Piercing the Corporate Veil Basics As many of you probably already know, one of the advantages of running a business as a corporation is the ability to limit the liability of its shareholders (owners). Generally speaking, shareholders are only liable for the amount of money they put into the corporation (in other words, their investment). …Read More
Attorneys Fees and the American Rule When litigating in the United States, the general rule is that each party pays for its own attorney’s fees. This is called the American Rule. This means that the losing party does not pay for the winning party’s attorney’s fees. The reasoning behind this rule is that individuals or …Read More
“Battle of the Forms” Under traditional contract common law, in order for a legal contract to exist, there must be an offer of terms and an acceptance of the exact same terms (referred to as the “mirror image rule”). However, in certain situations, a contract can exist even though the contractual terms made by the …Read More
Property Recording Statute Priorities in Michigan and North Carolina You just bought some real estate from John Smith and paid fair market value for it. Before purchasing the property from John Smith, you do not do a title search. Upon trying to record your deed at the recorder of deeds several days after the closing, …Read More
Statute of Frauds Requirements in Real Estate Transfers Any contract for the sale or transfer of real estate must be in writing in order for it to be enforceable. This is the law in Michigan and most, if not all, other states. Leases lasting longer than one year must also be in writing. This is …Read More
Use Estate Planning and Avoid Probate When a person dies, his or her assets are disbursed in accordance to his or her will or in accordance with the state’s intestate succession laws. Either process can occur through probate, which is essentially the legal process by which a decedent’s (person who has died) assets and debts …Read More
Probate Process in Michigan What is probate? In its simplest terms, probate is the legal process where the decedent’s (the person who has died) debts and liabilities are paid and the decedent’s assets are distributed to heirs (individuals receiving property if the decedent did not have a will) or devisees (individuals receiving property pursuant to …Read More
An Overview of the Litigation Process Litigation is more than just arguing in court, despite what television and movies might show. Most of the litigation process occurs outside of court, but is just as important. This article will provide a brief start-to-finish overview of what exactly happens in a lawsuit. Pre-Trial Before a trial even …Read More
