Buy Sell Agreements Templates
Buy Sell Agreements Templates- 50 sample buy sell agreement in pdf sample business sale agreement free 6 buy and sell agreement contract forms in pdf create a firearm bill of sale form download buy sell agreement template nice small business 43 printable agreement examples pdf doc types of listing agreements understanding real estate agent montana buy sell agreement beautiful buy and sell agreement bicycle bill of sale form free forms & templates llc buyout agreement form fresh 45 fresh llc redemption
Buy Sell Agreement, source:pinterest.com
â Free Printable Sales Contract For Car, source:templateral.com
â Free Printable Sales Contract For Home, source:templateral.com
FREE 6 Buy and Sell Agreement Contract Forms in PDF, source:sampleforms.com
Template holder Buyout Agreement Template holder, source:jarbasagnelli.com
50 SAMPLE Buy sell Agreement in PDF, source:sample.net
Create a Firearm Bill of Sale Form, source:legaltemplates.net
EX 10 6 3 ex10 6m EXHIBIT 10 6 Exhibit, source:sec.gov
Selling A Car as is form Lovely Business Lease Template, source:flaminke.com
Sample Example & Format Templates Free Excel, Doc, PDF, xls sell agreement template australia sell agreement template california sell agreement template free car sale payment contract template private party sales free â free printable sales contract for car selling a car as is form lovely business lease template massachusetts fer to purchase real estate a binding 42 printable vehicle purchase agreement templates templatelab buy sell agreement sample format of agreement for sale of property flat house ex 10 6 3 ex10 6m exhibit 10 6 exhibit template holder buyout agreement template holder â free printable sales contract for home
a company is owned by its shareholders. The shareholders appoint the
administrators who then appoint the administration. The directors are the "soul"
and sense of right and wrong of the company. they’re accountable for its moves. Shareholders
are not liable for company movements. administration may or may additionally now not be liable
for business moves. regularly these roles are assumed through the same individuals
but as a corporation grows and becomes larger, this may also not be the case. When
a corporation is created, its founding shareholders check how an organization
may be owned and managed. This takes the kind of a "shareholders settlement".
As new shareholders enter the photograph, for example angel investors, they are going to
are looking to develop into a part of the contract and they’re going to certainly add extra
complexity. for example, they might also wish to impose vesting terms and additionally
mechanisms to make sure that they in the end can exit and get a return on their
investment. no longer having such an agreement can cause critical complications and
disputes and may result
in corporate failure. it be just a little like a prenuptial agreement.
agencies need to comply with the legislations. agencies are incorporated in a
certain jurisdiction (e.g. State, Province or country) and have to adhere to the
relevant legislations, e.g. the Canada company enterprises Act, or the B.C.
enterprises Act. This legislation lays out the floor rules for
corporate governance – what that you would be able to and cannot do, e.g. who can be a director?
can an organization difficulty shares? how can you purchase or promote shares? and many others. When a
enterprise is formed, it information a Memorandum and Articles of Incorporation
(reckoning on jurisdiction) which are public files filed with the
Registrar of groups. A shareholders settlement is confidential and its
contents need not be filed or made public.
When a company is shaped, its shareholders might also decide on a set of ground
suggestions over and above the primary legislation that will govern their conduct.
for example, how do you deal with a shareholder who wants "out" (and sell
her shares)? may still or not it’s feasible to "drive" (i.e. buyout) a shareholder?
How are disagreements handled? Who gets to sit on the Board? What authority
is given to whom for quite a lot of choice-making activities? Can a shareholder (i.e.
company founder) be fired? etc…
a company which is entirely owned with the aid of one person don’t need to have such an
contract. despite the fact, as soon as there’s more than one proprietor, such an
settlement is basic. The spirit of such an contract will rely upon
what classification of company is pondered. for example, a 3-owner retail
shop may also adopt a completely different strategy to that of a excessive tech assignment
which may additionally have many homeowners. When an organization has hundreds of shareholders
or becomes a "public" business, the need for such an contract disappears
and the applicable Act and securities rules then take over. company
Governance There is not any substitute for good company
governance. Even small companies with few shareholders are improved served by means of respectable
governance practices. as an alternative of making an attempt to expect every feasible future
experience or trying to be overly prescriptive, a constitution that ensures the
setting up of an experienced board of directors is arguably the most useful strategy.
Why? as a result of directors are liable to the business – no longer to the
shareholders as is generally idea. If directors add diligently with this
mandate, many problems that arise may also be solved. First Steps
before leaping right into a shareholders’ contract, some very careful concept
need to be given to the proportion possession. Who owns how many shares (and for
what contribution – money? time? intellectual property, etc)? And, how are
these shares held? this is the time to discuss with tax specialists about some severe
own tax planning. Too many entrepreneurs ignore this essential facet
of possessing shares handiest to discover that after they "profit", they’ve a huge
tax headache. One may still accept as true with the merits of using family trusts or
issuing shares to at least one’s spouse and children. How is share ownership (and
subsequent selling) handled by the tax authorities? Is there a disadvantage
to granting stock alternatives to personnel versus giving shares (with possible
vesting provisions) to them in its place? Please consult with linked articles on
"structuring" and "dividing
A "Cap table" (ie
Capitalization table) is standard. What to consist of
one of the vital main features (ie. a guidelines) to encompass in a shareholders
what is the "structure" of the business? (and
how is equity divided among shareholders?)
may still the settlement be unanimous and involve all (or only a few) of the
who owns (or will own) shares (i.e. the events to the contract), i.e. a
"capitalization table" regularly called a "cap desk".
are there vesting provisions? (i.e. shares could be discipline to cancellation
is a shareholder/supervisor quits)
are shareholders allowed to pledge or hypothecate their shares?
who’s on the Board? What about backyard board individuals?
who are the officers and managers?
what constitutes a quorum for meetings?
what are the restrictions on new fairness considerations, e.g. anti-dilution points,
pre-emptive rights and tag-alongside provisions
how are ownership buyouts to be handled? (e.g. shotgun clause approach
versus voluntary sale strategy)
how are disputes to be resolved among shareholders? (arbitration clause?)
how are share income dealt with? e.g. first correct of refusal
what are a shareholders’ tasks and dedication? (conflict of activity
or commitment? Full-time or ??)
what are shareholders’ rights? (what suggestions, financial statements,
studies, and many others.can shareholders entry?)
what occurs in the experience of demise/incapacity?
how is a share valuation decided (e.g. to buy out an estate in the experience
of loss of life)
is existence coverage required? e.g. funding for buy of shares from property
or for key grownup assurance
what are the operating instructions or restrictions (price range approvals, spending
limits banking, and so forth)
what sorts of choices require unanimous board and/or unanimous shareholder
compensation issues – remuneration of officers & administrators, dividend
are other agreements required as neatly, e.g. management contracts, confidentiality
agreements, patent rights, etc?
should still there be any restrictions on shareholders with recognize to competing
what may trigger the dissolution of the business?
what’s the legal responsibility exposure and is there any company indemnification
who’re the enterprise’s professional advisors (legal, audit, and many others.)?
are there any monetary obligations through shareholders (financial institution guarantees, shareholder
loans, and so on)?
Some Do’s & Don’ts:
do not confuse shareholder concerns with administration considerations
don’t confuse return on capital with return on labor (i.e. cash funding
vs founders’ time commitment)
do not assume that all and sundry will always be agreeable (grasping? who-me?)
don’t get bogged down in legalese – come to a decision what you desire, then have
your lawyer put it in appropriate kind
do make sure every person’s targets and visions are appropriate (this can
be an enormous difficulty enviornment)
do separate the roles of shareholders, administrators, and managers (these roles
regularly get perplexed in these agreements)
do consult with others who have passed through this method
do ask your self what the draw back is, i.e. what is the worst that
can happen to you beneath the contract?
do get some tax suggestions. It is awfully crucial that some tax planning be
achieved early to prevent a headache later if you happen to’ve made hundreds of thousands. e.g. you
wish to be sure that you simply are not compensated via being given shares, you
want to make sure you own shares early so so you might use the small enterprise
lifetime capital features exemption, perhaps a family unit believe or holding enterprise
should still own your shares.
questions to Ask
After drafting an contract, it is a good idea to ask a number of key questions
to make sure that the settlement will definitely be constructive. Ask yourself right here:
1.Am I chuffed with my ownership stake? (If i am the key founder, am I
treating others pretty?)
2.can i get out of this deal if I should? i.e. am i able to promote the shares?
three.can i purchase more shares (ie extra control) if i would like to?
4.Am I committing to anything I can’t live up to?
5.Will I be capable of exert enough have an impact on to offer protection to my investment?
6.what’s my complete fiscal exposure and legal legal responsibility (present
and future) on this deal?
other facets to consider
making ready and discussing such an settlement will provide you with valuable insights
into different parties’ patterns, aims, and so forth. it’s going to drive an in depth and
honest contrast of who will do what and who is committed to doing what.
most importantly, are the founders’ own goals, goals and propensities
to take risk compatible? If one founder envisages a small, intently-held
enterprise as way to be self-employed and yet another envisages a dynamic, go-for-it
enterprise, this marriage might not work! notwithstanding you are no longer certain about
definite issues and no depend how thorough you’re, you are going to overlook anything.
Do it, then fix it if integral, i.e. revise an contract later somewhat
than defer having one in the first example.
standard layout and Contents for a Shareholders settlement
(see pattern settlement together with this
discussion) SHAREHOLDERS’ agreement
This settlement is made as of ___________ (date).
record all parties, together with people, people’ preserving groups,
and the corporation itself.
also show (here or in an appendix) the variety of shares (and courses)
owned by every of the parties.
ARTICLE 1: DEFINITIONS
define all phrases used all through the agreement, for example: usual share
ratio, special administrators’ resolution, buyer, vendor, Vesting (a very vital
one it really is regularly misunderstood), and so forth. ARTICLE 2: firm OF THE agency
Board of directors: how many? Who originally? Meet how often? How are
administrators appointed/changed? Quorum? balloting – majority, unanimous, etc?
(may also refer to by means of-laws re elections) Officers: Who in the beginning? Remuneration?
Banking: who is approved? ALL monetary transactions to move through a
company bank account. Who (Officers vs directors – majority or unanimous)
can: approve costs over a specific amount? approve acquisitions?
go with officers? payment of money or stock dividends? enter into debt tasks?
approve stock purchase/option plans? eliminate any part (or assets) of
the enterprise? sell rights to items, licenses etc? transfer shares? liquidate
or windup the employer? approve contracts outside the normal path
of company? enter into any contract above $x? authorize the lending (or
borrowing) of cash by means of the agency? assure any tasks? appoint
personnel (at a variety of tiers)? approve salaries and bonuses? alter share
structure? redemption of shares? enter into consulting arrangements?
This part should still also state that the shareholders will make sure that
a marketing strategy (i.e. funds) is ready and up-to-date, authorised, and in
in this area, some feasible sub-sections might encompass the following:
Composition of Board
Compensation of Board
conferences of the Board
concerns Requiring Board Approval via particular resolution
directors, Shareholders and enterprise duties
Founders duties and Vesting Provisions
Termination within the adventure of dying
administration Contracts ARTICLE three: right OF FIRST REFUSAL
It can be attractive to supply all shareholders the correct to purchase shares
from a shareholder desiring to promote his shares prior to his shares being sold
to a 3rd birthday celebration (i.e. a pre-emptive correct). How does a seller offer shares?
Time acceptance periods? There possible should still be provisions for professional-rata
distributions for any shares now not bought. How may a shareholder(s)
present to purchase shares from other shareholders?
ARTICLE 4: COATTAIL ("TAG along") & forced ("DRAG alongside") & buy-OUT
("SHOTGUN") PROVISIONS If a gaggle of shareholders wants to promote its shares, constituting a majority
of shares, the minority holders should have the appropriate to tag-along – i.e. consist of
their shares in a income to outsiders.
If a purchaser desires to purchase the enterprise and most shareholders are keen to sell,
the small minority that wishes to hang out for a much better cost or refuses to promote
(ego difficulty perhaps?), could be obligated to head along with a deal if more than a
given number (say ninety%) of shares are being offered to a buyer. If a shareholder withdraws, should still he be in a position to "drive" the other shareholders
to purchase his shares? If he is compelled out, can he hold his shares? If a shareholder
(like a founder) receives shares for making certain commitments to the company
over time, definite vesting situations should be specified. for example,
if a founder quits, he should forfeit a percent of his shares (if he
agrees to a three-yr vesting and quits after 6 months, then he forfeits 5/6
of his shares. perhaps the departing shareholder
should still sell some of all of his shares back to the business (or to different
shareholders, pro-rata). in this case, a method of valuation (see under)
would need to be based. (may encompass vesting particulars and termination
on death in Article 2) A "shotgun" clause is frequently used to force a purchase-out. it really works like this:
Shareholder A offers his shares to Shareholder B for a certain rate per
share (in the case of two shareholders). B can accept this offer or, in flip,
present the equal terms to A during which case A have to settle for. This ensures that
A will offer a "fair" cost. In essence, one party will turn out to be buying the
other out (of path, both events can amicably with no trouble agree on a value
– here is handy if a shareholder desires to exit to pursue other interests.
It gets more difficult if each wish to personal and run the business. The shotgun approach
is most suitable for small companies the place the values aren’t too excessive as a result of
they favor the celebration with extra cash materials. for high tech groups
with high valuations and several shareholders, the shotgun method would
no longer work very well.
What happens is a shareholder dies? There may still be a fair means by which
the surviving shareholders can (optionally or mandatorily) buy shares from the property of the deceased
shareholder. The enterprise ought to have lifestyles insurance policies in region
in order that such buy backs can also be funded. it is a good idea to get some knowledgeable
tax accounting guidance on this be counted as neatly. How will a worth be placed
on the shares? options: outdoor valuation professional (high priced and unpredictable)
or get the shareholders to mutually comply with a worth and append this to
the settlement as a agenda (which is periodically up to date) or use a method
(assorted of income or sales, ebook cost, and so forth) or a mixture of the
ARTICLE 5: PRE-EMPTIVE RIGHTS
If new shares are to be issued from treasury, shareholders will commonly
be entitled to purchase these before the company presents them to an outside investor
(to steer clear of dilution). If an out of doors investor (e.g. challenge capitalist) is
introduced in, these pre-emptive rights would seemingly should be waived.
ARTICLE 6: RESTRICTIONS ON switch, and so forth.
Spells out Share transfer restrictions, is of the same opinion from others that may
be required, and so forth.
ARTICLE 7: TERMINATION
under what situations is the agreement terminated? (e.g. chapter,
dissolution, unanimous consent) Are there any penalties? What consitutes
a breach? here’s vital the place owners are committing "sweat equity"
– what in the event that they do not function? If a shareholder defaults, what happens (time
to appropriate default?), termination and buyout?
ARTICLE eight: normal COVENANTS
what is the criminal jurisdiction? should additionally cowl routines comparable to note
of conferences – addresses, and many others. and a few other details, e.g. that the agreement
is binding on heirs and successors.
time table A: SHAREHOLDINGS list and/or CAP desk
checklist all parties’ holdings – category and quantity.
agenda B: VALUATION time table
permit for a valuation of the company to be agreed to and up to date continually
(e.g.every 6 months) encompass a space for signatures.
consider free to analyze a pattern settlement,
albeit unprofessionally drafted, for some selected dertails. it’s going to at
least get you began. do not rely completely in your lawyer’s assistance. legal professionals
do have their biases and may steer you in a route that isn’t in your
ultimate activity. (be aware – are they appearing for you individually or for the company
or for different shareholders?) talk to other entrepreneurs who have
gone through this recreation. Their adventure may be price many legal lunches!
Mike Volker is the Director of the university/business
Liaison office at Simon Fraser institution, previous-Chairman of the Vancouver commercial enterprise
forum, President of WUTIF Capital and a expertise entrepreneur.
Copyright 1996-2008 Michael C. Volker
e-mail: firstname.lastname@example.org –
feedback, information and corrections might be favored!
up to date: 20080530
true estate purchase Contract: Decoding home-buying paperwork Editorial be aware: Forbes may also earn a fee on sales crafted from accomplice hyperlinks on this web page, but that doesn’t have an effect on our editors’ opinions or reviews. buying a home can feel like the most exhilarating looking trip ever, with hours of on-line research culminating in a house discuss with and a a success present. when you see the real property buy contract, besides the fact that children, you’ll recognize how severe the homebuying system is from a economic and prison perspective. in the event you signal, you’re committing your self to a price, closing dates and contingencies that may prevent—or can charge—tons of or thousands of bucks if the deal goes dangerous. right here is a glance at the right way to influence—and why you deserve to intently evaluation—the real property purchase contract earlier than you signal. what’s a purchase Contract? a purchase order contract is an settlement between the buyer and seller on the fee, location and shutting date of a home purchase. There are sometimes many contingencies within the contract, which may offer protection to each events from hurt if problems arise before the deadline. as soon as the buyer and vendor agree on a purchase order cost, their real estate agents will work on a real estate buy contract that should still be in keeping with a template that follows the rules of your state. The brokers will negotiate the phrases and fill within the details of the contract, which also should permit for a number of days of overview by using each side’s true property lawyers, if vital. make sure you be consulted on the most essential facets of the deal, reminiscent of how lengthy you may need to complete the closing process and contingencies such as the sale of your existing domestic. buy Contract example a true property buy agreement usually will consist of: particulars concerning the purchaser, seller and property The agreed-upon sale fee and the way it will be financed The quantity of earnest cash paid through the buyer Property disclosures, such as no matter if the domestic consists of any hazardous substances items—similar to tremendous home equipment—that are part of the buy, and should stay in the condominium when the buyer takes possession closing date for the cut-off date and timing for possession of the home by the buyer Contingencies, reminiscent of no matter if foremost issues found all through a home inspection can nullify the contract you could discover a contract template in your state on lawdepot.com or via state governmental organizations. How a purchase Contract Works besides atmosphere the prison framework for the actual estate transaction, the buy contract offers assistance on capabilities roadblocks to the deal. The contract should spell out, as an instance, what occurs if the borrower’s financing falls through and when closing will turn up. here are some how you can handle talents problems: Contingencies Many prospective homebuyers must sell the home they at present own before they could buy a new one, which capacity they in any other case wouldn’t be capable of manage to pay for the purchase. That’s why including a contingency to make sure a previous house is offered before the deal is finalized is usual in actual estate purchase contracts. different reasons to void a contract: Low domestic appraisal. If that’s the case, the purchaser’s lender will possible rescind the mortgage personal loan present out of challenge that it is giving the purchaser more funds than the home is price. A decrease appraisal can be a way to re-open purchase fee negotiations. troublesome domestic inspection. It’s top-rated for the consumers if the contract isn’t specific about what stage of difficulty would permit them to drag out of the deal. It could be a chance for renegotiation on expense—or who pays for repairs. The buyer’s mortgage falls through. This could ensue if a purchaser loses a job or has one other foremost monetary issue earlier than the deadline. all the way through the recent financial downturn, lenders have been an awful lot extra strict about making certain personal loan applicants are incomes the income they indicated on the loan application and should check days before and even on the day of closing. Earnest money You’ll want to spell out the quantity of earnest cash—which is, well-nigh, a deposit for your home purchase—and where it may be held throughout the closing procedure. consumers could put up between 1% and 5% of the purchase fee, which might likely go towards the down price or closing fees. The funds could even be given to the seller if the purchaser doesn’t follow the stipulations within the purchase settlement and the deal falls via. Timing here’s of most important situation to both retailers and patrons, because dealers don’t need the closing process to tug on too lengthy, while buyers are looking to be certain they’ve adequate time to finished their due diligence. A purchaser would want ample time to time table and evaluate the domestic inspection and get the appraiser’s document. consumers who leave out their deadlines are vulnerable to losing the contract and their earnest funds. The timing of the buyer’s possession of the domestic needs to be spelled out, as neatly. while most homebuyers can circulation in right after the closing, some agents might ask for extra time within the home as a result of they deserve to locate one other location to reside or their new house is not move-in capable yet. Closing costs each consumers and retailers have to pay closing fees, and the purchase settlement could spell out who will pay which closing expenses. for instance, patrons’ closing expenses total about 2% to five% of a house purchase cost, whereas agents commonly opt for up the actual property commissions and taxes. questions to Ask before Signing a purchase Contract patrons and retailers should be energetic contributors in the development of the buy contract to make certain their pursuits are covered. as an example, a seller who needs to unload a house as soon as possible will need to wrap up the closing method at the earliest viable date, while a buyer who is concerned in regards to the condition of the domestic will desire quite a lot of time for the home inspection and appraisal. Some questions to ask a real estate expert and/or precise estate lawyer before the buy settlement is finalized: How a good deal time will I have to get the domestic inspection scheduled, and is it satisfactory? What happens if i can’t promote my existing home in time to purchase this one? under what circumstances will I lose my earnest money deposit? Is the amount of earnest cash requested inside local market averages, or is this lots greater? If it’s higher, can we negotiate? If I lose my job or have my pay reduce and the personal loan software is pulled, will I get penalized if the deal falls via as well? can i get additional time to locate a new lender? What closing costs do (consumers or agents) constantly pay, and does this contract reflect that? If no longer, why no longer? How low does the appraisal estimate must be to permit us to back out of the contract and/or renegotiate the rate? am i able to Get Out of a home purchase Contract? The language within the contract and state rules will book both events on even if a home buy contract can be nullified and what the penalties might possibly be. as an example, buyers are prone to lose their earnest funds in the event that they effectively say they don’t are looking to go through with the purchase. The seller might also sue for breach of contract. The contract should still spell out the phrases of the purchase and permit each and every party an opportunity to nullify it under certain situations. For that rationale, the language within the contract may still be as clear as feasible to avoid a chronic fight between true property specialists and legal professionals when one party wants to dissolve the deal. as an example, agents might face a lawsuit in the event that they back out of the contract because a far better purchase present got here though, until there is a clause that permits for that. as long as the buy contract is crafted with the applicable language, the sellers, for example, might nullify the purchase if they can’t find a further domestic or the patrons may withdraw in the event that they are unable to promote their current property. A neatly-written buy contract may still make certain—even if you’re a purchaser or seller—that what’s most critical to you may be lined no matter if the sale goes through or not. knowledgeable operating Agreements an expert enterprise (laptop) or knowledgeable restrained liability business enterprise (PLLC) can use a professional operating contract to settle how the enterprise will be structured and how monetary issues could be dealt with. while now not all states require an operating settlement for a professional company, having an operating settlement available can settle misunderstandings and can help you run your enterprise the way you choose, in place of by using state default suggestions. aim a professional operating settlement has two leading applications: to give protection to the organization’s confined legal responsibility popularity and to outline the company’s administration and financial constitution. an expert working settlement is a simple way to clarify to other businesses and to courts that your business is a separate entity from the house owners. this is notably essential when the company has only one proprietor; in that case, the enterprise might also look like a sole proprietorship unless an expert operating contract exists that makes it clear the company is a separate entity. second, knowledgeable working settlement can set forth the monetary and managerial "rules of the video game" for you and any companions. The working contract can consist of particulars on how gains and losses should be shared, who will make everyday choices for the enterprise, and the way companions may additionally be part of or depart the business. Overriding State Default rules Most states have a set of "default rules" wherein knowledgeable firm have to be run if it doesn’t have an operating contract. as an instance, most states require that profits and losses be divided equally among the business’s contributors. unless you and your partners have each contributed an equal volume to the business, you might also not want to divide gains and losses equally. Having a written knowledgeable operating settlement lets you choose how you will run the company and prevent being area to the state’s default rules. topics an expert operating contract can cover any of a big range of topics. in accordance with FindLaw.com, despite the fact, an working settlement may still cowl, at a minimum, the following topics: 1.) every member’s percent interests in the business. 2.) each and every member’s rights and responsibilities. 3.) each and every member’s voting powers. 4.) a way to allocate earnings and losses. 5.) How the company may be managed. 6.) guidelines for retaining meetings and taking votes; and 7.) A buyout or purchase-sell provisions, describing what happens when a member desires to promote his or her pastime, dies, or turns into disabled. Following the operating settlement as soon as the contributors have agreed on the guidelines wherein the enterprise may be run, funds should be allotted, and votes will be taken. it’s then essential to comply with the agreed-upon suggestions. should a criminal dispute ever arise, step one a court will take is to study the operating agreement and choose whether the participants followed their own suggestions. If the members have adopted the working settlement, it is greater likely that a decide will uphold the operating settlement’s rules. If the participants have not followed their own operating settlement, youngsters, the state’s default rules may also manage the outcome of the dispute. When to talk to an attorney an easy operating contract can frequently be drafted devoid of the assist of an attorney. Many free prison forms for working agreements can be found from online felony sites akin to Nolo.com or MedLaw.com. legislations libraries are also a positive source of sample operating contract varieties and tips. consider consulting a attorney when the planned enterprise has greater than 4 members or when the members plan to have a separate administration firm run the company. additionally, consult an legal professional on any questions of federal or state legislation that confuse you..