For many people, owning a business is a lifelong dream. If you are finally at the point where you plan to make your dream of owning a business a reality, you have many important decisions ahead of you. The first, and most important, decision is what type of legal structure to use for your business. Business entities fall into three basic categories—sole proprietorship, partnership, and corporation. Within the partnership category, there are then a number of sub-categories, such as the Limited Liability Partnership (LLP).
Read MoreIf you are like the average home buyer, you will be depending on a mortgage loan to finance the purchase of your new home. Given the fact that purchasing a home will likely be the single biggest purchase you make in your lifetime, it only seems appropriate to know as much about the financing process as possible before committing to a lender and/or loan. Unfortunately, first-time home buyers often make costly mistakes because they fail to do the proper research and ask the right questions before starting the home search.
Read MoreThe rental relationship between any landlord and tenant is governed by the written lease agreement executed by the parties as well as by local, state, and even federal laws. In Pennsylvania, for example, there are state law procedures that must be followed if a landlord wishes to evict most tenants; however, if the property is located in certain areas, such as Philadelphia county, local rules apply.
Read MoreIn the normal course of things, a taxpayer is required to pay capital gains taxes any time a gain is realized on the sale of a capital asset. Although just about any asset qualifies as a capital asset, a common example of when capital gains taxes are incurred is when a taxpayer sells real property. Understandably, taxpayers are always looking for ways to limit, or avoid altogether, capital gains taxes. One option that may work to defer capital gains tax when the asset in question is real property is to enter into a Section 1031 Exchange in lieu of a traditional sale.
Read MoreWhether you are in the market for your first home or you are planning to purchase your 20th property, it always makes sense to try to get the “most bang for your buck.” Purchasing property from a sheriff’s sale often offers just that. However, there are also risks involved when bidding on property at a sheriff’s sale.
Read MoreReal estate can be an extremely profitable investment. It can also be an extremely volatile and risky investment. Along with getting sound advice from your attorney, financial advisor, and real estate professional before investing in real property, there are also some practical considerations that should be taken into account before investing in real estate
Read MoreThe old adage “nothing in life is certain but death and taxes” has been around a long time for a reason. In the United States, most taxpayers dread preparing their state and federal taxes each year out of fear that they will owe a small fortune. Understandably, those same taxpayers are always looking for ways to decrease their taxable income and/or apply credits to the amount of taxes owed. If you own certain types of assets, you may wonder “Can I accelerate depreciation and amortization?” in an effort to reduce your tax liability.
Read MoreIf you are planning to purchase real property in the Commonwealth of Pennsylvania you will most likely purchase title insurance as part of the purchase process. If this is the first time you have purchased a home you may realize you need title insurance but you may not know exactly why you need it nor understand what title insurance covers and what it does not cover. For example, does title insurance cover zoning issues?
Read MoreIn the Commonwealth of Pennsylvania, like most states, the seller of residential property is required by law to make certain mandatory disclosures to a buyer. If a seller fails to disclose defects that should have been disclosed the seller could end up being held liable for the cost of the repairs as well as other consequential damages related to the failure to disclose. Whether you are a seller or a buyer, you need to know the answer to the question “What does a property seller need to disclose in Pennsylvania?”
Read MoreIf you own real property in Pennsylvania, you will likely owe property tax on the property every year. The amount of your property tax obligation each year will depend on the assessed value of the property. If you have recently received a property tax assessment and/or bill that reflects a value for your property with which you do not agree, you may be wondering “How do I challenge my property tax assessment in Pennsylvania?”
Read MoreIf you have decided to list your house for sale in Pennsylvania, you will need to make several important decisions along the way to a successful sale. The first, and possibly the most important, of those decisions is whether to work with a real estate agent or list the home for sale “By Owner.” If you are considering the “By Owner” route, you may wish to consider the following things you need to know before selling your house without a realtor.
Read MoreAlthough the law does not require a buyer or seller to utilize the services of a real estate agent to assist with the purchase or sale of property, most buyers and sellers do work with a realtor. In fact, most buyers and sellers rely heavily on a real estate agent throughout the purchase or sale process. If something goes wrong, such as uncovering hidden defects after the sale, can realtors be held liable under Pennsylvania law? As is often the case with questions relating to liability, there is no easy answer to that question; however, it is possible for a realtor to be held liable under certain conditions.
Read MoreThe Real Estate Settlement Procedures Act, or RESPA, is a consumer protection statute that was originally passed in 1974. Along with helping consumers to become more educated about settlement services when closing on the purchase of real property, the other important reason for RESPA was to eliminate the “kickbacks” and “referral fees” that were once common in the industry and that unnecessarily increased costs to consumers. As a consumer, or a settlement service provider, it is important to know what types of affiliated business relationships are allowed under RESPA.
Read MoreThe employee-employer relationship can come to an end in a number of ways. What happens after the relationship terminates depends, to a large extent, on how the relationship terminated. More specifically, the benefits you receive and/or are entitled to after the relationship ends will depend on why your employment with the company ended. If you are considering quitting your job, you may be wondering “Am I entitled to severance if I quit in Pennsylvania?”
Read MoreA trademark or a service mark is a word, name, symbol or device that can be useful to identify a particular company or brand. The purpose of the trademark is to make it easier for sellers and consumers to distinguish among the different sources of goods and services that are available for purchase. A trademark is eligible for certain legal protections. To protect your trademark and receive the maximum benefit from its use, you may need the assistance of an experienced attorney. However, a basic understanding of trademarks is a helpful starting point.
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