Matthew J. Abraham's Answers

Do I have to register w/ the SEC to have out of state investors for my Real estate investment company?

The mission of the U.S. Securities and Exchange Commission is to protect investors, maintain fair, orderly, and efficient markets, and facilitate capital formation. Unless your real estate investment company is publicly traded, it is unlikely it falls under the purview of the SEC. Either way, you should strongly consider consulting an attorney with experience in both real estate, corporate structure and capitalization. You will want to make sure your interest and control in the company is...

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What can I do legally to protect myself, if I want to contact a business regarding an invention to improve their product(s)?

A Confidentiality Agreement can be used when one party is planning on disclosing confidential or proprietary information to another party with respect to an invention, where the disclosing party desires that the other party keep the information confidential and not use or disclose that information except for evaluating a possible transaction. A Confidentiality Agreement, which is also known as non-disclosure agreement or NDA, may accomplish what you need. It is simply a contract between two or...

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CA LLC laws, what is the procedure for dissolving the LLC

In addition to the information attorney Port provided, the State of California, Franchise Tax Board provides detailed instructions for dissolving, surrendering or canceling a CA business entity. The link to this publication can be found here: http://www.ftb.ca.gov/forms/misc/1038.pdf You should consult with a qualified attorney to discuss the legal impact of the dissolution of your LLC.

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I want to start a property management business. Is it best to do sole proprietor or LLC?

There are two main advantages for the use of LLCs: (1) to lower taxes on profits or (2) to protect the personal assets of business owners. The primary reason for owning rental properties in an LLC instead of in your own name is because the LLC provides the protection from personal liability to all members (including managers of the LLC), like a corporation. There can also be tax advantages by utilizing an LLC. The LLC is a partnership for federal tax purposes (unless other tax treatment...

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If my mother signs a new power of attorney, will that sepercede the one she has now?

Typically when a general durable Power of Attorney is executed it includes language at the outset that any and all powers of attorney that may have been given previously are revoked. If a new POA is executed naming you as the attorney, make sure there is such language in it. It is important that notice be given to anyone operating under the previous POA that the prior POA no longer has such authority. Either way, a revocation of a POA should be in writing. Your mother should also seek to...

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My husband died and left a bank account with money in it how do I close the account?

That depends on the laws of your state. The laws on probate–the procedures you have to go through to transfer property belonging to a decedent to his or her heirs or Beneficiaries–are different in every state. Many states have summary procedures for what they consider “small estates”, but the concept of what is small ranges from an estate worth $5,000 to one worth $100,000. So, you need to find out if your state has a summary procedure and if your relative’s estate qualifies. For example, in...

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Do I need a real estate attorney?

You should most definitely consult with an attorney having experience in landlord/tenant matters especially if a summary proceeding for eviction has been commenced against you. Any evidence that you can submit on your behalf to prove your case will be necessary at any trial. Such evidence may include witness testimony supporting your position. The local court rules will govern what evidence will be allowed. There are several attorneys in PA listed here with Avvo.

How do I dissolve a CA LLC

The State of California, Franchise Tax Board provides detailed instructions for dissolving, surrendering or canceling a CA business entity. The link to this publication can be found here: http://www.ftb.ca.gov/forms/misc/1038.pdf You should consult with a qualified attorney to discuss the legal impact of the dissolution of your LLC.