Are Verbal Agreements Legally Enforceable Contracts?

Many people mistakenly believe that verbal agreements are unenforceable in a court of law, and have found to their dismay that this is not always the case. Under the statute of frauds, there are certain agreements that must be in writing, including those involving marriage, real property transactions, and the sale of goods with a […]

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How to Fight a Post-Foreclosure Deficiency Judgment in New Jersey

Unfortunately, New Jersey homeowners already in danger of losing their primary residence to foreclosure face another potential financial hardship known as a post-foreclosure deficiency judgment. When a home is sold in a foreclosure sale for an amount that is less than what the homeowner still owes on the mortgage loan, this causes a deficiency. For […]

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5 Alternatives to Foreclosure for NJ Homeowners

In New Jersey, lenders must file a lawsuit in order to foreclose on a home. After the housing market crisis several years ago where thousands of homeowners were forced from their homes, many lenders were required by new laws protecting consumers to offer alternatives ways to deal with underwater mortgages in order to prevent foreclosure. […]

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Common Defenses to a Foreclosure Action in New Jersey

New Jersey is a judicial foreclosure state, which means that your foreclosure action must be brought before a court.  You may be able to put the foreclosure action on hold pending court review if you can successfully challenge it with one or more of the following defenses: Mortgage ownership – The foreclosing party must be […]

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Special Provisions for Small Business Owners Filing Chapter 11

To reorganize under Chapter 11 bankruptcy, big corporations and small businesses generally have to follow the same rules. However, special provisions exist for small business debtors that can speed along the Chapter 11 process To qualify as a small business debtor under the Bankruptcy Code, a person or company must: Be engaged in commercial or […]

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The Corporate Decisions That Must be Documented

Corporation owners are required to maintain corporate records, including documenting major corporate decisions, as well as hold meetings of shareholders and Board of Directors. If these formalities are neglected and the company has legal problems, shareholders could be held personally liable for corporate liabilities if a court finds the proper formalities were not followed and […]

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Top 5 Misconceptions About Business Incorporation

If you are in the process of starting a new business, deciding on whether or not to incorporate that business can have long-term consequences when it comes to taxation and personal liability protection. This is why it is important to separate myth from fact about business incorporation; here are five common misconceptions: Incorporation allows businesses […]

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Factors in Choosing a C Corporation Over an LLC

The decision on how to incorporate a new business is one of the most crucial any business owner will ever make. To make the right choice, a business owner needs to consider his or her goals — business, personal, and financial — as well as future interests. Generally, business owners who choose an LLC structure […]

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Key Elements of an Effective Operating Agreement

While New Jersey does not require an operating agreement in order to form a limited liability company (LLC), not having one means that your business must operate under the state’s rules and regulations — something that may not be in the best interest of your company. An LLC’s operating agreement is used to define the […]

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How to Maintain Your LLC’s Liability Protection

Most business owners choose to incorporate their companies as limited liability companies (LLCs) to ensure that in the event of business bankruptcy or indebtedness, their personal assets will not be at risk. An LLC provides this kind of personal protection, unless that protection is lost through one of these five common factors: Wrongdoing or fraud. […]

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