July - 2017

Charitable Trusts

Charitable Trusts

Charitable Trusts For a trust to be considered charitable, it must have a stated charitable purpose and it must exist for the benefit of the community at large or for a class of persons the membership in which varies. For public-policy reasons, charitable trusts are usually construed quite liberally by the courts. Neither the settlor nor a potential beneficiary has standing to challenge a charitable trust. Only the state attorney general possesses such a right. Charitable Pur

Setting Up a Limited Liability Partnership ("LLP")

Setting Up a Limited Liability Partnership ("LLP")

Limited Liability Partnerships A limited liability partnership (“LLP”) is a partnership in which a partner’s personal liability for obligations of the partnership is eliminated. To enjoy LLP status, the partnership must file a statement with the state. In other respects, an LLP is governed by the same rules as a partnership. Formation An LLP is formed by filing a statement of qualification with the state. LLP status is effective on the date that statement is filed, unless a l

Special Types of Corporations

Special Types of Corporations

Closely Held and Close Corporations The terms “closely held corporation” and “close corporation” are frequently used interchangeably to refer to a corporation with only a few shareholders and a more relaxed style of governance. Shareholders often serve as both directors and officers of the corporation. Stock of such a corporation is not publicly traded, and many states allow shareholders to do away with many of the corporate formalities. Foreign Corporation A Foreign Corporat

Injunctions in California

Injunctions in California

Rule 65 of the Federal Rules of Civil Procedure and California Civil Code Section § 3368 allow for injunctive relief as a form of equitable relief that mandates a defendant to, or prohibits a defendant from performing a specific act. Injunctions are considered an extraordinary remedy, only to be granted in limited circumstances. See Weinberger v. Romero-Barcelo, 456 U.S. 305 (1982). In order to grant an injunction, there must be a showing of: 1. An inadequate remedy at law; 2

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