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Partnership

Agreements Should

Include

The Difference

Between an LLC

and a Corporation

5 Things To Do

After a Car Accident

In Oklahoma

Understanding

Special Damages

in Civil Lawsuits

Battling the

Insurers

When you are establishing a new partnership, or even revamping a current business arrangement, there are specific things that you should include in the partnership agreement. By including all of these items within your agreement, you will help prevent confusion or litigation in the future if problems arise.

Items To Contain In The Agreement

Your partnership agreement should include the following information:

  • Establish Ownership. You will need to predetermine how much of the business each partner owns.
  • Establish Operational Responsibilities. What will each partner do to contribute to the business.
  • Establish Financial Obligations. What financial responsibilities each partner will have regarding the operation of the business.
  • Establish Profit Guidelines. What percentage will each person earn from the business and how this will be determined.
  • Establish How Decisions Will Be Made. You will need to determine how important decisions will be made concerning the company.

 

This is just a basic overview of the most important things that you should include in a business agreement. It is advisable to work with an OKC contract lawyer to create a legally binding document that is beneficial to all parties.

Why It Is Important To Seek Legal Advice When Drawing Up A Contract

Anyone who is entering into a business agreement should have their best interests protected at all times. Even if you are entering into an agreement with a good friend or family member, you will want to protect your rights and your assets.

Many new businesses are started with the best intentions or self-created documents that are neither legal or binding. This can lead to extensive problems at a future time and even cause the closure of the business. All of this can be avoided by working with an OKC contract lawyer to create your partnership documents.

 

If you are in the process of forming a new business or restructuring an existing one I’d love to help. As an experienced Oklahoma City business attorney, I’ve personally founded several small businesses and I can help you found yours.

 

Limited Liability Company

  • Flexible management structure. Unlike a corporation, an LLC does not require directors and officers.
  • Form of protection for the owners, also known as members, of a business.
  • Acts as a shield for personal assets.
  • Prevents the members from being held individually liable for any action the business takes.
  • Tax reporting. An LLC uses a “pass-through” taxation that allows income and losses to be reported on a personal tax return rather than at the business level.

 

Corporation

  •  An S corporation is much like an LLC because it allows for pass-through taxation.
  •  A C corporation is considered as a separate entity and taxed as a business. The C type results in double taxation if dividends are paid to shareholders because dividends are considered to be personal income.
  • Aside from management and taxation, there are other key differences between a corporation and an LLC.
  •  An S corporation allows the owner to deduct business losses on a personal tax return. It also reduces Medicare, Social Security, and self-employment taxes while allowing the owner to utilize business losses as an offset to other income.
  •  A C corporation helps a new business by allowing for various stock options that yield different levels of dividends. Venture capitalists are attracted to C corporations because of the possible high dividend payoff if the business is successful. In addition, C corporations can keep and continue to accumulate revenue within a specific limit each year.
  •  While an LLC or a C corporation do not restrict ownership, an S corporation is restricted to 100 owners and cannot be part of another corporation or LLC.

1. Notify The Authorities

You will want to make sure that you immediately notify the police of the accident and have any injuries documented. Make sure to provide the police with as much information as possible about the car accident event without stating that you are at fault for any portion of the event. Even if you believe you may be at fault, allow an accident reconstruction specialist to determine actual fault. There are often many factors that lead to an accident that are not the fault of the injury victim.

2. Get Medical Care

Seek immediate medical attention at the time of the accident. Any delay in seeking medical care could lead to the insurance company denying your claim. Although most insurance policies provide you with up to seven days to seek care, if you do not receive medical attention immediately it gives the insurer a reason to say your injuries are not related to the event.

3. Document Everything You Remember

You will want to write down everything, or have someone do this for you, that you remember about the accident. Include things like time of day, the weather, and any unusual conditions you may remember.

4. Track Your Injury.

Keep a diary of your injury. Include all medical appointments and therapy sessions and what was said during those appointments. Track how the injury has impacted your life and any special things you have had to do because of the injury. Things like having to hire a landscaper because you cannot cut the lawn really do matter. Also, if you are suffering emotional duress, make sure to document this in your injury diary.

 

5. Speak To A Claims Attorney

You will want to speak to a claims attorney as soon as possible after the event. Hiring an attorney to represent your case will eliminate a lot of the stress you will have to endure dealing with the insurance company. Your attorney will make sure that the insurer treats you fairly and abides by the terms of the insurance policy and the law when handling your case.

The American system of justice allows the victims of accidents and their families to seek damages from the party deemed responsible for the death or injury. Special damages normally comprise a portion of the financial compensation awarded in a successful lawsuit.

Special damages

Refer to a specific type of compensation that can be sought by the plaintiff, which is the party filing the lawsuit. Also known as economic damages, the term “special” is somewhat misleading because they are a normal element in personal injury lawsuits. They differ from general damages, which are also awarded on a regular basis in such cases.

General damages

Pertain to the physical and emotional pain experienced by the victim. They can also be sought by family members to compensate for the loss of companionship if the loved one is killed or suffers from a permanent injury.

Such damages can be difficult or even impossible to translate into a specific monetary figure. In contrast, damages that are considered “special” can usually be calculated into a specific amount. This amount is based on the economic standards in effect at the time of the injury.

Special damages
Include the wages that have been lost as a result of the injury or death. This amount will include future earnings, which may involve an estimation. This category of compensation also pertains to medical expenses, including hospital care and rehabilitative or caretaking services.

Additionally, such damages may be sought for the repair or replacement of damaged property, including the substitution for items that are considered irreplaceable.

Compensation can even be sought to pay for the costs of certain protective measures that were previously taken by the plaintiff in an effort to reduce the possibility of an accident or injury. In most cases, the amount being sought, known as the “sum certain,” must be clearly stated in the original lawsuit.

Calculation of damages

Whether they be special or general, can be a complicated process. This is why it is necessary for anyone considering legal action to consult with a personal injury lawyer, who understands both the laws in that state and the workings of the justice system.

If it comes down to the specifics of home insurance, the one thing you need to remember is that there is a contract document that both parties must defer to. If you are a policyholder for your home and you are looking to get paid on a claim, then the first and foremost place you have to look is at the policy and the language contained within. After all, if the contract says you are entitled to something then you need to be aware of what you are owed. That’s exactly why you may want to enlist the help of an Oklahoma City insurance dispute attorney to help correct the situation.

 

So Many Pages

The first and most important thing to remember is that while you have an auto policy, you also have dozens or even hundreds of pages to read over. If you have never read over your policy, it may be difficult to read the policy and find the important and relevant information for your coverage and your claim.

 

Insurance and Industry Terminology

Even if you are comfortable with the format of the documents and the way that they are written, the terminology can be quite difficult to get through. While you may not know many of the words or concepts without needing to look them up, an Oklahoma City insurance dispute attorney can read through the information of your policy contract and discover quickly what you do or do not have in terms of coverage and payments owed.

 

Legal Practices

Even if you discover that your coverage should not have kicked in and you aren’t entitled to something, or if there is any gray area or ambiguity in the policy contract whatsoever, you can still rely on an Oklahoma City insurance dispute attorney. They have been through the experience enough and could find a way to help you at least recover some of your payments, or possibly even get the insurance company to settle so you don’t walk away empty handed.

There are many questions in the insurance world and many areas that are uncertain. Instead of risking it all by going it alone or just listening to the insurance company, why not have a professional on your side to help?

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