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Tag: business attorney

THE FEDERAL EXEMPTIONS AS ESTABLISHED BY CONGRESS

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THE FEDERAL EXEMPTIONS AS ESTABLISHED BY CONGRESS Certain property which falls within the description of property of the estate is exempted either by exemptions established by the U.S. Congress, called Federal Exemptions, or by exemptions established by states, called State Exemptions. in some states Debtors are free to choose either the Federal or the State […]

Shareholder may be liable for wages of corporate employee

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limitation of liability is not absolute Controling Shareholder liabile for employee wages A sole or controlling stockholder may be held liable for the wages of employees, even though the corporation is the actual employer, due to the Pennsylvania Wage Payment and Collection Law. 43 P.S. ยงยง 260.2a, 260.9a(b Best practices suggest that a close working […]

Statutory limitation of liability is not absolute

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Statutory limitation of liability is not absolute The limitation of liability of business owners and professional practitioners created by statute for corporations, limited liability companies, professional partnerships, and limited partnerships, differs from state to state and can be pierced under a variety of circumstances. The choice of a state usually constitutes a choice of the […]

Means testing and qualifications:

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Means testing and qualifications: The means test is a mathematical formula established by congress, creating standards to qualify a person to obtain relief under the bankruptcy code and to determine whether they will be required to repay some of their debts or merely discharge them. In order to put all persons on the same playing […]

Professional corporation

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Professional corporation A professional corporation can be formed to allow licensed professionals to render services in the corporate form. The articles of incorporation are required to contain a heading stating the name of the corporation and that it is a professional corporation. Generally a professional corporation may be incorporated only for the purpose of rendering […]