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…
Estate tax: value closely held business Date: The valuation date is the date of the decedent’s death. An alternate date six months later may be elected but only if it decreases both the estate and the tax. If an alternative date is used, that date will be used for all assets of the estate. The…
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…
ESTATE TAX Valuation continued: Listed securities: The mean between the day’s highs and lows on the valuation date is used. If the shares are sold ex-dividend, the amount that the estate will receive is used. The valuation of bonds includes the interest to the valuation date. Restrictions to or an impediment to sale can result…
Compassionate Wilkes-Barre, PA bankruptcy Attorney C. Stephen Gurdin Jr. both assists you with your current financial situation, and helps you plan for a better future one, working with you to: Rebuilding Your Credit …Determine if you are eligible for Chapter 7, Chapter 11 or Chapter 13 Bankruptcy Learn what property is exempt Strategize how to…
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