Daily Archives April 17, 2015

What Are The Requirements In Establishing a Corpor

What Are The Requirements In Establishing a Corporation?

by: Jinky C. Mesias

A corporation is the biggest type of business entity. So how does one creates one of these giants? But first it is important to define the term CORPORATION- a corporation is an artificial legal entity which is chartered by a state and formed to conduct business. A corporation is completely a distinct and separate entity from its owners, it has its own life and can be held liable for any debts that it may incur. A corporation is also required by law to pay its own taxes.
Every state has their own General Corporation Law or Business Corporation Law that permits practically anyone to acquire a charter in order to conduct a business. The mechanics involve in the creation of a corporation is termed as Articles of Incorporation and there is also a fee to be paid. The start of creating a corporation is with the filing of the Article of Incorporation and then the payment of the required fee to the state office or the office of the Corporation Commissioner. This process is common to the standard type of corporation however the same process occurs in both the limited liability company and the limited liability partnership since many of their offered benefits are the same as those of the traditional corporation.
The Articles of Incorporation are vital components of a corporation and therefore requires for the assistance or the presence of a counsel. The specific content of a certificate of incorporation differs from state to state...

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Florida Isn’t Just For Tourists

Florida Isn’t Just For Tourists

by: Alex Goumakos

No matter what your interests, you will find something in Florida to enjoy. Whether you like mouse ears and theme parks, the warm, sunny beaches or the exotic wildlife, Florida attractions are hard to beat. With an increasingly friendly business environment, Florida is also a great place to do business!
When most people think of Florida they think of sunshine, palm trees and fabulous winter vacations. What most people don’t realize is that Florida is also a great place to incorporate. If you own your own business or are considering starting one, you owe it to yourself to discover the benefits of a Florida corporation.
For starters, there is no personal income tax in the State of Florida. While regular corporations are subject to a 5.5% tax on federal taxable income over $5,000, if you incorporate your Florida business and elect S status you can have your cake and eat it too! Florida S corporations are NOT taxable entities and are therefore not required to file state income tax returns (except for the first year). The result is this: you can have the benefits of a corporation, and pay no tax! But there’s more:
Unlike most states, Florida does not have any minimum capital requirements. So if you are just starting out and don’t have a lot of money, you can still take full advantage of incorporating without having to put a lot of cash into your company. Some states require you to fund your corporation with at least $1,000 in capital. Not so in Florida.
Another good thing about incorporating in Florida is that it’s easy to do and you don’t have to involve a lot of different people...

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Anatomy of an International Debt Collection Case

Anatomy of an International Debt Collection Case

by: Zhao Xiaomei (Meggie)

Introduction
In late June of 2003, I received an e-mail from Daniel Harris, who introduced himself as maritime lawyer from Seattle. He had found me through the internet and was asking me whether I was interested in helping arrest transshipped cargo in Dalian. I was excited about the task and I surfed Dan’s website [http://www.harrismoure.com] and learned Dan owns a small international law firm in Seattle, called Harris & Moure. I replied to him immediately and sent him some relevant provisions concerning cargo arrests under China legal system. He was very happy with my prompt and helpful reply and we soon were working together on the case. He later told me he was so impressed with my responses that he had picked me over numerous other lawyers throughout China.
Brief of the case
OOO Bolshoretskoe is a Russian fishing company that sold 400 Tons of pollock worth around US$700,000 to Alimex Seafood A/S, a Danish company. The pollock was scheduled to be transshipped from Dalian to Europe. Alimex had not yet paid Bolshoretskoe for the product. Bolshoretskoe owed Daxin Petroleum Pte, Ltd., a Singapore fuel supply company, around US$400,000 for fuel. M/V IVAN POLZUNOV, the vessel carrying the pollock, was scheduled to call on Dalian on 4 July, 2003. Our task was to seize the pollock for Daxin to get Bolshoretskoe to pay its debt.
Bolshoretskoe’s debt to Daxin arose in July and December, 2002, when Daxin supplied bunker products for two Russian fishing vessels, TOSNO and PHOENIX...

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What is Fraud

What is Fraud

by: Leon Pena

Fraud occurs when a person knowingly or intentionally conceals, misrepresents, and makes a false statement to either deny or obtain workers’ compensation benefits or insurance coverage, or otherwise profit from the deceit. The key to conviction is proving in court that the misrepresentation or concealment occurred knowingly or intentionally.
Premium fraud and benefit fraud are the most common types of workers compensation fraud.
Premium fraud is usually committed by an employer who misrepresents the amount of payroll or classification of employees, or who attempts to avoid a higher insurance risk modifier by transferring employees to a new business entity rated as a lower risk category.
Benefit fraud is usually committed by: a worker who works full time at an unreported job and draws benefits when he or she is supposed to be unable to work, or when a worker fakes an injury; a health care provider or attorney who assists the worker in fraudulent schemes, participates in double billing or bills for services not provided.
An insurance carrier commits fraud if documents are intentionally falsified in order to deprive benefits. Fraud Indicators Fraud indicators do not mean fraud has occurred, but they may require a closer review of the claim or application...

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What To Do If You Find Unauthorized Transactions O

What To Do If You Find Unauthorized Transactions On Your Account

by: News Canada

(NC)-If you find unauthorized transactions on your credit card account, follow the steps below to find out whether you can be reimbursed:
Step 1: Contact your credit card issuer immediately to report the unauthorized transactions.
Step 2: Check your credit card agreement. By law, your agreement must contain a section that explains your maximum liability (usually $50) in the case of lost or stolen credit cards, or the unauthorized use of your credit card account number.
Step 3: Find out if your credit card issuer offers “Zero-Liability” on unauthorized transactions. For example, Visa and MasterCard cardholders are protected beyond the maximum liability found in their credit card agreements. This is done through a public commitment Visa and MasterCard call the “Zero-Liability Policy”. If your Visa or MasterCard is lost or stolen, or if someone uses your Visa or MasterCard account number to make transactions you did not authorize, you can usually be reimbursed.
This policy applies to transactions made on the Internet, by phone or at retailers, but may exclude personal identification number (PIN)-based transactions – for example, a cash advance made on your card at an automated banking machine (ABM) – and transactions made on corporate credit cards. Find out from your credit card issuer whether they have such a policy and how it can protect you. Note that these policies are not listed in credit card agreements, since they are public commitments and not legal requirements.
For more consumer tips on how to choose and use the credit card that best suits your needs visit the Financial Consumer Agency of Canada Web site at http://www.fcac-acfc.gc.ca or call toll free 1-866-461-3222.

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