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Simple English definitions for legal terms

organizational expense

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A quick definition of organizational expense:

An organizational expense is money spent while setting up a company or other organization. It is a type of business expense that is charged against revenue for a specific period. Examples of organizational expenses include legal fees, incorporation fees, and accounting fees. These expenses are not tax-deductible and are usually amortized over a period of time.

A more thorough explanation:

An organizational expense is an expenditure of money, time, labor, or resources incurred while setting up a corporation or other entity. It is a type of business expense that is charged against revenue for a specific period.

Examples of organizational expenses include legal fees, accounting fees, and state filing fees incurred during the process of incorporating a business. These expenses are not deductible in the year they are incurred but must be amortized over a period of time.

For instance, if a business spends $10,000 on legal fees and other expenses to incorporate, it cannot deduct the entire amount in the year it was incurred. Instead, it must spread the expense over a period of 180 months (15 years) and deduct $56 per month as an organizational expense.

The purpose of amortizing organizational expenses is to match the expense with the period in which the business benefits from it. This ensures that the business does not receive an unfair tax advantage by deducting the entire expense in the year it was incurred.

organizational crime | organizational meeting

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yeah but it's also including people below your stats
15:15
Yeah, really my issue is deciding whether to R&R or to just take UF law
also if you reduce the top end of lsat to 170, you have a 33% chance at NYU+columbia, 67% at NU, 33 at mich, 40% berk, 40% UCLA, 100% Cornell, and 50% gulc
realistically you would make it into at least one
15:16
I'm still waiting on a bunch of T14 so hopefully those stats are a good indicator
15:16
idk wait it out - if good offer take if no good offer R&R
i dont think you need to R&R im pretty sure you make it into at least one t14
but if you apply earlier its just a lot easier
15:17
thats odd I didn't see those stats, but ok. We talked abt this awhile back and I'm working on Columbia + Berkeley rn then Cornell, probs is I'm not gonna produce good Why X's before the 25th but whatever
https://www.lsd.law/search/cV9E6 this is artificially deflated because it's only below your stats
someone got into harvard and chicago with your stats
15:19
Why is that deflating it? isnt that a better indicator instead of choosing above median LSATs? Genuinely curious just wondering
when stats are close because of the variability you want a little above your stats and a little below to get more data, adcoms arent so finnicky that 2 points on the lsat is make or break unless it puts you above median, and even then 50% are below median so it's not as big of an impact as you might think. the reason the chanceme tool goes a little above and below your stats by default is to capture a more accurate picture
ie your softs/WE/essays might make you more or less competitive than any random applicant and the best way to account for that is to take a little above and a little below
15:21
got it, I was of the mindset that medians are pretty concrete so taking a +2 LSAT score range was just giving me irrelevant data. Thank you
15:21
Def my softs/essays are the strongest part of my application so hoping they shine through
they kind of are but you see with the data here is doesnt really change your chances going from 172 to 170
yeah youll be in a good place for this cycle
15:22
yeah I guess thats true, I've also been looking at "Included" not "Only" for URM so maybe that's a diff too
15:22
Appreciate it man!
yeah included is giving you data for nURM which isnt relevant for your cycle
and ofc, good luck :)
15:24
Holiday messages from law schools should be illegal
jackfrost11770
15:27
the cornell one actually gave me a heart attack no joke
15:28
@KnowledgeableRitzyWasp: Thanks! Will def update you as they come out hahaha
CynicalOops
16:09
No one cares about me the way western new england cares about me
shaquilleoatmeal
17:16
gulc sending me a "Thank you for your continuing patience" almost has me shitting myself like the dude who hiked Acatanengo volcano
18:09
i’m wishing you guys happy holidays in a more sincere and genuine and heartfelt way than any of the law schools and also giving u a little kiss on the cheek
18:10
just btw
shaquilleoatmeal
18:15
😚
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