An easements grants a person or entity the right to use a part of real estate they don't own for a specific purpose.
Types of Easement in California
There are four types of easements that can be applicable to your property, including:
Express easements
Implied easement by existing use
Easement by necessity
Prescriptive easements.
Express Easement
Express easement is created either through a reservation or a grant. In case of a granted easement, the landowner provides a person or the entity with the ability to use the land for right of way purposes. In the case of a reserved easement, one person sells the land to another but reserves an easement for their own benefit.
Implied Easement by Existing Use
Implied easements arise when land divides into two parts, and the owner used one part for the benefit of the other before the division. An implied easement doesn’t need to be in writing, unlike express easements.
Easement by Necessity
An easement by necessity occurs when use of the land is unconditionally necessary. Easement by necessity doesn’t require preexisting use of the land. If someone’s property blocks them in, they may need to use a portion of another person’s property to reach the street.
Prescriptive Easement
A prescriptive easement can be granted when one person continued to use a portion of another person’s land for a specific period of time. A court can grant a prescriptive easement even if the owner never allowed others to use their land.
Scope of the Easement
Scope of the easement refers to how the easement can be used which is determined by the type of easement.
The scope of express easements limits to the terms of the easement.
The scope of an implied easement limits land use to how the owner used it before creating the easement.
An easement by necessity limits its scope by the degree of necessity.
The scope of a prescriptive easement typically limits the land's use to how the owner originally used it.
Real Estate Attorney
For more information regarding easements, land use, property rights, and or development laws, we invite you to contact KAASS LAW today at (310) 943-1171.
Terminating an Easement in California
In California, various circumstances can lead to the termination of an easement, depending on its type and how the parties have used or managed it over time. Factors such as expiration of a set term, abandonment, misuse, or a written release from the easement holder can all bring an easement to an end. 1. Expiration of term or accomplishment of purpose. An easement terminates when the parties establish it for a specific term and that term expires. Once the agreed-upon time period ends, the easement holder no longer has any legal right to use the property under the original agreement. 2. Merger. If the dominant and burdened parcels become the property of the same person, the easement generally terminates. 3. Written abandonment. The holder of an easement may waive his or her right by signing a written waiver. To ensure enforceability, the property owner must usually record the waiver in the official land records maintained by the county recorder’s office. This step creates a public record of the waiver and provides notice to any future buyers, lenders, or interested parties. 4. Termination. An easement terminates when the owner takes clear actions that demonstrate an intent to abandon its use. Mere non-use does not qualify; the owner must engage in conduct that shows a decisive and purposeful relinquishment of the easement rights. 5. Abuse or Excess of Rights. If one party abuses the easement, the court can step in to either modify its terms or terminate it entirely. The court takes such action when the easement holder exceeds the scope of their legal rights or uses the easement in a way that unfairly burdens the property owner.
Disputes and Proceedings to Establish Title
If a dispute arises over the existence or scope of an easement, the parties may file a quiet title action. This action allows the court to formally determine the parties' rights to the property. This includes the existence, absence, or termination of an easement.
Easement Legal Assistance
The proper creation, protection, and termination of easements requires knowledge of California real estate law. Mistakes in these matters can result in loss of property and costly litigation. If you have questions regarding easements, contact KAASS LAW. Call us at 844-522-7752 for a free consultation.
In California if a person wants to sell an investment property and wishes to buy another one, he/she should be aware of the 1031 tax-deferred exchange. This procedure allows the owner of investment property to sell the property and purchase like-kind property while deferring capital gains tax
What is a 1031 Exchange?
The name of 1031 exchange gets from the U.S. Internal Revenue Code Section 1031 according to which a person can avoid paying capital gains taxes when selling an investment property and reinvest the proceeds from the sale in a property or properties of like kind and equal or higher value. According to the Internal Revenue Code Section 1.1031, no loss or gain is recognized in case the property held for productive use in a business or trade for investment is exchanged exclusively for the property of a like-kind to be held either for productive use in a business or a trade or for investment.
Types of Real Estate Exchanges in California
There are several types of real estate exchange when you wish to participate in a 1031 exchange
How Was Cultivating Marijuana Treated Before Proposition 64?
Cultivating marijuana in California was treated as a felony offense under Health and Safety Code Section 11358 before Proposition 64. A felony is a criminal offense punishable by serving one year or longer in prison.
How Does Proposition 64 Change Laws Relating to Cultivating Marijuana?
Proposition 64 went into effect on January 1, 2018, making it legal for individuals 21 years or older to grow marijuana for recreational purposes. Additionally, the sale of marijuana has also been legalized for those business entities that have been licensed to do so.
What Are the Changes Made as a Result of Passing Proposition 64?
California is a state that has been at the forefront of the marijuana legalization movement. The passing of Proposition 64 has led to some new changes that may impact those who grow marijuana there. If you are looking to grow marijuana and have been wondering what your options are now, read on.
Is it Legal to Grow Marijuana?
Yes, it is legal to grow marijuana in the state of California as per the passing of Proposition 64.
What is Proposition 64?
Proposition 64 is formerly known as the Control, Regulate, and Tax Adult Use of Marijuana Act. Per Proposition 64, adults ages 21 years or older may possess and grow a specified amount of marijuana for recreational use only. Under Prop 64, individuals are only allowed to grow up to only six (6) marijuana plants for recreational use. It is important to keep in mind, however, that possession of recreational marijuana is still a crime if it violates the Health and Safety Code Section.
What is One of the Health and Safety Code Sections Associated with Proposition 64?
Health and Safety Code 11358 HS is one of the associated codes associated with growing marijuana. Specifically, this code section defines the crime of illegal cultivation of marijuana if someone aged between 18 to 20 years old cultivates marijuana. This crime is considered an infraction that is punishable by a maximum fine of $100. An infraction is a violation of the law but is it is not considered to be a crime, unlike a felony or misdemeanor.
In an age where technology continues to develop, liabilities for professionals and businesses evolve as well. Many businesses, such as Youtube content creators and other media and advertising professionals, are purchasing cyber liability insurance to protect themselves.
What is Media Liability Insurance?
Media liability insurance is an insurance policy that protects media-related businesses. This includes publishers, broadcasters, advertising agencies, content creators, and video or film producers. It offers broad protection to help policyholders with the costly damages resulting from a variety of media-related claims.
What Does Media Liability Insurance Cover?
The term “media” is a broad term. As such, media liability insurance should be customized to fit the content creators' needs. Media liability policies protect the insured from common media and entertainment-related liability risks, which may include, depending on the policy:
In California, you can sue for injuries sustained in a horse-riding equestrian accident. An injured party may be entitled to damages, such as medical expenses and pain and suffering.
Who is Liable for a Horse-Riding Accident?
Liability for an injury sustained in a horse-riding accident may attach to:
Horse trainer;
The property owner where the accident occurred;
The horse owner;
The riding club;
The company that made defective riding equipment (products liability)
The company that operates the horse-riding/horse-back riding service and/or
Other riders, etc.
Common Causes of Horseback Riding and Equestrian Accidents
Common causes of action in horseback riding and equestrian accidents include the following: General Negligence: Often times horseback riding accidents and injuries occurs due to the equestrian club and or riding agency’s negligent actions. Common negligent action on part of the equestrian club includes failure to the instructor to train new riders, failing to properly train a horse, or failure to properly fasten saddles and girths to the horse. : Horseback riders can sustain injuries due to the use of defective riding equipment such as defective saddles, defective riding helmets, defective girth, and bridles. In order to succeed on a product liability claim, the plaintiff must prove that the existence of a defect in the product substantially increased the risk of harm to the end-user. A plaintiff may prove the existence of a defect in a product in 3 ways. (1) Defect in the manufacturing process of the product; (2) Defect in the product's initial design; and (3) Failure to warn. : Injuries sustained in horse-riding accidents can be caused by defective riding trail conditions including. Under premises liability, owners and operators of the property/land are liable for any injuries caused by known and knowable dangers.
Penal Code 21810 PC is a California law that prohibits the possession of brass knuckles. Penal Code section 21810 PC and may result in jail time and/ or significant fines.
What is a Brass Knuckle?
A brass knuckle is a metal instrument with finger holes that a person inserts their fingers into. Such as rings with spikes on their outer surface and ball bearings inside those holes.
Penal Code Section 21810 PC
Under Penal Code 21810 PC, it is illegal in California to make, import, sell, give, or possess metal knuckles or brass knuckles ("BKs"). This, therefore, constitutes a wobbler offense. In other words, prosecutors can, depending on the circumstances, elect to file the charge as either a misdemeanor or a felony.
Penalties for a Misdemeanor Penal Code Section 21810 PC Violation
The penalties for a misdemeanor 21810 PC violation is punishable by:
Imprisonment in the county jail for up to one year; and/or,
A maximum fine of $1,000
Penalties for a Felony Penal Code Section 21810 PC Violation
Penalties for a PC 21810 violation is punishable by:
Typically, dermal fillers are injected into the face, such as the forehead and lips. Dermal fillers are also used as a way to help diminish facial lines and restore volume and fullness in the face. The injection of dermal fillers has grown popular within the past few years. According to the American Society of Plastic Surgeons, there has been approximately 2.6 million dermal filler injections in 2018 alone. Unfortunately, if these injections don't go proceed as follows, they are at risk of a Products Liability Defective Dermal Filler.
What Are the Responsibilities of the Federal Food and Drug Administration?
According to www.fda.gov, the FDA is responsible for protecting public health by ensuring the safety, efficiency, and security of human drugs as well as medical devices that ensure the safety of the nation’s food and cosmetic supply.
What Are Some Common Dermal Fillers?
Some of the more common dermal fillers include the following: calcium hydroxyapatite, hyaluronic acid, polyalkylimide, polylactic acid, and polymethyl-methacrylate microspheres.
What Are Unapproved Dermal Fillers?
Dermal fillers such as Injectable silicone is not approved for any aesthetic procedure. Silicone injections can lead to long-term pain and injuries such as infections, scarring, permanent disfigurement, stroke, and death.
Tenancy in common is established when two or more individuals place their names on the deed to the property and therefore own the property together. A tenant can own unequal shares and can have different ownership interests. Owning property via a tenancy in common has grown in popularity due to property price increases.
What Does Type of Property can a Tenancy in Common Apply to?
Tenancy in common can apply to office buildings, undeveloped land, office space, or a house.
What are Space Assignment Co-Ownership Tenancy in Common?
Property can be held as a space assignment co-ownership tenancy in common. Essentially, these are similar to condominiums in that an individual assigns houses, apartments, rooms, officers, stores, or storage spaces to each owner. Additionally, particular tenants in this configuration have rights created in a contract that are signed by all co-owners. A space assignment co-ownership tenancy in common can be more popular because local condominium conversion restrictions do not apply to tenancy in common conversions.
Is a Tenancy in Common Conversion Legal Everywhere?
In California, individuals may form a space assignment co-ownership tenancy in common for any commercial or residential building. Furthermore, the location of the building, its zoning, size, layout, age, unit mix, or construction do not matter for regulatory purposes.
The first step in starting a business is to gain a business formation. In general, there are four types of business formation in Californian. They include:
Sole proprietorship;
Partnerships;
Limited Liability Companies;
Corporations
What Is the General Definition of a Corporation?
A corporation is an organization through which a business is conducted. It is a legal entity incorporated in certain jurisdictions by its founders. Like a physical person, a corporation has its rights and obligations. However, the latter shall not be attributed to the owner(s) of a corporation, since they are distinct from each other.
What are the Characteristics of a Corporation?
Corporations as a rule have several of distinctive characteristics that altogether separate them from the other types of legal entities and help to obtain certain rights and obligations. Many specialists in the field of corporate/business law distinguish characteristics of corporations that overlap one with the other. Many lawyers believe that the central attributes of the corporations are:
One type is a simultaneous exchange when a 1031 exchange happens on the same day. This type of exchange can take place in two separate ways:
The first way is where a person swaps deeds with the owner of the other investment property
The second way is a three-party exchange. This occurs when the transaction between a person and the owner of the other investment property is enabled by a third party called a Qualified Intermediary, who handles the entire exchange.
Delayed Exchange: 1031 Exchange
The most common type of 1031 exchange is called a delayed exchange. 1031 Exchange occurs when a person sells a property, receives the money, and buys the property after a delay, which could be from one day to several months before getting the replacement property. A person has 45 days to identify a new property and 180 days to close the transaction In the event, a property investor fails to buy a replacement property within the time limits, the property investor will have to pay capital gains on the proceeds from the property sale.
Improvement or Construction Exchange
This is a type of exchange that allows the person to make improvements to the property before the actual exchange happens. In this case, the property is placed with a capable intermediary for 180 days and within this period a person can use the exchange equity to make the required improvements. However, there are three separate requirements that you must meet But in case a person wants all gains to be free from taxes he must follow these rules:
all exchange equity must be spent as a down payment or by making construction and improvements to the property within 180 days.
The taxpayer must get the same property that was identified on the 45th day
The property must be at an equal or greater value once it is given back to the taxpayer
Reverse Exchange
This type of exchange allows the person to find and purchase an investment property before selling his own investment property. This helps the person to wait to sell his property until the market value of the property increases. In this case, the transaction mainly occurs with 100 percent cash. A person has 45 days to determine which one of his investment properties will be relinquished and after that he 135 days to complete the sale. For more information regarding 1031 exchange or investment proeprties we invite you to contact our real estate attorney at (310) 943-1171 today.
Cultivating up to 6 marijuana plants (Health and Safety Code Section 11358)
Before Proposition 64: Felony
After Proposition 64: Legal for ages 21 years and older
Cultivating more than 6 marijuana plans (Health and Safety Code Section 11358)
Before Proposition 64: Felony
After Proposition 64: Misdemeanor
Possession of marijuana for sale without a license (Health and Safety Code Section 11359)
Before Proposition 64: Felony
After Proposition 64: Misdemeanor if 1st and 2nd offense
Sale and transportation of marijuana without a license (Health and Safety Code Section 11360)
Before Proposition 64: Felony
After Proposition 64: misdemeanor if 1st or 2nd offense
Can You Apply for Resentencing After Passing Proposition 64?
Individuals convicted prior to the passing of Proposition 64 may apply for resentencing. Resentencing under Proposition 64 may lead to an immediate release from jail. However, this may be contigent on how much time you have served.
How Do You Apply for Proposition 64 Resentencing?
An individual can make an application to the court to have their sentence reduced. This is true for individuals who are currently serving time related to marijuana crimes they were convicted of before the passing of Proposition 64. Typically, judges presume that individuals applying for such a request have met the criteria for Proposition 64 resentencing. However, this may not be the case should the prosecutor oppose the petition by proving clear and convincing evidence that the individual does not meet the criteria for resentencing. However, judges are supposed to resent individuals so long as the individual does not pose an unreasonable risk of danger to public safety.
Los Angeles Criminal Defense Attorney
Are you in need of legal advice or services from an attorney? We invite you to contact our Los Angeles criminal defense attorney at (310) 943-1171 for assistance. KAASS Law is always standing by and ready to provide legal assistance.
What are the Restrictions Associated with Growing Marijuana?
Some of the restrictions associated with growing marijuana pertain to the individual’s age who decides to grow marijuana. As previously mentioned, individuals aged between 18 to 20 years old may be cited with an infraction. Additionally, an individual is not permitted to grow more than six (6) hash plants. This would lead to county jail time of up to six (6) months as well as possibly being fined up to $500. Further, an individual must grow the hash plant indoors or on the premises of their own private property, lock the space efficiently, and grow the plants in an area that is not visible from a public place.
California Marijuana Cultivation Attorney
If you or someone you know is interested in growing marijuana for recreational use, contact our KAASS LAW firm at (310) 943-1171. Our attorneys can provide you with a consultation on your case and provide legal assistance to make sure you are in compliance.
Breach of a license agreement and/or breach of the product placement agreement
Unauthorized use of material, trademark, or names
Invasion of privacy
Defamation
Libel
Slander
A media liability policy will usually cover the cost of any settlements and judgments against the insured, as well as necessary defense costs and other miscellaneous legal fees.
Other Media Liability Insurance Coverages
Other media liability insurance policies may also protect subsidiaries, directors, officers, and business employees. The cost of defending a liability claim can be financially devastating for any organization. Agents need to review all the nuances of their client’s organization(s) to ensure that the coverage they can offer is broad enough to cover all necessary entities without leaving any gaps in coverage.
Other Policies for Media and Advertising Businesses
Advertising agencies, social media companies, publishers, and other media and advertising professionals should also consider other covereages including:
General liability insurance: A general liability policy can cover expenses related to third-party bodily injury or property damage, including medical bills and legal costs.
Media liability insurance: Media liability insurance is also referred to as professional liability insurance. This policy protects media and advertising professionals against lawsuits related to advertising injuries.
Los Angeles Business Litigation Attorneys
If you are a content creator and have been served with a lawsuit for works that you have published, we invite you to contact our Los Angeles business litigation attorneys at (310) 943-1171 today.
Why It Is Important to Have Media Liability Insurance
With the rapid growth of digital content and the popularity of platforms such as:
YouTube
TikTok
Instagram
Content creators and producers face increasing risks. Even unintentional mistakes can lead to costly lawsuits. For example, using an unauthorized music track can result in a claim from the copyright holder. This is why media liability insurance is an important step for anyone working in the digital media industry. In addition to protection against defamation or copyright infringement claims, the policy can also cover costs arising from:
Public misinterpretation of content
Publishing errors or data leaks resulting from publishing activities
This is especially important for bloggers, influencers and channel owners who do not have a full-fledged legal department.
How to Formalize Media Liability Insurance?
The insurance process begins with an analysis of the specifics of the content creator's activity. The insurance company studies the type of content created, the platforms used, and the potential legal risks. The insurer then selects a policy with coverage that best meets the needs of a particular client. Some insurance companies offer additional options, including coverage for claims related to violations of advertising laws. It is important to note that standard general liability policies do not cover risks related to defamation or invasion of privacy. Therefore, the purchase of media liability insurance plays an important role.
Who Should Consider Such a Policy?
The policy can be useful for:
Video bloggers
Streamers
Music producers
Podcasters
PR Agencies
Creative Studios
Internet media and publishers
If you are an independent developer working on a freelance basis, this insurance can not only protect you, but also increase your clients' confidence.
Legal Assistance
If you have received a subpoena related to your content, seeking help in a timely manner can make a difference in the outcome of the case. The team at KAASS LAW provides legal defense for writers, bloggers, producers, and others in the media industry in California. Contact us for a free consultation at 844-522-7752. https://youtu.be/WUVj8MxSD84
What Compensation is Available in a Horse-Riding Accident
If someone suffers an injury in a horse-riding accident, they can seek compensation for the following:
Medical expenses incurred resulting from the accident;
All future medical and rehabilitation expenses;
Lost wages and salaries including loss of future income;
Non-economic damage, such as pain and suffering
The statute of limitation for filing a civil lawsuit in a horse-riding accident is 2 years.
Personal Injury Attorney
If you or a loved one has been injured in a horse-riding accident, we invite you to contact KAASS LAW at (310) 943-1171 for a free consultation and case review.
Additional Circumstances Affecting Liability
In some cases, the determination of liability may depend on the specific relationship between the parties involved in the incident. For example, if an injury occurs during a paid horseback riding lesson, the instructor has a duty to ensure the safety of the client. Failure to fulfill this duty may result in the company being held liable for negligence. In addition, a signed waiver of liability does not always exempt the defendant from legal consequences. In California, courts look at the circumstances of the case. Especially if the defendant's conduct goes beyond ordinary negligence and approaches gross negligence. Therefore, with a signed waiver, an injured person can still file a lawsuit.
Proving Negligence
To successfully bring a negligence claim, four key elements must be proven:
The defendant had a legal duty of care
The defendant breached that duty
The breach of duty was the proximate cause of the injury
The plaintiff suffered damages as a result of the breach
In the case of horseback riding, such duties may include:
Regularly inspecting the condition of the horses
Checking equipment
Instruction
Selecting suitable routes, especially for beginners
Gathering Evidence and Testimony
It is important to gather evidence as soon as possible after an accident. Such as:
Medical records
Photographs of the accident scene
CCTV footage
Witness contact information
Contracts and agreements with the club or trainer
You may also need the opinion of equine or veterinary experts. To confirm that there is a defect in the equipment or that the animal is unfit for use.
Non-pecuniary Damages
In addition to economic losses, the injured party is entitled to compensation for:
Physical pain
Mental suffering
Loss of enjoyment of life
Interference with a normal way of life
The court may consider the severity of the injuries, the length of recovery, and the impact on personal activities.
Contact KAASS LAW
If you have been injured in an equestrian accident, it is important to consult with an attorney as soon as possible. Contact KAASS LAW at 844-522-7752 for a free consultation. We will analyze the details of your case and explain your legal rights and options.
Imprisonment in a county jail for up to three years; and/or,
A maximum fine of $10,000.
Other Related Offenses
There are three related offenses to brass knuckles. These include:
Penal Code 20710 PC Shobi-Zue – any person in this state who manufactures or causes to be manufactured, imports into the state, keeps for sale, or offers or exposes for sale, or who gives, lends, or possesses any shobi-zue is punishable by imprisonment in a county jail not exceeding one year or imprisonment pursuant to subdivision (h) of Section 1170.
Under Penal Code 20610 PC - any person in this state who manufactures or causes the manufacturing of, imports, keeps for sale, offers for sale, gives, lends, or possesses any lipstick case knife faces punishment by imprisonment in a county jail for up to one year or imprisonment pursuant to subdivision (h) of Section 1170.
Penal Code 22410 PC Shurikens -any person in this state who manufactures or causes to be manufactured, imports into the state, keeps for sale, or offers or exposes for sale, or who gives, lends, or possesses any shuriken is punishable by imprisonment in a county jail not exceeding one year or imprisonment pursuant to subdivision (h) of Section 1170. A shuriken, for example, also goes by the names "Shur," "throwing star," or "ninja star." Therefore, it is important to understand these alternate names when discussing the item.
Los Angeles Criminal Defense Attorney
If you or a loved one faces charges under Penal Code 21810 PC, call our Los Angeles criminal defense attorney at (310) 943-1171 for a free consultation and case review.
Possible Defense Strategies for a Charge of Violating California Penal Code Section 21810
There are a number of legal defense strategies that can be used depending on the circumstances of the case. A criminal defense attorney can evaluate the situation and choose the best line of defense for their client.
Lack of Intent or Knowledge
One possible defense is lack of intent to possess or lack of knowledge of the presence of brass knuckles. The law requires the prosecution to prove that the defendant knowingly possessed the prohibited item. For example, if a person was using someone else's car and was unaware of the presence of brass knuckles inside, this could be a defense argument.
Unlawful Search and Seizure
There may also be a possible defense based on a violation of the Fourth Amendment to the U.S. Constitution, which prohibits unreasonable searches and seizures. If brass knuckles were discovered during a search conducted without a proper warrant, an attorney can file a motion. If the court grants the motion, the charges may be reduced or dismissed altogether.
Lack of Evidence of Intent to Use Brass Knuckles as a Weapon
Another defense argues that the item does not qualify as a weapon. For example, the defendant may show that the item was designed as:
A costume piece
Jewelry
A souvenir
And the defendant did not intend to use it to commit an assault. This may be a circumstance in his favor.
Exceptions for Certain Persons
It is important to note that in some cases, the law allows the possession of brass knuckles if it is related to:
Professional work
Scientific work
Use in the film industry
However, such cases require special permits. An attorney can use the existence of such a permit as an element of the defense.
Contact a KAASS LAW Criminal Defense Attorney
If police charged you with unlawful possession of brass knuckles under California Penal Code Section 21810, contact a qualified attorney immediately. Violating the law can have serious consequences, including fines and jail time. KAASS LAW has the experience and knowledge necessary to protect your rights. Call 844-522-77-52 for a free consultation with an attorney.
Products become defective when there is something wrong with them, which can cause unwanted side effects or illnesses. Defects in dermal fillers can lead to extremely serious reactions to the face, such as blindness, stroke, and vision abnormalities. Furthermore, the risks associated with unapproved uses of dermal fillers by the FDA or unapproved products may be more severe.
How Can You Protect Yourself From Dermal Filler Products?
Individuals can protect themselves from potential injuries by not purchasing dermal filler products online. Oftentimes, such products can be counterfeit or not approved for use in the United States. In some cases, the FDA may not have reviewed and or approved the use of certain dermal fillers to be used for all locations of the body.
Seek Help From an Attorney If You Suffered Injury from a Defective Dermal Filler Product
If you have been hurt by a dermal filler and would like to seek legal representation, contact our Los Angeles personal injury attorney at (310) 943-1171 for a consultation. Our attorneys evaluate the details of your case and will let you know what to expect and how you can proceed forward. https://youtu.be/FHdO-1AqecM
What are the Tenants in Common Rights and Liabilities?
The following is a list of the rights and liabilities that tenants in common have:
Transfer Ownership Rights in Tenants in Common Property Ownership
Each tenant in common has the right to transfer their ownership interest to a third party. Essentially, the tenant in common can sell, gift, or mortgage their share. Should the other tenants in common be negatively affected by this transfer, the owners must all agree to the transfer.
Income from Property Rights in Tenants in Common Property Ownership
Each tenant in common has a right to share the income produced from the property. Thus, each tenant in common may receive the income that is proportional to their share of ownership interest they have on the property.
Property Expenses Responsibility in Tenants in Common Property Ownership
Each tenant in common shares responsibility of the property expenses. This responsibility is based on the percentage of ownership interest each tenant in common owns. To use an example to demonstrate, if a tenant in common has 60% ownership, they will pay 60% of the expenses.
Creditors Interest in Tenants Common Property Ownership
If a creditor gains an interest in the property, all tenancy in common owners may need to sell the property. However, the other tenants in common can be compensated for the sale of the property based on the percentage of their ownership interest.
How Do You Terminate?
A co-owner can terminate the tenancy in common by selling, conveying, or transferring their interest in the property to a third party.
What are the Tax Implications of Tenancy in Common?
In addition to the rights and responsibilities of co-owners, it is important to consider the tax implications of tenancy in common. Each co-owner must declare their share of the property’s income and expenses, if the property is rented out, each co-owner reports his or her share of the rental income on the tax return. Similarly, co-owners share expenses in proportion to their ownership. This means that co-owners must keep clear financial records of all income and expenses.
Can One Co-owner Force The Others to Sell The Property?
Yes, a co-owner can file a partition action - a lawsuit to divide the property. If the other co-owners do not agree to the terms of ownership, one of them can go to court. This forces the sale of the property or allocates their share. Often, the court will order the sale of the entire property, followed by a distribution of the proceeds to the co-owners. Thus, even if most unit owners oppose the sale, the court can still order it.
What are The Alternatives?
As an alternative to court partition, co-owners may enter into a tenancy in common agreement. Such a document governs:
The use of the property
The distribution of income
The payment of expenses
The mechanism for resolving disputes
This is especially important if the owners are not related or do not live together. The contract will help prevent conflicts and avoid lengthy litigation in the future.
California Real Estate Attorney
If you thinking of creating a tenancy in common, please contact KAASS LAW. (310) 943-1171 for a consultation. Our attorneys will provide the legal assistance you need to help create a tenancy in common for you.
In most states, it has become a conventional practice when the companies are incorporated without having a temporary existence limitation and only in exceptional cases do the founders/shareholders of the companies decide to have an ending date. If the shareholders decide, at the moment of registration, that the company should have a specified ending date, then the defined date shall be considered as an automated end of the corporation if prescribed in the charter of the company. However, in the prevailing number of cases, the founders of the corporations do not specify an ending date, which means that the corporation can have an ending date only if:
It is declared bankrupt and then liquidated;
The founders decide to liquidate the company accompanied by the court decision.
What is the Aim of Perpetual Existence?
The characteristic of perpetual existence of the corporation gives the shareholders a sense of comfort meaning that the corporation is easily manageable, safer and a stable place to make investments, expect returns without having to worry about the sudden changes. Likewise, this characteristic eliminates any extra expenses the corporation may have taken for the regular updates/addendums in the state registration body. Alternatively, corporations can carry the information as initially prescribed in the charter without spending additional efforts to file any other documents.
Legal Personality with Respect to The Business Entity Formation
A legal personality in the case of companies is decided by the specific types of business organizations, which own separate property and assets (tangible, intangible) and the liability of the latter extends to the assets and investments it committed. The legal persons can acquire and exercise property and non-property rights, carry on responsibilities, act as plaintiffs and/or defendants in courts.
Limited Liability Company
Limited liability is a fundamental doctrine of corporate law. There are many benefits of a limited liability company. The rule of limited liability implies that the investors who make contributions to the equity capital of the company/corporation bear the risks only to the extent of the initial investments and the assets the company possesses. For example, if A and B persons, each owning 50% of the shares in the company, jointly organized, invested 200$ in total to the charter capital of the company, then each of them risks only 100$ and not more than the investment if no other assets are transferred under the property entitlement of the company.
Get in Touch with a Corporate Attorney
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