Chula Vista Startup Attorneys & Lawyers

What Is Legal Entity?

A legal entity refers to a legally standing or lawful partnership. That partnership could be an association, a trust, a proprietorship, a corporation, or an individual. All such entities are legally able to be accountable for activities against the law, enter contracts or agreements, incur and pay back debts, be sued and sue other entities, and assume obligations. While legal entities are able to do many things, a legal entity cannot hold office or vote. 

Legal entities are frequently seen in scenarios and instances where an individual can take a class-action lawsuit against a company or the manufacturer that supplies the products for a company. Another scenario where the term "legal entity" applies is when every member of a band si

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You’ve decided to start your own business in Ohio. Get your business off to a good start by taking the steps you need to form and operate a legal business entity in Ohio.

Why create an LLC in Ohio?

Many small business owners form a limited liability corporation, or LLC, when starting a new business. Creating a business entity helps ensure you are not personally responsible for paying business-related debts. For example, if someone slips and falls on the sidewalk outside your shop, that person may sue for damages. If you have not created a formal company, you might need to pay damages with personal, not business-related, funds.

Likewise, if your business runs into trouble and ra

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Updated June 28, 2020:

Promissory Note: What Is It?

A promissory note is a legal contract that sets out the terms of a loan and enforces the promise for a borrower to pay back a sum of money to a lender within a certain time period. Promissory notes are one of the simplest ways to obtain financing for your company. They are often basic documents with few formalities. A promissory note written on a napkin could be valid if the required terms are included.

Alternative names for promissory notes include: IOU, personal notes, loan agreements, notes payable, note, promissory note form, promise to pay, secured or unsecured notes, demand notes, or commercial paper.

As such, a promis

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Updated July 14, 2020:

What is a Stock Ledger?

The stock ledger is a record that keeps track of the stock transactions for your corporation. This is only one part of the total amount of corporate records you must keep, and should be maintained in the corporate records book. All transactions regarding the shares of your business must be recorded in the stock ledger, including when shares were initially issued and any stock transfers that occur. The stock ledger should also include any shares which are surrendered or lost.

What is Written in a Stock Ledger?

For every stock transaction, the information necessary to complete the stock ledger correctly will include:

• Name of the shareholder;

• Complet

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