Bank account owned jointly “with rights of survivorship” are not subject to the probate process when one of the owners dies.
Upon the death of one owner, the other account owner simply continues to own and have complete access to the money in the account.
But there are several drawbacks to setting up and using this type of bank account:
Some leases contain language allowing the option for the landlord to alter certain terms during the lease with proper notice.
The lease document itself must be reviewed carefully for the existence of such language.
When a foreclosure occurs because a loan is in default, the foreclosure lawsuit and ultimate sheriff’s sale “strips” the mortgage(s) from the property, either by paying it off in full or part from the sale proceeds (or in the case of second and third mortgages, by paying a percentage or perhaps none at all).
This is done so that any new purchaser of the property can take ownership free and clear without any encumbrances.
Absent a signed reaffirmation agreement, the debt on the vehicle is discharged once a Chapter 7 Bankruptcy is approved by the Court.
A company name can be any set of words — including a person’s name — so long as that identity is not already registered by another in a particular state.
A properly drafted, executed and notarized Power of Attorney document, containing the language necessary to appoint an Attorney-in-Fact for the principal, should be recognized in states other than the state where it was prepared and signed originally.
A Will is effective immediately upon the death of the Grantor, and must be executed as written at that time.
The Grantor cannot control any property “from beyond the grave.”
It appears you are confusing an investment in the Limited Liability Company with one member providing money for the expenses of day-to-day operations for the business.
A written statement of potential legal actions to follow should an agreement not be reached is acceptable within a letter from an attorney.
But the ‘threat’ of legal action is not the same as the actualization that the Court will agree with and enforce the threatened stance.
No, the Limited Liability Company is liable for all of its own debts, regardless of the amount of capital contribution paid by its Members, even a sole Member.
You may be confusing your thought process with the fact that a Member is not personally liable (in most cases) for the debts of the L.L.C.