Advanced Directive - Employee Manual
Advanced Health Care Directive
An advanced health care directive is a legal document that spells out your wishes and preferences in the event you are incapacitated, ill and/or unable to make health care decisions for yourself. With this document, you can indicate whether you would like to be placed on life support machines, resuscitated in the event of cardiac or respiratory arrest, have any diagnostic testing, donate an organ, prefer certain surgical procedures, or any other critical medical care you may need in situations when you are unable to make health care decisions for yourself. Articles of Incorporation Legal document used to form a corporation under state law. It generally includes purpose for which the corporation is formed, types of stocks which the corporation will issue, resident agent of the corporation, names and number of directors, etc. Articles of Organization Similar to articles of incorporation but used for an LLC only. No specification of directors or stocks required. Buy-Sell Agreement A contract usually made between partners, shareholders or owners of a company to govern how, when, and to whom a partner or co-owner can transfer or sell their ownership interest in the company. It is particularly useful in an estate plan to provide a disabled stockholder or the estate of a deceased stockholder the opportunity to sell stock at a fair price. By-Laws These are rules regarding the operation and governance of a corporation. Most corporations adopt by-laws in addition to provisions contained in an article of incorporation. By-laws are useful in spelling out duties of officers of a corporation, distribution and sale of stocks, stockholders’ rights, directors’ obligations to the corporation and the stockholders, and all other terms necessary for the smooth operation of a corporation. Certificate of Good Standing This document is also called certificate of status. A corporation or company is in good standing if the corporation or company is up-to-date on all tax payments and fees and all required documents have been submitted to the state registration agency. Confidentiality Agreements These are legally binding agreements between an individual or a business and a company whereby the individual or business promises to keep specific information (obtained in the course of employment or other dealings with the company), a trade secret which cannot be disclosed or revealed without prior authorization. Deed A deed is a legal document that transfers ownership of interest of land from the owner to the person named in the deed. A deed is normally recorded in the county in which the land is situated. Durable Power of Attorney A durable power of attorney is a document that authorizes the creation of an agency relationship wherein you (the principal) appoints another person (the agent) to act on your behalf or transact business or legal and financial matters. In the event that the principal is incapacitated or disabled, this document permits an agent to take actions that can protect or preserve your assets. Employee Manual This manual contain guidelines and policies of a company for its employees. Drafted properly, this manual can minimize the risks of potential employee lawsuits. |
Executive Summary - Operating Agreement
Executive Summary
This document is a summary of a proposal or a brief concise statement about a business, short and long-term goals, mission statement, and projections regarding the success of a business. An executive summary can be part of a business plan or it can replace a business plan. It can be submitted to prospective investors or a bank for a business loan. Family Values Statement This document is invaluable in communicating your values, family secrets, recipes, instructions to a guardian for raising your child the way you want, etc. This is a must-have for your children to remember you by. First Corporate Minutes or Informal Organizational Action These are minutes mandated by law to be kept by a corporation at its first annual corporate meeting. The minutes contain a written record of proceedings at the meeting and any action taken and approved by the directors and/or stockholders. An informal organization action can be by a unanimous written consent of the board of directors of a corporation to adopt for example, by-laws, open bank accounts, elect officers, adopt contracts made on behalf of the corporation before the corporation was properly organized, etc. Guardianship Provisions Provisions included as part of a will under which a trusted individual is appointed to care for minor children in case the parent(s) is incapacitated or dies. It is not unusual to appoint successor guardians in case a preferred person is unable or unwilling to serve as a child’s guardian. Independent Contractor Agreement Independent contractors are not employees of a company because they retain control of how to start, run, and finish a project without the employer's input. They also set their own hours. The employer does not deduct or pay federal, state or social security taxes on the independent contractor's behalf. An independent contractor agreement can set terms and guidelines that determine the work relationship of the employer and the independent contractor. Except in certain circumstances, such as misrepresentation, fraud, and working with hazardous materials, the employer is not responsible to third parties for the independent contractor's actions. Last Will and Testament Also known as a Will, this legal document states your wishes regarding distribution of your properties and assets when you die. A will gives you the opportunity to make specific bequests to unrelated individuals or charities. You can indicate how you want your assets distributed to your family and individuals according to their needs. You can also name a guardian for your minor children in case you need one. Non-Compete Agreement This is an agreement that employers or businesses use to ensure that their employees or independent contractors do not compete with them either during employment or afterwards for a specific period of time and within a specified geographic area. The terms of the agreement cannot be unreasonable and overly broad in specifying the period of time or the geographic area(s) covered. It may also be used in a contract for the sale of a business whereby the seller-owner agrees not to compete with the buyer-new owner for a period of time. Non-Solicitation Agreement This agreement restricts an ex or former employee from soliciting business from clients or employees of their former employer. Operating Agreement This is an agreement made between members of an LLC that addresses matters relating to share of profits and losses, financial responsibilities and rights, transfer of ownership interests, business structure, etc. |
Partnership Agreement - Testamentary Trust
Partnership Agreement
A written legally binding agreement between partners that governs how the partnership will be structured and issues such as control, financial interests, term of partnership, allocation of profit and loss, transfer of partnership interests, etc. Note that although no written agreement is required to form a general partnership, it is advisable to have an agreement to limit disputes between partners. Pour-Over Last Will and Testament This will include provisions that ensure all assets (within or outside the governing state) not included in a trust are "poured over" into the trust upon the will maker's death. Revocable Living Trust Agreement A Revocable Living Trust is an inter vivos trust which can be amended by its maker (who is referred to as grantor, settlor, or trustor). This trust is based on an agreement between the grantor and the trustee to manage property according to terms of the trust agreement for the benefit of the beneficiary, who is usually the grantor. It can be revoked at any time before death but becomes irrevocable upon death of the maker. The trustee transfers ownership of the properties in a trust to the beneficiaries named in the trust upon the death of the maker. Shareholder Agreement This is an agreement made between shareholders of a corporation regarding sale and transfer of stocks, voting rights, employment of a shareholder, buy-sell issues, etc. Standby Guardianship This is a legal document known as designation whereby a parent appoints an individual to have legal custody of a child in the event the parent can no longer care for the child as a result of mental incapacity, physical debilitation, or death. The designation is normally witnessed by 2 people and does not have to be filed in a court to be legally effective. The designation becomes active when the parent signs a statement of debilitation, a doctor confirms incapacity, or the parent dies. If the parent's health permits, authority over the child is shared by both the parent and the guardian. This is a useful document that helps parents and caregivers voluntarily plan for the future care of their children. A parent's rights are not cut off by the designation and a parent may choose to revoke the designation at any time in writing or it may be rescinded by a court of law. In Maryland, to be eligible to use this designation, a parent must be at significant risk of incapacitation or death within 2 years. Note that a non-custodial parent's rights are not cut off by the designation. Stock Certificate A certificate issued and signed by authorized officials of a corporation to prove ownership of corporation's shares by the owner. A certificate includes the number of shares issued, the classes of stock issued, the name of the shareholder, the name of the corporation, any restrictions on transfer of shares, etc. Stock Purchase Agreement This agreement is used when a privately-held corporation issues shares for sale or shares are purchased from the corporation by prospective stockholders. Stock Subscription Agreement A prospective stockholder executes this agreement to purchase a corporation's newly issued shares. The corporation keeps this agreement as part of its records. Testamentary Trust This trust is created within a will and becomes active once the testator (person who made the will) dies. |
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From within Prince George’s County, our law firm represents estate planning clients from Laurel, Clarksville, Columbia, Elkridge, Ellicott City, Marriottsville, Upper Marlboro, Mitchellville, Bowie, Beltsville, Glenn Dale, College Park, Greenbelt, Silver Spring, Rockville, Potomac, Washington, D.C. and surrounding areas. The Maryland and Washington, D.C. Law Firm of Biola Bakare, LLC focuses on Maryland and Washington, D.C. comprehensive estate planning, wills, trusts, estates, probate administration, asset protection, children’s trust, credit shelter or family trust, special needs trust, beneficiary planning, incapacity planning, enhanced durable power of attorney, enhanced advance directive, business succession planning, and family limited partnerships. Attorney Biola Bakare offers comprehensive planning as a trust attorney, probate attorney, asset protection attorney, corporate attorney, and business law attorney. Licensed in Maryland, Washington, D.C., and New York. DISCLAIMER: This website is for informational purposes only. It is not to be construed as formal legal advice. Viewing the contents or exchanging emails with the Law Office of Biola Bakare, LLC does not create a business or professional relationship between the parties. No attorney/client relationship will be created with the Law Office of Biola Bakare, LLC without a formal, written legal services agreement. |