Many people imagine a trust as a “box” where they can place assets to keep them safe from creditors or legal trouble. However, in the eyes of the law, a trust is not actually a separate legal entity in the same way a corporation or an LLC is. Instead, it is a legal relationship. The […]
Author: Philip Silberman
Can I Use a Nonprofit to Avoid Paying Tax?
It is a common “secret sauce” myth on social media that forming a nonprofit is the ultimate loophole to avoid paying income tax while still getting rich. While nonprofits do benefit from tax-exempt status, using one as a shell for a for-profit business is not a savvy financial move—it is a criminal one. The Reality […]
How to Transfer a DBA When Selling a Business
When a business changes hands through an asset purchase, the buyer often wants to keep the existing “brand name” or DBA (Doing Business As) to maintain the goodwill built with customers. While it might seem like a complex process, transferring an assumed name in Texas is straightforward if the right steps are taken in the […]
Do Trusts Provide Asset Protection?
When it comes to safeguarding your wealth, trusts are often the first tool people consider. However, the level of protection they offer depends heavily on how they are structured. In the legal world, there is a “conventional wisdom” regarding asset protection, but as with all things in law, the details matter. The Difference Between Revocable […]
Can You Copyright a Dance?
The world of intellectual property often struggles to keep pace with digital culture, and the question of whether a dance can be copyrighted is a complex one. The core of copyright law is meant to protect original works of authorship fixed in a tangible form of expression, and while dance can be protected, the law […]
What is a Wraparound Loan?
A wraparound loan, or wraparound transaction, is a specific type of owner finance real estate sale. It is primarily used when a buyer cannot secure traditional bank financing or when the seller has an existing, low-interest mortgage that they do not want to pay off immediately. How a Wraparound Transaction Works In a standard owner […]
Can You Copyright Fashion?
The laws governing intellectual property protection for clothing design, specifically copyright, vary significantly worldwide. In the United States, it is notoriously difficult to obtain copyright protection for functional apparel. The Scope of Copyright Protection Copyright law is designed to protect original works of authorship fixed in a tangible form of expression, typically covering creative works […]
Texas Answer vs. Federal Answer: Understanding Pleading Standards
Filing a formal response to a lawsuit is a critical step for any defendant. However, the complexity of this initial pleading differs significantly between Texas state courts and the federal court system, largely due to Texas’s unique and liberal pleading standards. Texas: The Liberal Pleading Standard Texas state courts are often described as having a […]
Can I Pay an Attorney Just to Answer My Lawsuit?
Yes, it is possible to hire an attorney for the limited purpose of drafting an initial legal answer to a lawsuit, especially if you cannot afford full representation. This is a common practice for individuals facing the threat of a default judgment who need time to secure full counsel or funding. The Threat of a […]
The Step-by-Step Guide to Converting Your Sole Proprietorship to an LLC
Transitioning from a sole proprietorship to a Limited Liability Company (LLC) is a smart move for small business owners seeking asset protection and potential tax advantages. This process involves a series of necessary legal and administrative steps to ensure the new entity is properly formed and separated from the owner. Step 1: Form the LLC […]