Exemption Requirements for Non-Profit Public Benefit Corporations
A public benefit corporation is a type of non-profit organization (NPO) dedicated to tax-exempt purposes set forth in section 501(c)(3) of the Internal Revenue Code which covers: charitable, religious, educational, scientific, literary, testing for public safety, fostering national or international amateur sports competition, and preventing cruelty to children or animals. ...
Exemption Requirements for Non-Profit Public Benefit Corporations Continue reading…Overview of the Ways to Hold Title to Property
You are purchasing a home, and the escrow officer asks, “How do you want to hold title to the property?” In the context of your overall home purchase, this may seem like a small, inconsequential detail; however nothing could be further from the truth. A property can be owned by the same people, yet...
Overview of the Ways to Hold Title to Property Continue reading…Legal Tips from the Shark Tank
Lawyers are often mocked in pop culture as “sharks,” but a quick flip through the TV guide tells you the real sharks out there are in the business world. The ABC reality show “Shark Tank” has become a cultural phenomenon, inspiring tons of people to start their own businesses and invent new...
Legal Tips from the Shark Tank Continue reading…Business Succession Planning Tips
Business succession plans contemplate and instruct regarding any changes in future ownership and management of a business. Most business owners know they should think about succession planning, but few actually end up doing so. It is hard to think about not being in charge of the business you have built up, but a proper...
Business Succession Planning Tips Continue reading…Top 3 Real Estate Tips for Small Businesses
The only real estate transaction most small businesses engage in is to enter into a lease for commercial space. Whether you are considering office, manufacturing or retail space, the following three tips will help you navigate the negotiation process so you can avoid costly mistakes. “Base Rent” is Not the Only Rent You Will Pay Most...
Top 3 Real Estate Tips for Small Businesses Continue reading…C-Corporation Vs. S-Corporation: Which Structure Provides the Best Tax Advantages for Your Business?
The difference between a C-Corporation and an S-Corporation is in the way each is taxed. Under the law, a corporation is considered to be an artificial person. Shareholders who work for the corporation are employees; they are not “self-employed” as far as the tax authorities are concerned. The C-Corporation...
C-Corporation Vs. S-Corporation: Which Structure Provides the Best Tax Advantages for Your Business? Continue reading…For How Long Should a Business Keep Tax Records?
There are many reasons for retaining tax records. They can be a useful guide for business planning, for tracking receipts and expenses, and in cases where the company or shares are being sold to outside parties. The IRS expects taxpayers to keep records for as long as they are needed to administer any part of...
For How Long Should a Business Keep Tax Records? Continue reading…Disaster DIY: Business Law Edition
Have you ever watched the TV show Disaster DIY on HGTV? The premise of the show is that many people have no idea what they are doing when it comes to home remodeling, but they try the “do it yourself” (DIY) approach anyway. The host of the show then comes in to save the day,...
Disaster DIY: Business Law Edition Continue reading…Leaving a Timeshare to a Loved One
Many of us have been lucky enough to acquire timeshares for the purposes of vacationing on our time off. Some of us would like to leave these assets to our loved ones. If you have a time share, you might be able to leave it to your heirs in a number of different ways. One...
Leaving a Timeshare to a Loved One Continue reading…Are Non-Compete Agreements Appropriate For My Business?
The aim of non-compete agreements is to bar departing employees from working for your business competitors or from starting a competing business. These agreements used to be reserved for high-level employees or people working in certain fields who had access to sensitive information. While non-compete agreements are becoming more common, they are only enforceable...
Are Non-Compete Agreements Appropriate For My Business? Continue reading…Selecting An Executor Post Mortem
The death of a loved one is a difficult experience no matter the circumstances. It can be especially difficult when a person dies without a will. If a person dies without a will and there are assets that need to be distributed, the estate will be subject to the process of administration instead of...
Selecting An Executor Post Mortem Continue reading…Is a copy of a will sufficient?
Many people keep their important documents at home where they are easily accessible. It’s not at all uncommon to find people with a filing cabinet or even a shoe box containing passports, account statements, deeds, tax returns, birth certificates and social security cards. Wills are often added to these files once the estate planning...
Is a copy of a will sufficient? Continue reading…