Real estate has long been considered one of the best long-term investments – and sometimes it even makes a good short-term investment if the market is just where you want it to be. If you are contemplating investing in real estate one of the first factors you will want to consider is what type of entity is best for investing in real estate. While there is no right or wrong decision, your choice of entity will have an impact on your investment as well as on your overall financial health. Consulting with an experienced Pennsylvania real estate attorney is always your best option because you attorney can discuss how each entity will impact your unique situation; however, a broad understanding of the entities available and their pros and cons may also be beneficial.
Read MoreAlthough America is thought of as a litigious society, many people go their entire lifetime without ever being involved in a lawsuit in the United States. For someone who has no experienced with the legal system, suddenly being a party to a lawsuit can be overwhelming and a confusing. If you are currently involved in a civil lawsuit for the first time you likely have a number of questions. Starting with “How long will my civil lawsuit take?” Because of the individual nature of a lawsuit there is no way to provide a universally applicable answer to that question without consulting a civil law attorney; however, a better understanding of the factors that determine how long your lawsuit will take may be beneficial.
Read MoreIn the normal course of events, the sale of a capital assets that results in a gain to the seller is a taxable event. As such, a taxpayer who realizes a gain from the sale of a capital asset will owe capital gains tax on the realized gain. One way to avoid, at least for a time, the payment of capital gains taxes is to enter into a Section 1031 Exchange in lieu of a traditional sale. If a transaction qualifies for Section 1031 treatment, any capital gains taxes that would normally be due on the gain are deferred. Among the many rules for entering into a Section 1031 Exchange is that you use a “Qualified Intermediary” to facilitate the exchange.
Read MoreIn the Commonwealth of Pennsylvania, as is the case in most states, employment is “at will” unless you have an employment contract with your employer. As an “at will” employee, your employer can fire you at any time and for any reason, as long as the reason for your termination is not discriminatory in nature. Likewise, an employee may quit his/her job at any time and for any reason if he/she is an “at will” employee. If, however, you have an employment contract with your employer, the employer-employee relationship is governed by the terms of the employment contract. As an employee working under an employment contract, you need to understand what constitutes a breach of contract in an employment contract.
Read MoreUnlike many countries around the world, workers in the United States enjoy a number of rights and protections while in the workplace. As an employee, for example, you are protected by state and federal laws from illegal discrimination in the workplace. While there are a number of state and federal laws that offer American workers protection in the workplace, there are also a number of common myths and misconceptions about those laws and rights. For example, can you be fired for no reason if you are over 50? That question raises the subject of age discrimination in employment, an area of the law that gives rise to many misconceptions among employees and employers alike.
Read MoreIn most states, employment is “at will,” meaning you can be fired at any time and for any reason – unless you have an employment contract. In that case, the terms of the contract can determine under what conditions you can be terminated as well as what severance, if any, you will be entitled to should your employment terminate. If you have never been offered an employment contract before, it can be a bit intimidating. Your first question will likely be “Am I allowed to negotiate my employment contract?” The short answer is “yes.”
Read MoreWhether you are in the market to purchase or sell real estate the assistance of an experienced and knowledgeable real estate agent can be invaluable. Unfortunately, if you end up with the wrong agent it can make your buying or selling experience a colossal failure. Worse still, it could end up costing you money instead of saving you money in the long run. If you are currently working with a real estate agent and you realize he/she is not the right agent for you and your needs you may be wondering “Can I fire my real estate agent?”
Read MoreIn the normal course of your employment you should receive a paycheck at specific intervals, such as every week, every two weeks, or even once a month. What happens, however, to wages due to you if you terminate your employment with the employer? When are wages due if an employee is terminated, quits, or is laid off in Pennsylvania? If you suddenly find yourself in that position, you may need to know what the law says about receipt of your final paycheck.
Read MoreTo understand the short-sale process you first need to understand how a mortgage loan works and a little bit about the real estate market. Most people cannot afford to pay cash for the purchase of a home. To finance the purchase of a home most people take out a mortgage loan and then make monthly mortgage payments for 15-30 (typically) years until the loan is paid off. At any time during the life of the loan a borrower may sell the home and pay off the mortgage with the proceeds from the sale. Of course, that assumes that the proceeds from the sale will be sufficient to pay off the balance owed on the loan. If the real estate market takes a drastic turn for the worse, as often happens during a recession, that assumption could be wrong.
Read MoreAnytime a new building or structure, whether commercial or residential, is constructed, a number of different steps must be taken during the process. It takes a team of professionals to take a building from conception to construction. A civil engineer is usually among those professionals. Whether you are planning to build a multi-million dollar commercial office park, or just your dream home, you may need to employ the services of a civil engineer.
Read MoreAt some point in your career you may be asked, or required, to sign a non-compete agreement for a prospective or current employer. All too often an employee signs a non-compete agreement without really paying attention to the often complex and verbose language contained within the agreement. It isn’t until the employer-employee relationship ends that an employer notices how restrictive the provisions in the agreement actually are and how those provisions limit the employee’s immediate employment options.er.
Read MoreWhether you are planning to build your dream home or a multi-unit commercial complex, the entire project is based on a construction contract. For both the owner and the contractor, the cost of the project is important; however, it is not only the final cost that matters, but how that cost is arrived at as well that is important. In the construction industry, there are several different types of commonly-used pricing structures, including a “guaranteed maximum price” construction contract.
Read MoreIf you are considering venturing into the world of small business ownership you will have a seemingly endless list of decisions you must make regarding the business before it even gets off the ground. There are three broad categories of business entities from which you may choose – sole proprietorship, partnership, and corporation. Within the partnership and corporation categories there are also a number of sub-categories and hybrids. Taking the time to learn what general partnerships are will help you decide if a general partnership is right for your business.
Read MoreCompanies that provide a service to consumers and to businesses must be distinguishable from other organizations that provide a similar service. One of the ways that a company can distinguish itself is by having a unique brand identity. This could be a symbol, word, phrase, series of words, or other identifying marks and phrases that help to distinguish one service provider from the other.
Read MoreWhen real estate is purchased, there are different ownership structures by which the owners may take title. One option is to take title as tenants in common. Tenancy in common means that two or more people own a property concurrently and the co-owners have a simultaneous right to possession. Each of the co-owners has an individual, undivided interest in the property that is owned as tenants in common, so each can transfer his or her own ownership interest.
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