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The Different Types Business Entities

The Different Types Business Entities

click hereThe American dream is to turn nothing into something. This dream is epitomized in starting your own business from the ground up in hopes of become a huge success one day. Starting your own business is definitely both challenging and exciting; and though it requires and is filled with a great deal of planning and a number of legal concerns, you get to enjoy the sense of fulfillment when your planning comes to fruition.

There are different types of business entities from which a new business owner can choose, each with various laws governing how it is run and organized. As such, choosing between these many options, such as limited liability, an S-corporation, a C-corporation, or limited partnership, can be difficult; fortunately, by speaking with a knowledgeable professional, such as a business lawyer, you can get the information and guidance you need to determine which type of business formation is best for you budding company.

The Limited Liability Companies and Its Advantages

One popular business choice is a limited liability company, otherwise known as an LLC. Being something like a ‘hybrid’ business entity, an LLC combines some of the characteristics found in partnerships and corporations. Like in partnerships, an LLC allows the practice of pass-through income taxation, the practice wherein taxable income goes from the company level to the owner’s level. This practice is intended to eliminate the possibility of double taxation, wherein tax is imposed twice on the same income; first on the company level and, second, on the owner’s level. The main feature of a corporation that an LLC has, on the other hand, is the limited liability of owners, meaning they are usually not responsible for company accrued debts. Other business entities have differing taxation rules, so it is often wise to refer to the counsel of a tax lawyer before settling on one or another.

Owners of an LLC company are called members, of which there is no limit. A member could be an individual or a group of individuals, foreign entities, corporations, or other LLCs. Additionally, compared to S-corporation and C-corporation business types, there are fewer laws that an LLC is required to comply with, often making it a more advantageous business entity to choose. However, no matter what entity you choose, make sure you discuss your full range of options with an Austin business lawyer before making your final decision.

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Consulting Lawyers Before the Statute of Limitations Run Out

Consulting Lawyers Before the Statute of Limitations Run Out

Most people know that a statute of limitations means that there is a time limit for filing a criminal or civil case, after which a legal remedy may no longer be pursued, unless an exception is applicable. When it comes to personal injury, the statute of limitations may vary from state to state. Personal injury lawyers have the experience it takes to guide a victim through the applicable statute for specific types of personal injury claims in the state.

Not all types of personal injury claims have the same statute of limitations, and there are cases when the statute may be extended, stayed, or shortened depending on the circumstances. Nevertheless, there are general cases where the standard statute of limitations will apply. The following are the standard statute of limitations that apply for certain types of claims:

  • Medical malpractice – two years after the incident, or alternatively, two years after reasonable discovery
  • Personal injury – two years
  • Product liability – two years after the incident, or alternatively, two years after reasonable discovery

The term “reasonable discovery” refers to injuries sustained that may not be immediately apparent but for which wrongful conduct, negligence or carelessness of a third party was the direct cause. For example, if a misdiagnosis led to extended and inappropriate treatment for a non-existent disease while allowing the real disease to progress untreated, resulting in death three years later, the two year statute of limitations would commence as soon as the misdiagnosis was discovered.

It is also possible to “pause” the running of the statute of limitations in certain cases of personal injury. This is referred to as “tolling.” This may be due to the victim’s age or  mental competence at the time the injury occurred.

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There’s nothing “Mild” about MTBI

Anytime that there is injury to the brain, it’s serious. The brain is a delicate structure floating on fluid that has very little to protect it outside the bony structure of the skull. So when sudden, violent trauma resulting from the negligent or reckless conduct of another person causes brain injury in any way, it is a cause for concern necessitates immediate medical attention.

Medical jargon can be misleading, such as when someone’s brain injury is tagged as mild traumatic brain injury (MTBI). “Mild” is used when a victim loses consciousness for less than half an hour and retrograde amnesia resolves within 24 hours. However, there is no such thing as “just” or “a little” brain injury as the term “mild” might suggest in common usage. It merely places the severity at less than moderate or severe. The initial effect of MTBI may be less apparent than the effects of more severe cases of traumatic brain injury, but it does not mean that there are no consequences to MTBI later on.

Delayed onset for MTBI may be up to a few days to a few weeks following the event. Extensive tests would have to be performed to determine the extent of the damage. It is likely that negative changes in cognitive, psychomotor, and social behavior may be noticed. There may be incomplete cognitive processing and some difficulty in performing tasks that were routinely accomplished prior to the incident, leading to frustration, irritability, and loss of confidence. Any traumatic brain injury increases the risk of developing dementia. These effects may be temporary; some may be permanent. In either case, there is considerable loss associated with MTBI, and the liability of the person who was directly responsible for the injury needs to be addressed.

While there may be steps that can be taken to reduce the effects of a MTBI, victims and their families may feel the effects physically, emotionally, and financially for months or even years to come. When a situation like this arises, speaking to an injury lawyer will allow you and your family to learn more about the legal actions you can pursue.

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