• Patrick D. Newton is a North Carolina Board Certified Specialist in Estate Planning and Probate Law.

Reasons to convert your corporation to an LLC

Creditor Protection for the company. Both corporations and LLCs provide creditor protection for the owner. That is, if the company gets sued, the shareholders should be protected from that lawsuit through the limited liability concept for corporations and LLCs. However, if an owner of corporate stock is sued personally (a lawsuit unrelated to the business), the corporation is at risk. If a judgment is obtained, a judgment creditor can acquire ownership of the corporate stock.…

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Family Values and History are Still the Best Inheritance

Family Values. Family Traditions. Family History. Money is nice, but passing down your family values, traditions and history is the richer inheritance. A 2012 Allianz Life American Legacies Pulse Study* which surveyed baby boomers (age 47 to 66) and “elders” (age 72 and older) revealed a high percentage of both boomers (86%) and elders (74%) agreeing that family stories, values and life lessons are the most important part of a family’s legacy. Allianz Life did…

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What should I do with my Old Will?

Signing a new Will automatically revokes all prior Wills. Under North Carolina law, revoking a will or any part of a will can be revoked a variety of ways: a subsequent will or codicil a writing executed in the same manner as a will showing intent to revoke physically destroying the Will with intent and for the purpose of revoking it. One of these actions must be taken by the testator him or herself or…

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Does my LLC need formal Annual Meetings?

The law does generally not require meetings of Limited Liability Companies, Trusts, and Limited Partnerships. However, a Limited Partnership or Limited Liability Company (LLC) is a business, and most businesses do have regularly scheduled meetings of the management team and the owners. To help make sure my clients formalize this, the LLC operating agreements I draft do require an annual meeting. There are advantages to having regular meetings. Among the advantages are: An opportunity to…

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