Atlantic County Personal Injury Law Blog

Estate planning may not be at the top of most New Jersey residents' to-do lists. Contemplating mortality doesn't make for lively dinner conversation. However, you should consider it sooner rather than later, since no one knows what could happen in the future.

As you sit down to discuss the type of plan that will best express your goals and wishes, you may have heard a question you didn't anticipate: "Have you considered a revocable living trust as part of your plan?" More than likely, you hadn't since you only considered a basic estate plan. Aren't trusts for the rich? Actually, many people could benefit from this type of trust, but understanding both the advantages and disadvantages first can be very important.

If you are like so many other people who own small businesses with others, you probably aren't fond of paperwork. You would rather be in the trenches doing the work. For this reason, and others, you may have already agreed with your partners that forming a complicated business entity just isn't necessary.

You may be aware of partnerships but don't really understand the differences between a general partnership, a limited partnership and a joint venture. Before deciding which way to go, it would probably help to have some information about each type of partnership so that you can make an informed decision.

As New Jersey continues to recover from all of its economic hardships, you may consider starting a new business. After weighing all of the pros and cons of each type of legal entity, you settled on a corporation. You more than likely chose this type of entity, at least in part, due to the significant protections for owners and shareholders when it comes to liability.

This protection also comes with the ability to purchase property, borrow and loan money and enter into contracts, among other things. On the other hand, it comes with taxation of the corporation itself and any dividends paid to shareholders, but you probably felt the pros outweighed the cons. Since forming this type of entity involves the most paperwork and regulation, it may help to have some idea of what you face. 

If you have always wanted to own your own business, you have likely done your homework. Your decision to be a business owner may have taken many turns during your investigation, and you may not be certain you are ready to take on the responsibilities of starting a company from scratch. There is a great deal to consider, not the least of which are the time and expense.

However, if you are looking for a business that offers you the benefits of business ownership, but you desire a support system and more security than a brand-new startup can offer, you may want to consider looking at a franchise. Buying into a franchise offers benefits you may not realize.