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    LEGAL ADVISING

    mutual fund

    A true legal advice forms an agreement between an attorney and his or her client based on a particular legal matter the client is experiencing.

    In a nutshell, legal advice has the following characteristics:

    • Requires legal knowledge, skill, education and judgment
    • Applies specific law to a particular set of circumstances
    • Affects someone’s legal rights or responsibilities
    • Creates rights and responsibilities in the advice giver

    Unlike legal information such as information posted on a street sign, legal advice proposes a specific course of action a client should take. For instance, it’s the difference between telling someone what to do (legal advice) as opposed to how to do it (legal information).

    The manufacturer who makes trouser or a shirt buys a yarn. The value of yarn gets increased when the yarn is woven into a finished product, trouser, shirt etc.

    The manufacturer then sells the finished product to the warehousing agent who attaches labels and tags, that is another addition of value after which the warehouse sells it to the retailer. The retailer packages each shirt separately and invests in the marketing of the shirt thus increasing its value.

    GST will be levied on these value additions i.e. the monetary worth added at each stage to achieve the final sale to the end customer.

    At Anant Finvest, our Tax experts are here to help you file your taxes in time.

    Examples:

    • Should I file for bankruptcy?
    • Does my disability qualify for federal assistance?
    • What kind of recovery can I receive for my accident? Injuries

    The line between “legal advice” and “legal information” is often blurred. As a general matter, only a lawyer may give actual legal advice, whereas any non lawyer may recite legal information. Furthermore, it is generally illegal for a non lawyer or unlicensed attorney to offer legal advice or otherwise represent someone other than himself or herself in a court of law.

    Unlike legal information, legal advice refers to the written or oral counsel about a legal matter that would affect the rights and responsibilities of the person receiving the advice. In addition, actual legal advice requires careful analysis of the law as it applies to a person’s specific situation – as opposed to speculation based on generic facts.

    From a legal standpoint, the giving of legal advice is tantamount to the practice of law, and only a licensed attorney with whom one has formed an attorney-client relationship with may give actual legal advice. Because of the obligations that arise from the giving of such legal advice, the advice-giver is also bound to certain rights and responsibilities as a result of the information given.