10 ways to identify if your lawyer is right for you (2)

Shareholders. Shareholders are the people who have the company. In your company, you will be the only shareholder (and so own 100% of your business), unless you have made a transaction with another person for them to own shares.

Latin.

When you are dealing with the law, the amount of Latin involved can be confusing. Here are some Latin terms you might come in while you’re preparing your company.

Sterling: ‘good faith’. This is used to mean someone who says they are correct.

De facto: ‘in fact’. Used when something happened that made the ‘real’ situation take precedence from the legal one.

The law, ‘law’. Instead of de facto.

Ex Gratia, ‘from grace’. When something will be done without cost.

Prima facie, ‘at first sight’. Something that seems true but is wrong.

Compensation, ‘something for something‘. When the cost will be charged for the service (or services will be exchanged).

Be Careful with Jargon.

However much jargon you might begin to as you start your business, do not use to start your own. Akan make that only ‘insiders’ will understand what you mean, and everyone will feel better a little silly or a little peeved. After all, if you talk to someone (your accountant, for example) and they use some jargon you do not understand, there is something wrong with the request for them to explain what they mean – from their mistakes too technical to use the word, not for you does not knowing it.

If you are not sure, have a simple rule: jargon is for communicating very specific, technical meaning. Should not be used to replace everyday language, because not only cause confusion.

Published by: Manish Mishra on June 3rd, 2009 | Filed under Legal

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