Lafferty Bankruptcy & Debt Lawyer, Ohio, page 2

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John Oswald Tabacchi

Federal Appellate Practice, Elder Law, Corporate, Commercial Bankruptcy
Status:  In Good Standing           Licensed:  48 Years

William Edward Spiker

Corporate, Environmental Law Other, Real Estate, Commercial Bankruptcy
Status:  In Good Standing           Licensed:  65 Years

Thomas Mark Beetham

Litigation, Family Law, Corporate, Commercial Bankruptcy
Status:  In Good Standing           Licensed:  75 Years

Richard Allen Myser

Litigation, Elder Law, Securities, Collection
Status:  In Good Standing           Licensed:  47 Years

Rebbeca Lee Bench

Litigation, Family Law, Insurance, Collection, Divorce & Family Law
Status:  In Good Standing           Licensed:  23 Years

Adam Lee Myser

Real Estate, Family Law, Collection, Personal Injury
Status:  In Good Standing           Licensed:  11 Years

Grace Lynn Hoffman

Workers' Compensation, Corporate, Bankruptcy, Personal Injury
Status:  In Good Standing           Licensed:  34 Years

Daniel Louis Frizzi

Family Law, Corporate, Commercial Bankruptcy, Personal Injury
Status:  In Good Standing           Licensed:  47 Years

Jason Lee Jackson

Corporate, Collection, Civil Rights, Family Law
Status:  In Good Standing           Licensed:  23 Years

Kristy Nicole Rothenbuhler

Real Estate, Energy, Corporate, Commercial Bankruptcy
Status:  In Good Standing           Licensed:  13 Years

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LEGAL TERMS

S CORPORATION

A term that describes a profit-making corporation organized under state law whose shareholders have applied for and received subchapter S corporation status fro... (more...)
A term that describes a profit-making corporation organized under state law whose shareholders have applied for and received subchapter S corporation status from the Internal Revenue Service. Electing to do business as an S corporation lets shareholders enjoy limited liability status, as would be true of any corporation, but be taxed like a partnership or sole proprietor. That is, instead of being taxed as a separate entity (as would be the case with a regular or C corporation) an S corporation is a pass-through tax entity: income taxes are reported and paid by the shareholders, not the S corporation. To qualify as an S corporation a number of IRS rules must be met, such as a limit of 75 shareholders and citizenship requirements.

FDCPA

See Fair Debt Collections & Practices Act.

C CORPORATION

Common business slang to distinguish a corporation whose profits are taxed separate from its owners under subchapter C of the Internal Revenue Code, from an S c... (more...)
Common business slang to distinguish a corporation whose profits are taxed separate from its owners under subchapter C of the Internal Revenue Code, from an S corporation, whose profits are passed through to shareholders and taxed on their personal returns under subchapter S of the Internal Revenue Code.

WORKOUT

A debtor's plan to take care of a debt, by paying it off or through loan forgiveness. Workouts are often created to avoid bankruptcy or foreclosure proceedings.

TRADE NAME

The official name of a business, the one it uses on its letterhead and bank account when not dealing with consumers.

HOUSEHOLDER

A person who supports and maintains a household, with or without other people. In bankruptcy law, a householder, housekeeper or head of household can claim a ho... (more...)
A person who supports and maintains a household, with or without other people. In bankruptcy law, a householder, housekeeper or head of household can claim a homestead exemption and possibly other exemptions relating to the maintenance of the household.

ADMINISTRATIVE EXPENSES

The trustee's fee, the debtor's attorney fees, and other costs of bringing a bankruptcy case that a debtor must pay in full in a Chapter 13 repayment plan. Admi... (more...)
The trustee's fee, the debtor's attorney fees, and other costs of bringing a bankruptcy case that a debtor must pay in full in a Chapter 13 repayment plan. Administrative costs are typically 10% of the debtor's total payments under the plan.

COLLATERAL

Property that guarantees payment of a secured debt.

SOLE PROPRIETORSHIP

A business owned and managed by one person (or for tax purposes, a husband and wife). For IRS purposes, a sole proprietor and her business are one tax entity, m... (more...)
A business owned and managed by one person (or for tax purposes, a husband and wife). For IRS purposes, a sole proprietor and her business are one tax entity, meaning that business profits are reported and taxed on the owner's personal tax return. Setting up a sole proprietorship is cheap and easy since no legal formation documents need be filed with any governmental agency (although tax registration and other permit and license requirements may still apply). Once you file a fictitious name statement (assuming you don't use your own name) and obtain any required basic tax permits and business licenses, you'll be in business. The main downside of a sole proprietorship is that its owner is personally liable for all business debts.

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