Most laws are local: A suggestion to getting better answers.

[Jerel Ehlert]

Lots of people ask questions that have a legal component to the answer. Problem is, the questioner doesn't say where the answer will be applied, and a reasonably correct answer may be very different, depending on the laws where it applies. 

Each state has its own set of laws on real property, entities like LLCs, probate, lending/borrowing, landlord/tenant, commercial notes, usury, foreclosures, evictions, and trusts, just to name a few. Some areas of law are so pervasively regulated by federal law, that federal statutes supersede state law and local statues only apply where federal law is silent or, maybe, completely local (federal preemption). This includes areas of securities regulation. Sometimes there are lots of interplay between state and federal law, like under Dodd-Frank, some consumer law, and Fair Housing.

So, when you post a question in all these wonderful forums, let us know where this is happening (not necessarily where you are), and you will probably get better answers.

Happy investing!