Category : Uncategorized

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Business Terms

Certain terms hold different meanings in business. Below is a list of terms, and their definitions, commonly used when conducting business. Acceptance – the unconditional agreement to an offer. Acceptance creates a contract. Before acceptance, any offer can be withdrawn, but once accepted the contract is binding on both sides. Any conditions have the effect of a counter offer that the other party must accept. Agent – somebody appointed to act on behalf of another person, known as the principal. The amount of authority the agent has is subject to agreement between the principal and the agent. However, unless told Read more
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Transfer Process in Real Estate Transactions

Conveyance or transfer is the act of passing property to the new owner. The attorney involved in the transfer will draft a deed which conveys the real property. The deed contains the identity of the buyer (grantee), the seller (grantor), and a legal description of the land. The deed must be signed by the parties involved. Attorneys commonly draft a warranty deed to transfer the property. A warranty deed conveys property and promises to the buyer the seller holds a good and transferable title to the property. A general warranty deed often grantees the most protection because the grantor promises Read more
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Business Formations

All business forms can be broken in two categories: unincorporated entities and incorporated entities. Under these two categories are various other forms. Unincorporated Entities Unincorporated entities consist of sole proprietorships, partnerships, and limited liability companies. A sole proprietorship is the simplest business form where one person owns the business and all the assets while personally responsible for its liabilities. A sole proprietorship is not a separate legal entity. Therefore, no legal formalities or filings are necessary to create this form of business. There are three main types of partnerships: 1) general partnerships; 2) limited partnership; 3) limited liability partnership. General Read more
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Wills vs. Trust

When you work hard for the money earned during your lifetime, it is normal to want some control over where your assets go after you die.  The two main forms of passing your assets are through a will or a trust.  The right method of distribution depends on individual circumstances.  Whichever you choose, the attorneys at Pratt Aycock can aid you to create a valid will or trust.   A will is a written document indicating how to allocate your property at death.  You may amend or revoke your will during your lifetime.  The purpose of creating a will is Read more