Friday, March 27, 2015

Types Of Business Incorporations

Thinking about starting your own business at the Lake of the Ozarks? Congratulations - that's a big step! There are a lot of things to consider as you get your new startup off the ground. One thing to think about is the manner in which you want to form your business entity. There are a couple of different types of entities, and they each come with their own pros and cons. Here is a quick look at a few your options.

Sole Proprietorship

Sole proprietorships are possibly the simplest form of business corporation. Sole proprietorships have only one owner, and businesses will automatically be categorized as sole proprietorships until the owner selects otherwise.

PROS
  • Allows for easier taxes (only one tax return is required for business and personal)
  • Allows for lighter paperwork
  • As the sole owner, he/she is free to make all key decisions and adjust as quickly as desired
CONS
  • Owners are personally liable for all of the business debts and obligations
  • The business is entirely dependent on the sole proprietor (if he/she becomes ill or incapacitated, the business could be terminated)

C Corporation

C corporations (also called C corps) are the most common type of business incorporation, but they aren't always a top choice among small business owners. C corporations allow for multiple owners (also called shareholders). C corps may help to limit the amount of personal liability each shareholder has for the corporation's debts.

PROS
  • Allows for flexible profit-sharing among shareholders
  • Allows for an unlimited number of shareholders
  • Ownership can be easily transferred
  • Owners may not be personally liable for the corporation's business debts
  • Corporations will not automatically dissolve in the event of the owner's death
CONS
  • May be subject to increased taxation (the owner's salaries are taxed, and so are the business profits)
  • May require an increased amount of paperwork (corporations are required to host regular meetings and to keep detailed minutes of every minute)

Partnership

If more than one person owns the business but there are not enough people involved to go with a C corp, a partnership could be a good solution. In a partnership, both owners share equal profits and debts for the company. Partnerships begin as soon as two people start a business together, even if no formal paperwork is signed.

PROS
  • Easy to establish
  • Each partner is free to use his/her own unique strengths
  • Allows for great flexibility
CONS
  • Partners are personally liable for all of the business debts and obligations
  • Decisions may require the consent of both partners
  • Well over 50% of partnerships dissolve within their first year

Limited Liability Company

Limited liability Companies (LLCs) offer their own unique blend of corporations, sole proprietorships and partnerships. While they are not corporations, they do offer some of the liability protection that corporations do. Unlike sole proprietorships, LLCs allow for multiple owners.

PROS
  • Allows for an unlimited number of owners
  • Owners may not be personally liable for business debts and obligations
  • The business owners  are free to elect the management structure of the business
  • The company will not necessarily dissolve automatically  in the event of an owner's death
CONS
  • LLCs require less structure, which can cause potential pitfalls down the road if proper operating agreements are not in place
  • Many LLCs are taxed like many self-employment companies, which means the taxes may be higher
  • Owners may not have specific roles, which can cause confusion (especially when determining who has the authority to make the final say or to sign a contract)

Contact O'Donnell Law Center For Help Incorporating Your Business

If you're thinking about starting your own business at the Lake of the Ozarks, we encourage you to set up an appointment with our Camden County business attorney. We can walk you through the basics of setting up your own company and help you determine which incorporation method will best suit your needs. We look forward to working with you!

Call the most trusted law firm at the Lake of the Ozarks to get started today.

O'Donnell Law Center

We Carry Your Burden ~ You Carry On With Life.

Disclaimer: No attorney-client relationship is created by the publication of this blog.


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Phone: (573) 552-0317

O'Donnell Law Center, LLC
1026 Palisades Blvd. Suite 3
Osage Beach, MO  65065
(Located on the McDonald's Side of the Building)

Friday, March 20, 2015

Incredible Benefits Of Having A Good Lawyer

Oh, I don't need a lawyer. I can handle this myself.

I don't have the money to hire an attorney.

I don't trust lawyers.

Maybe you've heard someone make these statements before - or maybe you've even made them yourself. At O'Donnell Law Center, we work hard every day to revolutionize people's impressions of attorneys at the Lake of the Ozarks. What many people may not realize is that the benefits of a trustworthy, reliable Camden County attorney cannot be overstated.


Your Lawyer Will Have Your Back

When dealing with legal issues, it can feel like the world has turned against you. Potential pitfalls seemingly lie around every corner, and navigating these issues can be both challenging and scary. The team at O'Donnell Law Center will have your back during these difficult times, and we will be here to guide you throughout the process.

Your Lawyer Will Defend Your Rights

Some people are not aware of the all the rights that are guaranteed to them. Did you know, for instance, that you may be entitled to financial compensation if you are unable to work due to an injury on the job? Your attorney will be able to identify the rights you are entitled to and can help you ensure that they are protected at all times.

Your Lawyer Could Save You Money

If you are not familiar with standard legal proceedings, you can't be expected to know the best strategies to handle your case. An experienced attorney, on the other hand, is intimately acquainted with the ins and outs of the law and can give you the best chance of winning a case, which may bring you financial compensation. While you will spend some extra money upfront in order to hire your attorney, the skills and knowledge they bring to the table has the potential to save you money in the long run.


Your Lawyer Can Provide An Objective Advantage

Legal cases are almost always emotionally involved - especially those dealing with criminal or family law at the lake of the Ozarks. When emotions are running high, it is difficult to critically evaluate the situation and determine what the best options are. Your lawyer will be able to provide an objective opinion on the matter and can help you navigate the challenges.

O'Donnell Law Center Is Here For You.

If you find yourself in need of legal assistance at the Lake of the Ozarks, we encourage you to stop by and introduce yourself to the team at O'Donnell Law Center in Osage Beach, MO. We have the expertise you need and the experience you can trust to give your case a competitive advantage. We look forward to working with you.

Call the most trusted law firm at the Lake of the Ozarks to get started today.

O'Donnell Law Center

We Carry Your Burden ~ You Carry On With Life.

Disclaimer: No attorney-client relationship is created by the publication of this blog.


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Phone: (573) 552-0317

O'Donnell Law Center, LLC
1026 Palisades Blvd. Suite 3
Osage Beach, MO  65065
(Located on the McDonald's Side of the Building)

Thursday, March 12, 2015

Criminal Law FAQ

When people hear the word "criminal," they tend to get very nervous very quickly. Most people are aware that criminal law potentially comes with serious, life-altering consequences, but they may not be familiar with the types of proceedings that frequently accompany criminal cases. In an attempt to clear up some of the misunderstandings that frequently surround criminal cases at the Lake of the Ozarks, the team at O'Donnell Law Center is here to answer some frequently asked questions about criminal law.


I've Been Accused Of A Crime. What Do I Do?
It is in your best interest to contact a criminal defense attorney as quickly as possible if you have been accused of a crime (or if you think you might be in the near future). Your attorney will be able to coach you on how best to proceed.

I'm Innocent. Do I Still Need An Attorney?
Yes. Unfortunately, it is not entirely uncommon for individuals to be accused (and incarcerated) for crimes they did not commit. If you have been wrongly accused, it is especially important to hire a Lake of the Ozarks criminal defense attorney to represent you.

What Does It Mean To Be "Bailed Out" Of Jail?
If people are jailed before their court dates, they can be "bailed out" under the agreement that they will return to court on the specified dates. Bail is essentially a form of financial reassurance that the defendant will appear in court; after the case is over, the defendant may receive a bail refund if cash versus surety through a bondsman was posted.

The Police Are Asking Me Questions. Do I Have To Answer?
Under the Fifth Amendment, suspects have the right to remain silent.   As the saying goes, anything that you say can and will be used against you in a court of law. Don't risk accidentally incriminating yourself - even if you are innocent. If you have been charged with a criminal offense or are under investigation at the Lake of the Ozarks, consult a criminal defense attorney at the Lake of the Ozarks before you make any statements.


What Is The Difference Between Probation And Parole?
Probation and parole are very similar, but they refer to different periods of time in a person's sentence.
  • Probation is a kind of oversight that occurs for a specified period of time after the resolution of the charge, and does not necessarily follow a sentence of incarceration. During probation, the defendant may continue to live and work in the community as long as he/she agrees to abide by certain rules, regulations and conditions ordered by the Judge and sometimes the probation officer.  A violation of probation can result in a sentence being served.
  • Parole is also a kind of oversight that occurs for a specified period of time after part, but not all of a sentence of incarceration in jail or prison has been served.  It comes with rules and regulations that must be followed, and a person who violates his or her parole risks being sent back to jail or prison to finish serving the sentence.
In both probation and parole, failure to comply with the stated conditions can result in incarceration.

Is There A Difference Between Jail And Prison?
Yes. Jails are run by local sheriffs and governments, whereas prisons are run by the Prisons and Corrections office of each state. Jails are typically used to hold people who are awaiting trial or other resolution of their case and those who have received a sentence of one year or less. Prisons, on the other hand, are used to house individuals who have been convicted of a felony offense and sentenced  to a year or more of incarceration.

Contact O'Donnell Law Center For Quality Legal Assistance
If you have questions about or if you are facing criminal charges at the Lake of the Ozarks, it is important to seek help immediately. The team at O'Donnell Law Center is ready to bring our experience to your case.

Call the most trusted law firm at the Lake of the Ozarks to get started today.

O'Donnell Law Center

We Carry Your Burden ~ You Carry On With Life.

Disclaimer: No attorney-client relationship is created by the publication of this blog.


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Phone: (573) 552-0317

O'Donnell Law Center, LLC
1026 Palisades Blvd. Suite 3
Osage Beach, MO  65065
(Located on the McDonald's Side of the Building)

Thursday, March 5, 2015

Consequences of a DUI

Don't drink and drive.

Drink responsibly.


Always have a designated driver.


Thanks to our parents, our friends, and the media, we all have these warnings drilled into our minds from a young age. You probably hear these words often, but have you taken the time to really internalize them? If you operate a vehicle with alcohol in your system, you not only risk facing serious legal charges - you risk the lives of others. If you operate a vehicle after you have been drinking, you risk being charged with a DWI (Driving While Intoxicated).



As the Lake of the Ozarks' trusted DWI defense attorney, we're here to help you deal with the consequences of a driving while intoxicated arrest.


DWI ~ First-Time Offenders

A DWI is a very serious charge and it comes with very serious consequences. Even if it is your first offense, you will face serious repercussions. Examples of consequences for a first-time offense often include:
  • $500 in fines, plus court costs
  • 8 points on your driver's license
  • Denied or restricted driving privileges for 30 to 90 days
You may even face up to 6 months in jail. You may also have an ignition lock installed on your vehicle, which will require you to pass a breathalyzer test before you can turn on your vehicle.

DWI ~ Repeat Offenders

If you are charged with a DWI for a second time, the consequences are much more serious. If it is your second offense, you may be faced with:
  • $1,000 in fines
  • 12 points on your driver's license
  • License suspension for 1 year
  • Jail time and probation
  • Ignition interlock device
  • Alcohol evaluation and treatment
You may also be required to take (and pass) both the written and driving portions of the Missouri Driving Test before you are allowed to drive again.

If it is your third offense, you will be likely be charged with the maximum punishments allowed by Missouri law. This will most likely include:
  • Several thousand dollars in fines and costs
  • 12 points on your driver's license
  • Felony conviction with up to 4 years of prison time
  • Loss of license for 10 years

DUI ~ Lifelong Consequences

Even after you are allowed to drive again, your felony DWI will remain on your criminal record forever. Consequently, it can impact you for the rest of your life. Lenders, future employers, and educational institutions will all be able to learn that you were convicted of a felony DWI. 

However, there may be ways to reduce the consequences of your DWI arrest. If you are facing a DWI in Missouri, contact our Lake of the Ozarks DWI defense attorney immediately.

Call the most trusted law firm at the Lake of the Ozarks to get started today.

O'Donnell Law Center

We Carry Your Burden ~ You Carry On With Life.

Disclaimer: No attorney-client relationship is created by the publication of this blog.


Like us on Facebook
Follow us on Twitter
Follow us on Pinterest
Connect with us on LinkedIn
+1 us on Google+

Phone: (573) 552-0317

O'Donnell Law Center, LLC
1026 Palisades Blvd. Suite 3
Osage Beach, MO  65065
(Located on the McDonald's Side of the Building)