Mathews and Associates
FAQ's
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Frequently Asked Questions

We have carefully selected resources from around the web to answer the most frequently asked questions we encounter in our practice.   You can also find links to other informational sites on our Resources page.
 
Please note that the answers provided are general in nature and should not take the place of informed legal counsel.  The information is provided by an independent third party and is being provided to you as an informational service, not legal advice.

Business Entities FAQ

  • Sole Proprietorships
    • What is a sole proprietorship and how do I create one?
    • How are sole proprietors taxed?
    • What are the possible consequences of being personally liable for business debts and obligations?
  • Partnerships
    • What is a partnership and how do I create one?
    • How are partnerships taxed?
    • Are owners of a partnership personally liable for business debts?
    • What are the differences between a general partnership and a limited partnership?
    • What are the differences between a limited partnership and a limited liability company?
    • What happens if one partner wants to leave the partnership?
  • Corporations
    • What is a corporation?
    • How is a corporation different from sole proprietorships, partnerships and limited liabilty companies (LLC's)?
    • How are corporations taxed?
    • What are the differences between C and S corporations?
    • What is "limited liability" and why is it important?
    • What is "piercing the corporate veil"?
    • What is a shareholder voting agreement?
    • Why would a director of a company want to purchase directors' and officers' liability insurance?
  • Limited Liability Companies (LLC's)
    • What is a imited liability company (LLC)?
    • How do LLC's compare to S corporations and partnerships?
    • How is a limited liability company taxed?
  • Nonprofit Organizations and Nonprofit Corporations
    • What is a nonprofit corporation?
    • What are the benefits and drawbacks of nonprofit, tax-exempt status?
    • How do I form a nonprofit corporation?
    • Is it difficult to run a nonprofit corporation?
    • What are the disclosure requirements for nonprofits?

Estate Planning FAQ

  • In General
    • Wills
    • How do I set up "Pay-On-Death" accounts?
    • If I name beneficiaries for my bank accounts, do I have to include them in my will?
    • What are my rights under a life estate?
    • What are Estate and Gift taxes?
  • Trusts
    • What is a Living Trust?
    • Can the successor trustee on my Living Trust take care of all my affairs if I'm incapacitated?
    • Naming a Trust as IRS Beneficiary
  • Advanced Health Care Directives & Powers of Attorney
    • Conservatorship
    • Powers of Attorney- What's the difference?
    • Durable Powers of Attorney for Finances
    • How do I sign checks under a Power of Attorney?
    • Healthcare Directives
    • Legalities of the right to live or die
  • Funeral Planning
    • Body and Organ Donation
    • Final Arrangements
 

Probate & Estates FAQ

  • What is probate? 
  • Does all property have to go through probate when a person dies?
  • Who is responsible for handling probate?
  • Should I plan to avoid probate?
  • What are the most popular ways to avoid probate? 
  • Answers to your questions about executors, including how to choose one and what they do.

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