1031 exchanges are a real estate tax break that allows commercial property sellers to exchange a business, trade, or investment property for another, like kind, property while deferring capital gains tax on the sale. Without this tax break, sellers must pay capital gains tax at the time of sale. California law does not require the…
Continue reading ›If you think a trust exists, finding it is important to ensure it is distributed properly. If you are a beneficiary to that trust, it ensures you get your fair share. A trust is unlike a will or other similar document as it does not need to go through the probate process. Because it is…
Continue reading ›In California, the legal process of partitioning property is the process through which co-owners of real property divide the co-owned property, either physically or by sale. Typically, partitions occurs when co-owners disagree on how to manage or use the property. The legal process of partitioning property involves several complex steps. This blog post aims to…
Continue reading ›When you own a property with one or more people, you may end up in a dispute over payment for remodeling, upkeep, rent payments from tenants, or even wanting to get rid of the property. While it is worth trying to settle these disputes out of court, if they escalate you may want to consider…
Continue reading ›Yes. In California siblings can force the sale of inherited property through a partition action. Partition actions allow siblings who co-own inherited property to request a court-ordered sale of property when it cannot be physically divided or the siblings cannot reach an agreement on the property’s management and disposal. Allowing siblings to force the sale…
Continue reading ›A trust is a great way to determine what happens to your property after death and ensure that it is distributed the way you intended. This also applied to real property. If the real property is a house, that may create disputes over how it is divided, especially if your trust grants an interest in…
Continue reading ›Under California law, paying someone’s property taxes does not automatically grant ownership of the property. In California, paying someone else’s taxes, even if done in good faith, is considered a gesture of goodwill or a means of avoiding a tax lien, but no matter the motive, payment does not transfer legal ownership. If, however, individuals…
Continue reading ›Owning property can come in different forms of ownership which grants you different rights. If you acquire an interest in property by sale or inheritance you may end up holding a percentage property interest while another person holds the other part of that interest. When co-owning property with someone, both of your names are on…
Continue reading ›In California, Limited Liability Companies (“LLC”) are either managed by their members or designated managers, depending on how it is structured. These two kinds of management structures are the primary approaches to LLC management in California and are known as the (1) Member-Managed and (2) Manager-Managed structures. In member-managed LLCs, members are actively involved in…
Continue reading ›The internal affairs doctrine indicates what state’s law is applicable to a corporation or limited liability company’s (LLC) internal affairs. This is important in adjudicating any corporate disputes like breach of contract, breach of fiduciary duty or other lawsuits that might arise involving business and corporations. What is a corporation? A corporation is a legal…
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