The Only Three U.S. Patents
In the United States, there are three different types of patent grants: a utility patent; a design patent; and a plant patent. A utility patent may be granted for the invention or discovery of any new and useful process, machine, article of manufacture or chemical composition, or for any new and useful improvement of such. […]
How to Create and Maintain Corporate Minutes
So, you formed a corporation in order to protect your assets. You researched how corporations work and the liability protection they provide. After your thorough investigation, you decided that your business needed the shield provided by a corporation. Now what? The decision to incorporate your business was a smart decision. Owning a corporation protects your […]
Commercial Lease Litigation Update
Litigation Update – New case from Tennessee Supreme Court holds individual liable for personal guarantee in commercial lease. It is not uncommon for a commercial landlord to require a personal guarantee on the lease for a commercial tenant, especially for young businesses and start-ups. The courts in Tennessee have been wrestling with the issue of personal guarantees […]
Understanding Probate Basics in Tennessee
The term probate, as it is used commonly today, refers to the court supervised process of transferring property from a deceased person’s estate to the individual or entity that is legally entitled to receive it. State law governs how the probate process is handled, and the laws can vary greatly from state to state. This […]
More Encouragement for Avoiding Legal Pitfalls When Starting Your Business
In a recent posting on Jumpstart Foundry’s website, Chris Sloan highlights some legal pitfalls that new business should avoid. While Jumpstart Foundry tends to focus on emerging technologies and the inevitable VC-funding (Venture Capitalist) that that arena tends to attract, Sloan, an attorney does bring up interesting points for any business to consider- 1) Protecting the […]
3 Reasons People Under 35 Should Have an Estate Plan—Part 1 of 3
Most young people dismiss discussions of Estate Planning because they think it’s too costly or they are too young to need an Estate Plan; however, Estate Planning is just as important at age 30 as it is at age 75. Between the ages of 25 and 35 most people begin to solidify their career path, […]
What is a bankruptcy discharge?
One of the main reasons why people file for bankruptcy (either Chapter 7 or 13) is to obtain a discharge of their debts. A bankruptcy discharge releases a debtor from personal financial liability for certain debts. This means that a debtor no longer owes these debts, is not obligated to repay these debts, and the […]
Will I lose my home, my car, even my possessions if I file for bankruptcy?
There are numerous myths about bankruptcy – ideas that many people hold that are not quite true or that are simply incorrect. These myths have, to a significant degree, shaped our culture’s perception of and attitude towards bankruptcy. This misinformation keeps good, honest debtors from pursuing this worthy tool for debt relief. That needs to […]
Will bankruptcy get rid of all my debts?
Question: Will bankruptcy get rid of all my debts? Bankruptcy is an amazing tool to help people out of a financial crisis. It can relieve you of much of your financial obligations and it’s designed to give you a fresh start with life. But bankruptcy will not necessarily eliminate all of your debts. This […]
What is a Tenant Improvement Allowance?
A Tenant Improvement Allowance, or commonly referred to as the “TI” allowance, is amount of money offered by a landlord to a prospective tenant for the purposes of improvement to the leased space. The amount of money, usually defined in terms of dollars per square foot of the leased premises or a set dollar amount […]
What does NNN or Triple Net mean?
It is common in commercial real estate leases for retail, restaurant or office space to see reference to a “Triple Net” or a “NNN” lease. For seasoned developers and brokers this term or acronym is common place but for those who are just starting their business this term may be confusing. What does it mean? […]
Commercial Lease Litigation
Litigation Update – New case from Tennessee Supreme Court holds individual liable for personal guarantee in commercial lease. It is not uncommon for a commercial landlord to require a personal guarantee on the lease for a commercial tenant especially for young businesses and start-ups. The courts in Tennessee have been wrestling with the issue of personal guarantees […]