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…The Risks of Tenant-in-Common Investments
Historically, tenant in common (TIC) projects were owned by a relatively small group of investors who knew each other, such as long-time friends, business partners or family members. Strategies to maximize tax savings and preserve equity typically guided investors to this type of structure, rather than creating a limited liability...
The Risks of Tenant-in-Common Investments Continue reading…Financing and Growing Your Small Business Through Crowdfunding
What is crowdfunding? Part social networking and part capital accumulation, crowdfunding is simply the collective cooperation, attention and trust by people who network and pool their financial resources together to support efforts initiated by others. Inspired by crowdsourcing, this innovative approach to raising capital has long been used to solicit donations or support political causes....
Financing and Growing Your Small Business Through Crowdfunding Continue reading…Overview: Buy-Sell Agreements and Your Small Business
If you co-own a business, you need a buy-sell agreement. Also called a buyout agreement, this document is essentially the business world’s equivalent of a prenup. An effective buy-sell agreement helps prevent conflict between the company’s owners, while also preserving the company’s closely held status. Any business with more than one owner should address...
Overview: Buy-Sell Agreements and Your Small Business Continue reading…Planning Pitfall: Probate vs. Non-Probate Property
Transfer of property at death can be rather complex. Many are under the impression that instructions provided in a valid will are sufficient to transfer their assets to the individuals named in the will. However, there are a myriad of rules that affect how different types of assets transfer to heirs and beneficiaries, often...
Planning Pitfall: Probate vs. Non-Probate Property Continue reading…Which Business Structure is Right for You?
Which entity is best for your business depends on many factors, and the decision can have a significant impact on both profitability and asset protection afforded to its owners. Below is an overview of the most common business structures. Sole Proprietorship
The sole proprietorship is the simplest and least regulated of all business structures....
Which Business Structure is Right for You? Continue reading…The sole proprietorship is the simplest and least regulated of all business structures....
How Par Value Affects Start-Up Businesses
Many entrepreneurs are unclear about the “par value” of a stock, and what par value they should establish for their new corporation. Generally, par value (also known as nominal or face value) is the minimum price per share that shares can be issued for, in order to be fully paid. In the old days,...
How Par Value Affects Start-Up Businesses Continue reading…