What is a Limited Liability Company (LLC)?
April 1st, 2015
A limited liability company is a business formed by an organizer who may, but need not be a member. It is a business entity separate from its members and liability is limited to the financial contribution made by the member. The members are the owner…
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Categories: Business Law
What is Crowdfunding?
March 31st, 2015
The term Crowdfunding has many different connotations. Crowdfunding includes a wide variety of collective efforts and allows people to raise funds for almost any type of project with donations from others. Crowdfunding also refers to funding a compan…
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Categories: General
Crowdfunding: When securities are purchased pursuant to the crowdfunding provision of the JOBS Act, are they transferable?
March 30th, 2015
Investors cannot transfer securities purchased pursuant to the crowdfunding provision of the JOBS Act for 1 year beginning with the date of purchase. There are exceptions to this 1 year restriction for transfers: (i) to the issuer, (ii) in a register…
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Categories: Business Law
Corporations
March 25th, 2015
A “Corporation” is an association of persons, created by law and existing as an entity with powers and liabilities independent of those of its members. In the case of profit corporations, its owners are shareholders. The owners of nonprof…
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Categories: Business Law
Procedure for Subpoenaing Michigan-Based Documents and Inspections for Matters Pending Outside Michigan
March 3rd, 2015
If a party to out-of-state litigation needs to subpoena a Michigan resident or company to be deposed or produce documents, the out-of-state litigant can follow the rules set forth in Michigan’s Uniform Interstate Depositions and Discovery Act (…
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Categories: General
Decedent Estate Administration and Will Admission - Statutory Priority for Appointment
February 24th, 2015
Statutory Priority for Appointment: 1. Person, or persons, nominated as Personal Representative in the will. 2. If there is a will, the decedent’s surviving spouse if he/she is a devisee. 3. If there is a will, other devisees. 4. Surviving spou…
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Categories: Estate Planning
Its Time to Again Consider Property Tax Appeals
February 17th, 2015
Every year, the value of real property is assessed by the township, village, or city. On or before the first Monday in March, the property tax assessor compiles their roll of the properties in their assigned area. This roll contains the “true cash…
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Categories: Tax Law
Few Americans Have an Estate Plan
February 2nd, 2015
Studies show that only 30% of all Americans have a Last Will and Testament in place. Even less have set up a power of attorney or patient advocate designation. Why don't the vast majority of Americans have an Read More
Categories: Estate Planning