By Glenn A. Brown, DMD, MBA on March 7, 2010
A power of attorney is a document that a person signs in order to give another person control of managing their financial, medical, legal and/or business affairs if there comes a time they are unable to.
A power of attorney can be temporary, such as handling the affairs of someone while they are out of the [...]
Posted in Estate Planning, FAQ | Tagged Estate Planning, POA, power of attorney, probate lawyer
By Glenn A. Brown, DMD, MBA on March 7, 2010
What is the difference between a Chapter 7 and Chapter 11 bankruptcy?
Businesses usually have a couple of choices when filing bankruptcy. Chapter 7 bankruptcy is reserved for those companies that are struggling so badly that they cannot remain in business. The business is usually liquidated, then all assets left over are distributed between shareholders and [...]
Posted in Articles, Bankruptcy, Business Bankruptcy, Excerpts, FAQ | Tagged bankruptcy discharge, Business Bankruptcy, chapter 11, Chapter 7 bankruptcy, FAQ
By Glenn A. Brown, DMD, MBA on October 5, 2009
An S Corporation is a designation you can seek for your corporation primarily for United States federal income tax purposes. To form an S Corporation, you must first file Form 2553 with the IRS.
According to Wikipedia.com:
“In general, S Corporations do not pay any income taxes. Instead, the corporation’s income or losses are divided among and [...]
Posted in Bankruptcy, FAQ, Featured | Tagged Bankruptcy, IRS Form 2553, S Corporation
By Glenn A. Brown, DMD, MBA on September 18, 2009
Your corporation is considered a separate entity. Therefore, if you file personal bankruptcy it will not affect your corporation as a whole. However, if your personal shares of the corporation are considered your personal assets, those shares could be liquidated as part of your assets, and the proceeds from the sale would be used to [...]
Posted in Bankruptcy, FAQ | Tagged Business Bankruptcy, corporation, debt reorganization, personal bankruptcy
By Glenn A. Brown, DMD, MBA on September 10, 2009
Whether or not your business bankruptcy will affect you personally depends on the type of bankruptcy you file.
If you file chapter 7, the shareholders of your corporation (including you) could lose your stock values if the stock shares are liquidated with the corporation assets.
If you choose to file chapter 13 bankruptcy, the shares of the [...]
Posted in Bankruptcy, Business Bankruptcy, FAQ | Tagged businsess bankruptcy, chapter 11, chapter 13, chapter 7, debt reorganization
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