Do I need a bond for my business?
In many states, certain types of contractors or businesses are required to be bonded. In instances where the law doesn’t mandate bonds, a customer might require that your company be bonded before hiring you. If you are starting a business, it’s important that you understand the concept of bonding so you can determine whether...
Do I need a bond for my business? Continue reading…A Stitch in Time… Strategies to Prevent Business Litigation
A Stitch in Time … Strategies to Prevent Business Litigation A lawsuit can damage more than just the bottom line of your business. In addition to costing money that could be put to better use, a lawsuit is also an unwelcome distraction for the owner, managers and employees. It can also do irreparable...
A Stitch in Time… Strategies to Prevent Business Litigation Continue reading…Limited Liability Company (LLC): An Overview
The limited liability company (LLC) is a hybrid type of business structure, offering business owners the best of both worlds: the simplicity of a sole proprietorship or partnership, with the liability protection of a corporation. A limited liability company consists of one or more owners (called “members”) who actively manage the company’s business affairs....
Limited Liability Company (LLC): An Overview Continue reading…Coordinating Property Ownership and Your Estate Plan
Coordinating Property Ownership and Your Estate Plan
When planning your estate, you must consider how you hold title to your real and personal property. The title and your designated beneficiaries will control how your real estate, bank accounts, retirement accounts, vehicles and investments are distributed upon your death, regardless of whether there is a will...
Coordinating Property Ownership and Your Estate Plan Continue reading…What’s Really Covered By Your Homeowners Insurance Policy?
What’s really covered on your homeowners insurance policy?
A solid homeowners insurance policy can provide peace of mind about securing one of your most valuable assets. Unfortunately, many homeowners don’t fully grasp what exactly is covered under that policy, and most importantly, what isn’t. Homeowners insurance policies generally cover your home itself and other physical structures...
What’s Really Covered By Your Homeowners Insurance Policy? Continue reading…Adverse Possession in Rhode Island
Adverse possession is the process by which a non-record land owner can gain title to another record owner’s real property without compensation by holding the property in a manner that is hostile to the record owner’s rights for a period of ten years or more. The transfer of ownership occurs after the adverse possessor...
Adverse Possession in Rhode Island Continue reading…The Condominium Basics: Formation, Conversion, Components, Governance, Sale and Resale
In Rhode Island, a condominium is any real estate project which includes individually owned units (i.e. a residential condominium unit) and common elements (i.e. general common elements and limited common elements) that are owned by the unit owners as tenants in common. A condominium is created in Rhode Island by recording a declaration...
The Condominium Basics: Formation, Conversion, Components, Governance, Sale and Resale Continue reading…Tax Lien Sales in Rhode Island
Investing in Rhode Island real estate through municipal tax lien sales can offer lucrative opportunities, but these transactions also come with legal and financial risks. At PALUMBO LAW, we frequently represent clients interested in purchasing property through tax lien sales. Understanding the process, potential pitfalls, and legal...
Tax Lien Sales in Rhode Island Continue reading…