Family limited partnerships can be useful vehicles for accomplishing certain estate planning and asset protection planning goals. Historically, they were often used as an alternative to a corporation for purposes of holding real estate or as an operating vehicle for a family business because they offer limited liability protection of the same type afforded … Continue Reading
No matter how careful you are, don’t underestimate the importance of professional liability insurance. People sue even when they don’t have much of a case, and the financial drain can be crippling. Here are two actual cases and tips on how to prevent these nightmares from happening to you. Case 1: Three months after … Continue Reading
Co-Author: Eric R. Jaworski, Esq. What is a CLUE Report? CLUE stands for Comprehensive Loss Underwriting Exchange. It is a comprehensive database of personal property information relating mainly to insurance claims on private property. CLUE was developed by, and is currently operated by, ChoicePoint Asset Co., a Georgia firm. What type of information is found … Continue Reading
I am aware of the legal concept that if an agent breaches his fiduciary duty to a client, the agent may forfeit his right to a commission, regardless of whether that breach of duty caused damage to the client. Does that same concept apply to transaction brokers? No. In the recent decision of Hoff … Continue Reading
Can officers and directors of a corporation be held personally liable for delinquent payroll taxes? Yes, they can. If you currently are or are considering becoming a corporate officer or director, you should be aware of the possibility of personal liability for unpaid employee withholding taxes. Under the tax laws of this country (i.e., the … Continue Reading
To maximize protection of your personal assets from liabilities associated with your business properties and operations, ALWAYS observe the following basic formalities. (This is not meant as an exhaustive list; corporations and other specific types of business organizations have additional requirements that are beyond the scope of this simple checklist). Have proper company formation … Continue Reading
Choosing the Best Form for Your Colorado Business Entity In recent years, the number of business entity forms available under Colorado law has doubled, adding limited liability companies (“LLC’s”), limited liability partnerships (“LLP’s”) and limited liability limited partnerships (“LLLP’s”), to the basic group consisting of general partnerships, limited partnerships and corporations. The factors which have … Continue Reading
I am aware that Colorado’s Designated Brokerage legislation requires all brokerage firms, even one person offices, to have a brokerage relationship policy. What are the issues which should be addressed in such a policy? General Theme The drafting of an agency policy requires the balancing of a variety of considerations. The policy should create predictability … Continue Reading
Reprinted from REALTOR® Magazine( www.realtor.org/realtormag) by permission of the NATIONAL ASSOCIATION OF REALTORS®. Copyright 2002. All rights reserved. Oxymoron: Words used together that have opposite meanings – jumbo shrimp, for example. A seeming oxymoron is nonrefundable earnest money, a euphemism that some sellers use for a deposit that they intend to keep whether or … Continue Reading
I am a broker helping buyers purchase their first home with FHA financing. The buyers knew that they needed to bring 3% of the purchase price to closing. They have had an unexpected setback and have asked me to loan them $500 to complete their 3% down payment. I know these kids are good for … Continue Reading
