplied; where; how; when; the price for supply; quality etc) all of which may be determined by the parties involved and unique to the particular agreement at hand. However, other terms and considerations will have a more general and universal application and will need to be thought through in the drafting of any agreement, regardless of subject matter.
Whether you are a company looking to raise financing or a potential investor, make sure you understand the important concepts that you will invariably be confronted with in a venture capital transaction. Even if your business is not at the juncture of raising financing, understanding the key terms now will help you start to position the company for an eventual financing round down the road. This Article provides an overview of some of the important terms in a venture deal.
On December 8, 2011, the Division of Corporation Finance of the U.S. Securities and Exchange Commission significantly limited its policy of allowing non-U.S. issuers to submit initial drafts of registration statements (initial public offering or other first-time registration statements) on a “draft” confidential basis.
A “codicil” is an amendment to a will; it’s an addition or change. Codicils were commonly used before the computer age when wills were written by hand or typed on a type-writer.
When an individual dies, the assets owned by the decedent are often required to pass through a legal process known as probate.
Turkey is currently an energy-dependent country, with approximately 70% of its energy being supplied from imported sources. More investment in renewable energy has thus become vital for Turkey.
Joint tenancy is a form of property ownership that comes to us from the common law of feudal England.
Establishment of Joint Stock Companies and Limited Liability Companies in the New Turkish Commercial Code
The new Turkish Commercial Code (“NTCC”) No. 6102 shall enter into force as of July 01, 2012. In parallel with the harmonization process of Turkish Law with acquis communautaire, the NTCC has significantly changed the existing system and replaced the outdated provisions of the current Turkish Commercial Code (“TCC”) with practical ones. As one of the aims of the NTCC is to boost investment, advanced provisions regarding the establishment of the companies have been introduced.
On April 27 of 2011, North Dakota became the first official state to adopt the Uniform Real Property Transfer on Death Act.
If you were to make a short list of the most influential owners in the history of professional football Al Davis would certainly be at or near the top of the list.
Estate planning obviously involves deciding how you would like to provide for each of the ones that you love after you pass away.
This article shares the views on the Foreign Investment Operations in the Democratic Republic of Congo including Employment, Business Taxation, Environment, Physical Planning, Health & Safety, Consumer Protection, Competition Policy & Law, Monetary Policy, Foreign Exchange and Foreign Investors, Public Procurement, Intellectual Property, Investment Protection and Dispute Settlement.
This articles discusses the Investment Legislation and its Reasoning; Foreign Investment Establishment, Registering and Licensing Processes; Registering a company; Establishing a Bank; Investing in the Mining Sector; Mining Prospecting; Mining Exploration; Investing in the Forestry, Gold and Diamond Sectors; Foreign Employment & Residence and; Foreign Investor Access to Land and Property Rights within the Democratic Republic of Congo.
In order to value the extraordinary resources, the Democratic Republic of Congo adopted from 2001, an important batch of economic measures establishing the freedom of commerce and industry and the liberalization of sectors governed so far by the Government (mining, oil and exchange sectors). Should be added to the reforms introduced the promulgation of new laws, the spirit of boosting private initiatives: it is the case of investment code, mining code, forest code, labor code.
There may be very good reasons to consider a C-Corp for your small business entity.
The Commercial and Legal Significance of Laytime & Demurrage in English Law and the New Turkish Commercial Code
So far as the global shipping practice is concerned, laytime & demurrage is one of the most complicated topics for both ship-owners and charterers under voyage charter-parties. Thus, the dynamic between the parties has been sought to be balanced through a number of attempts which have been made either by courts or legislators in shipping world.
Home ownership has long been the key to wealth building in the United States, the recent downturn in the housing market notwithstanding.
The entertainment industry was dealt a blow last month when the British singer Amy Winehouse was found dead in her posh North London home.
As you reach the latter stages of your working years it is likely that you are simultaneously tying up any loose ends that remain as you prepare to ease into retirement.
As we allow the impact of the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 to set in some of the finer details are starting to come into focus.
Due to the new tax relief measure that was passed in mid-December we are working with an estate tax rate of 35% in 2011 and 2012.
In the Republic of Cyprus only certain persons and companies are permitted to undertake investment services and activities (for a full list of such regulated activities please refer to the end of this article)[i] and such entities are tightly regulated in order to ensure high standards and full consumer protection. The Cyprus Securities and Exchange Commission is the body responsible for the issuing of licenses and for overseeing the operation of such entities.
Law Firm Glimstedt presents the overview of tobacco industry in Belarus. The article covers the following matters: current business trends and opportunities, restrictions and advertisement, prices and taxations, production and import requirements.
One of the things that you have to keep in mind when you are serious about crafting your legacy is the fact that updates to your estate plan are probably going to be necessary.
Giving to charity is something that is personally rewarding, but it can also have value from a tax perspective.
If you are like a lot of people when you inventory your assets you may find that your home is the most valuable thing that you own.
They say that the only constant is change, and some of these changes are for the better while some of them are for the worse.
China launched formally a comprehensive business concentration control regime on 1 August 2008 when its Anti Monopoly Law (“AML”) entered into effect.
Registering a trademark in Egypt shall be carried out in accordance with the Intellectual Property Law No. 82/2002. Registering a trademark is not mandatory to use it in Egypt. However, it is preferable that the trademark's owner have his trademark registered. Said registration shall grant the owner of the trademark the exclusive right to use and license his trademark, prevent the other form registering same and take the legal procedures against any infringement of said trademark.
The Securities Act of 1933, as amended (the “Securities Act”) requires that the sale of a security be registered under the Securities Act, unless the security or transaction qualifies for an exemption from registration.
Regulation D, Rule 506 Offerings - To offer and sell securities in the United States, an issuer must comply with the registration requirements of the Securities Act of 1933, as amended (the "Securities Act"), or must offer and sell the securities pursuant to an exemption from the registration statement requirements.
Investor relations involve the dissemination of information regarding a publicly traded company to create awareness of the public company and its business and to increase its stock price. The person who provides the investor relations services is known as a “Stock Promoter”. Stock promoters have used illegal practices and are often the subject of enforcement actions by the Securities and Exchange Commission (the “Commission”) is the stock promoter.
FINRA Rule, 6490, recently enacted in September 2010, requires issuers of equities and debt securities not listed on exchanges to provide timely notice to FINRA of certain corporate actions. These corporate actions include name changes, forward stock splits, reverse stock splits, distributions of cash or securities such as dividends, stock splits and other actions, and rights and subscription offerings.
On July 9, 2011, the Securities and Exchange Commission (“SEC”) approved rules to increase the standards for companies going public through a reverse merger to list on the New York Stock Exchange (“NYSE”), American Stock Exchange (“AMEX”) and the NASDAQ Stock Market (“NASDAQ”).
Regulation A was created under Section 3(b) of the Securities Act of 1933 (the “Securities Act”) to exempt public offerings not exceeding $5 million in any 12-month period by non-reporting companies, without restrictions on the types of investors that can take part in the offering. By: Brenda Lee Hamilton, Attorney Hamilton & Associates Law Group
You have the right to give other people the authority to make decisions on your behalf by creating a power of attorney.
Asset protection is often coupled with thoughts of high-powered attorneys and other executives poring over your financial documents in order to reach one common goal – protecting your estate to include your assets and properties. However, it doesn’t have to be that complicated or that expensive.
Advantages of Alternative Methods of Settling Disputes - Ability to quickly design conflict arbitration agreements or by inserting arbitration clause in commercial contracts between parties either separately or compromise before the arbitration court.
Life insurance is a key component to the estate planning process. Gone are the days when life insurance was primarily thought of as a means to pay for funeral expenses and burials.
There are few if any National Football League franchise owners who had the type of long-term success that Al Davis was able to achieve.
People on Social Security will be receiving a cost-of-living adjustment for the first time since 2009 when 2012 rolls around.
If fully funded, your revocable living trust avoids both probate, in your state of residence when you die, and ancillary probate, in any other state where you own property. If you don’t fund your trust, it will NOT avoid probate anywhere.
As Turkey maintains economic stability and growth for almost five years, the confidence of the foreign investors raised and new direct investments are executed more often. In this context employee related issues are of consideration to foreign investors and significance of the Turkish Labor Code ('TLC') elevate accordingly.
Joint Stock and Limited Liable Companies are two most common company types in Turkish practice. Therefore we will substantially proceed with meeting and resolution quorums of these company types after brief general information is provided.
Purpose, Scope, Basis and Definitions
A)Incorporation of a Liaison Office in Turkey - I. The new legislation concerning foreign investment in Turkey includes a clause stating that a liaison office is not allowed to conduct "commercial activities". There is no precise definition of what exactly is referred to by "commercial activities".
Signature Circular is an official document signed before the Notary in which signature powers of the Company and its branches are determined and the limitations of such powers are detailed.
You may find the brief memorandum below which explains the legal status of incorporating a joint stock company by way of conversion from a limited liable company in the system of the Turkish Commercial Code (“the TCC”) and the procedure if such conversion is to be resolved.
Petroleum Market Law numbered 5015 has been enacted at December 4, 2003, within the efforts performed to institutionalize the market economy and improve the competitive environment in order to update the current legal regulations in the petroleum and petroleum product industry and regulate the markets.
The employee is entitled to terminate the contract, whether for a definite or an indefinite period, within the presence of serious and important reasons determined in the Labor Law numbered 4857 (“the Law”), in the following cases and such reasons are classified in three groups.
Communiqué on the Amendment to the Communiqué on Principles regarding Real Estate Investment Companies (Serial: VI, No: 26) (“Amendment Communiqué”) has been published in the Official Gazette on December 31, 2009 entered into force on the same date.
Board of Directors of Joint Stock Companies is the body which manages and represents the company in the structure of joint stock company. In this regard, the BoD is liable to determine the company organization, to appoint the authorized individuals that manages and represents the company and to supervise them.
The draft version of the Turkish Commercial Code (“the Draft”) removed the current determination of progressive incorporation that is not applied. In addition, it is possible by the Draft for joint stock (“JSC”) and limited liable (“LLC”) companies to be incorporated by one shareholder and one partner.
The Draft Version of the Turkish Commercial Code includes seventy articles for the determination of mergers, spin-offs and conversions and such articles involve full protection of the shareholders, partners and other relevant parties. Merger and Spin-off types are acknowledged.
Foreign national citizens are obliged to be granted work permit by the General Directorate of Foreign Capital in order to perform work inside the borders of Turkey. The application to the General Directorate of Foreign Capital is submitted by the Employer.
There are three primary established business media in Cyprus: companies; partnerships and sole traders. Sole traders tend to represent smaller operational concerns and therefore, as a business takes off, many promoters of the business will primarily be concerned with considering the characteristics and applicable benefits of a company or a partnership.