Christopher T. Craig

Business Law FAQ Part 2

December 5, 2023

Whether you are a seasoned business owner or just toying with the idea of starting a new venture, a business lawyer can help you understand the legalities involved and protect your assets. Here are some of the most FAQ about business law. What’s the difference between a merger and an acquisition? They are similar in that 2 or more entities are joining to become one. How is a C corporation different than an S corporation? Among other more complex differences an S Corp enjoys certain tax advantages over a C Corp, but ownership in an S Corp is limited. What is a non-profit corporation? This is an incorporated entity that provides limited liability to its members, officer and directors, but no individual actually owns the entity. Oftentimes non-profit, non-stock corporations qualify as income tax exempt. What is a Limited Liability Corporation (LLC)? A business entity created under statute and contract law owned by members. LLC’s enjoy traits of a partnership – the LLC is only taxed once at the partner level, and traits of a stock corporation – limited liability of officers, directors and members. What is a corporation? A business entity created under state law and owned by shareholders.

Can I Use Artificial Intelligence (e.g., OpenAI, ChatGPTTM) for Estate Planning?

November 28, 2023

Can Artificial Intelligence write a will? While it is technically possible to use Artificial Intelligence for estate planning, that doesn’t necessarily make it worthwhile. Here are Cook, Craig, and Francuzenko, we understand that hands on, personal estate planning is far better for your piece of mind than ease. In some cases, no plan is better than a faulty plan. When it comes down to it, we want you to have your desired estate plan that serves your purposes, legally, and works effectively without putting undue stress on your loved ones. Here’s what you need to know about using Artificial Intelligence to write a will. What Can Artificial Intelligence Do? ChatGPTTM (for example) is an artificial intelligence product that can generate or creates text based on neutral language programming. It can: Respond to inquiries like a search engine; but instead of separate website suggestions it combines a variety of suggested inputs and provides an answer. Write documents with near-human fluency. Artificial Intelligence can write emails, messages, chats, resumes, cover letters, social media posts, scripts, poetry and more, and it can do so in multiple languages. Simplify topics, terms, analogies, examples and more. Offer multiple solutions to proposed problems. [Related: Estate Planning

Estate Planning Checklist for Active and Retired Military

October 23, 2023

Serving in the military is often a high-risk job, making it important to plan for your family’s future in the event that something happens during your service. At Cook, Craig, and Francuzenko, we are truly grateful for our military and we take pride in helping them plan. That’s why we compiled this estate planning checklist for retired and active military. What is Estate Planning? Estate planning is important for everyone, but especially for those who wear the uniform and put their lives on the line for our freedom. Even in retirement, some face a higher risk of unexpected illness and death. For example, those in war and other high-risk zones have an increased illness and experience stress related illnesses. Having an estate plan helps ensure that your wishes and desires are met for your loved ones, and that your wishes regarding your medical care and finances are met, no matter the circumstances. As a military member you may have estate planning documents prepared by the JAG corps or other military legal services. Those documents are often sufficient at a base line level but can become out of date or no longer relevant as your service and family life get more

Filing Trademark Registration in Fairfax VA

October 19, 2023

Trademarks Filing for a trademark registration protects your business brand, but the process can be involved, intimidating, and overwhelming. A lawyer experienced with trademark applications can help you ensure that your filing is correct and accurate. Here’s what you should know. Trademark Protection The purpose of securing a trademarking registration is to establish the source of goods or services – known as branding. Trademarks allow the public to recognize the source of a good or service. Our business attorneys will help you protect your trademark by: Preparing and filing the trademark application with the S. Patent & Trademark Office (USPTO). Managing USPTO Trademark Examiner inquiries and objections from third parties. Representing the applicant client before the USPTO and Trademark Trial and Appeals Board. Monitoring extensions, statements of use and required declarations, post-registration. Defining Distinctive For the trademark to distinguish a product, it must be unique and “distinctive”. A trademark can include a slogan or words, fonts, logos, or symbols. A trademark cannot be similar to another registered mark, such that it is likely to confuse relevant purchasers or users of the goods and services. Trademark Registration Steps First, we assess whether the mark is capable of trademark registration. If your

FAQ About Estate Law in Virginia

September 26, 2023

What happens if you die without a will? Your probate estate is distributed under the intestate (without a will) laws of your state. What does a will do? A will tells your Executor how to distribute your probate estate. How is my property transferred at death? The answer depends on what type of property (real, tangible intangible) and how your property is owned (only by you? Jointly? With a beneficiary listed?). I’m not wealthy, do I still need estate planning? Yes, if you do not want your probate estate distributed under the laws of your state to your heirs at law. Do I need to create a medical directive? Everyone should have one! What is a power of attorney? A document wherein you name a person as your agent to make decisions for you. How often should I update my estate plan? (i) whenever there is a change I law that affects your estate; (ii) whenever there is change in YOUR life that affects your estate; and (iii) periodically – e.g., every 8-10 years – to ensure that the people and distribution requirements of your choosing have not changed. I’m worried my family