What is a Limited Liability Corporation?

In US law, corporations are organizations authorized to act as a legal entity. US law also recognizes another legal status for a company, called a 'limited liability corporation', or LLC for short. LLCs are not separate legal entities like regular corporations... read more

Intellectual Property Basics

These comparisons to board games might help you understand patents, trademarks and copyright - the main forms of intellectual property. Imagine a game rule that says, you can make up a new rule. If the banker allows the rule, you get exclusive use it for 20 tur... read more

Types of Child Custody

If a marriage with children is legally ended by divorce, access, time and legal responsibility for the children - 'custody' - must be decided. Custody arrangements include physical custody, parental visitation rights, and legal custody. . Physical custody arran... read more

Divorce Basics

When a couple marries, they gain the legal right to do certain things together, such as own property or owe debts. Divorce is the legal termination of marriage; the legal status, responsibilities and arrangements of the married couple are cancelled. Divorcin... read more

How To File Bankruptcy

US law allows courts to declare individuals and businesses bankrupt, allowing them to settle debts without full payment. Filing bankruptcy is a legal action asking the court to make this declaration; deciding to file should account for: --Debts that are owed --... read more

What is A Bankruptcy Petition?

Filing for bankruptcy starts with disclosing all financial information. This is done on a form called a 'bankruptcy petition', provided by the US Bankruptcy Court. The bankruptcy case starts when the bankruptcy petition form is filed. Both individuals and bus... read more

Bankruptcy Protection

When a person or business concludes that meeting their debts is not realistic, they may file for bankruptcy in Federal Bankruptcy court. A bankruptcy filing places an automatic stay on debt-related actions and judgements, including wage garnishment -- court-orde... read more

Bankruptcy Basics

Bankruptcy is a set of legally-defined ways for individuals or businesses to settle debts without full payment, by following rules that govern their assets and financial actions for a period of time. There are two broad types, liquidation and reorganization. Un... read more

Understanding Wills and Trusts

A will is a written document that defines how your assets will be distributed after you die. Trusts are legal arrangements that involve a separate legal entity to hold and distribute assets -- during your life, after your life, or both. As an alternative to wil... read more

Probate Basics

The legal distribution of assets and property left by someone who has died is called 'probate.' It is a process of law, involving government and courts, that ensures proper and legal distribution of their assets. Even if the deceased person had a legal will, pr... read more