Legal and professional expenses that produce long-term benefits are non-deductible capital expenses that are included in the cost of ownership. The proof of the origin of the claim determines if a legal expense is related to an ordinary and necessary business activity or to a capital asset.
A prepaid legal services plan is a type of insurance plan that several different companies offer and market through employers, unions, and credit unions. This type of plan provides an overview of legal coverage and the benefits it offers.
A legal entity is any business organization that has been legally authorized to enter into contracts. It is important for compliance and legal operations teams as it provides an efficient way to manage their operations.
Learn about the five main legal characteristics of a public limited company - limited liability, shareholder ownership, double taxation, continuity of useful life and professional management.
Learn what makes a contract legally valid and enforceable so you can protect your rights when entering into any kind of agreement.