The monetary value of each partner’s “sweat equity” or other non-cash contribution to the Partnership can only be determined by the parties involved. The partners must make such a determination through their own internal negotiations. Outside counsel can be consulted to help make a fair determination, but in the end only the potential partners can agree as to what is suitable to their business arrangement.
Can a Joint Mortgage Be Included in an Single Individual’s Personal Bankruptcy Filing?
A joint mortgage (a mortgage signed for by two or more parties) can be included in an individual’s personal bankruptcy filing. But an individual filing of Bankruptcy does not discharge the mortgage debt for all parties.
Is a Power of Attorney Document Signed in One State Valid in Another State?
Generally, a power of attorney that meets the execution requirements (i.e. a signature, proper witnesses and notarization) in a state, even if signed in a different state, should be valid and enforceable in that state.
What is the “Consideration” as Requested on a Deed?
Generally, some consideration — a dollar amount or something of value provided in exchange for the transfer of a property — is required to complete the Quitclaim Deed form prior to submission.
If I’ve Fallen Behind on a Mortgage But Have a New Job, Should I File Chapter 13 Bankruptcy to Keep My House?
A Chapter 13 bankruptcy case allows one who is behind on secured debts to “catch up” on these debts through the chapter 13 plan and repayment process.
Using disposable income (the debtor’s income in excess of allowed expenses), the debtor pays the Bankruptcy Trustee a monthly amount that will pay the past due amounts in full over time.
Does My Last Will and Testament Take Precedence Over My Premarital Agreement After My Death?
If the terms contained within a Last Will and Testament and a Premarital Agreement contradict each other, the Probate Court judge assigned to your estate case would decide upon the appropriate application of the two documents as they relate to the distribution of your assets after death.
Can I Sign My Name to a Notarized Company Legal Document on Behalf of My Boss?
Generally, a person may sign only his or her own name to a legal document that is to be notarized, and must do so in front of the notary after proof of identity is established. But not always.
How Do I Transfer the Ownership of Tangible Assets or Property to a New LLC or Corporation?
Assets are transferred from one person or entity to another in different ways, depending upon the nature of the property. This distinction holds true when those assets are transferred between an individual and a newly formed Limited Liability Company or Corporation as well.
Can I Create a Living Trust With Assets I Will Receive as Beneficiary Through a Last Will and Testament in the Future?
Generally, in order to fund a Living Trust, a person must have ownership of an asset so that he or she can transfer the title to that asset into the name of the Trust.
If I Move Should I Change the Address in My Existing Last Will and Testament?
Changes made to an existing Last Will and Testament document should be witnessed and notarized to ensure the validity of the changes to the Executor and Beneficiaries, who will review the document after the death of the Will’s maker.
Since the process for changing an existing Will requires these witness and notary steps, creating a new Will is often a better strategy for making updates to the content of a Will document.