Basic,Details,about,Law,Firm,H law Basic Details about a Law Firm
Bankruptcy is a situation, wherein an individual is termed as unable to discharge all the debts. When a person or a company is not able to pay off its creditors, it has an obligation to file a bankruptcy suit. In fact, a bankruptcy suit is a When you work with an attorney, you will have no problem reducing the risks associated with getting your case in front of a judge and jury, or other formal court, when you need to. However, every case is different. It is important to work wi
Have you been to a law firm office or have sough theservices of a lawyer through a law firm? All over, you may notice many law firms advertising their legalservices. However, do you really know the essentials about a law firm and itsdifferent forms and structures? A law firm, in itself, is a form of business entityestablished by one or more attorneys/lawyers who are practicing either variousareas of the law or just one. Law firms provide different legal services forclients. Prospective clients are either individuals or corporations withconcerns that need the necessary or corresponding legal action. Among the different kinds of legal services, the primary onebeing offered by law firms is professional advice for clients with regards totheir legal responsibilities and rights. They are also expected to representclients in business transactions, civil or criminal cases and other matterswherein legal assistance or intervention is necessary. Smaller law firms tend to be focused on specializing inspecific areas of the law, for example, personal injury, employment law, taxlaw, business and/or corporate law. On the other hand, larger firms tend to becomposed of several number of practice groups specializing in different areas.This system allows the firm to have a diversified market and client base. Theycan also provide many types of services for their clients' satisfaction. There are various ways and methods in the organization of alaw firm. It depends upon the jurisdiction in which the firm's law practice isengaged. Here are the usual law firm arrangements: - Sole Proprietorship only one attorney makes up thewhole law firm. He or she is responsible for the profit, liability and lossthat the firm may incur. - General Partnership every lawyer in the firm has anequal share of ownership and liabilities incurred. - Professional corporations has the samecharacteristics of a business corporation wherein the lawyers issue stocks. - Limited Liability Company (LLC) in this structure,the owner-lawyers are addressed as "members," however, they have nodirect liability to the law firm's third party creditors. - Professional Association its structure hassimilarities with the LLC or Professional Corporation. - Limited Liability Partnership (LLP) the owner-lawyersconsider themselves partners, though no partner can be liable to any of the lawfirm's third party creditor. In addition, any one of the partners cannot beheld accountable for any negligence done by a partner. The tax being chargedfor an LLP is that of a partnership but enjoys a corporation's liabilityprotection. In the United Statesand many other countries, a rule is imposed that ownership interest ormanagement of a law firm can only be given or done by lawyers. As such, the lawfirms' capital through "initial public offerings" on the stockmarket, like most other corporations, cannot be raised immediately. This rule is being promulgated by the American BarAssociation in the U.S. and is being adhered to in almost all of the U.S.jurisdictions. Visit us at http://www.mesrianilaw.com/ for more information about retaining the bestcorporate law firm in Los Angeles for your particular legal needs.
Basic,Details,about,Law,Firm,H