A buy/sell agreement details the price and terms of a sale of a business or real property. A buy/sell agreement for a business included provisions outlining the terms of the sale, information about the business, assets and obligations being transferred, and a non-competition agreement. A buy/sale agreement for real property includes provisions outlining the terms of the sale, disclosures, and the obligations and fixtures being transferred.
A fictitious name, often referred to as a “Doing Business As” designation or DBA, is a trade name used by companies in the marketplace or legal arena. A company that is doing business as a particular entity with a name other than their original, corporate name is operating under a fictitious name.
Incorporation means creating a new corporation. A corporation is an organization that is approved by your state to conduct business. It is a legal entity separate and distinct from its owners; a separate person in the eyes of the law.
An LLC is a type of business entity that combines several characteristics of a corporation and a partnership. As the name suggests, an LLC offers personal liability protection to its owners for company debts and liabilities. This liability protection is similar to the liability protection offered to shareholders of a corporation.
A nonprofit corporation is a legal entity that is formed for specific purposes. Nonprofits may be involved in a wide range of areas relating to the arts, charities, early childhood education, healthcare, politics, religion, research, sports or some other endeavour.
Any two individuals or businesses can enter into a partnership. Although a partnership does not offer the liability protection to the partners that a corporation can offer to its shareholders, partnerships tend to be less cumbersome, easier to manage from an administrative standpoint and require few, if any, document filings with governmental agencies.