Most business owners form an entity through which the business is operated. Any of the following may have been formed when the company was started: a corporation, a limited partnership, or a limited liability company (LLC). One of the reasons to form an entity is to protect you, the business owner, in your individual capacity, […]
The purpose of forming an entity and setting in place an agreement between parties is to protect your client’s business and family assets. There are many variables and many options available when forming an entity. However, to properly represent your client, it is necessary to fully understand the intentions of the parties involved and to […]
Your business may use a word, phrase or logo to provide instant recognition and set your company apart from your competitors. It is important to protect these assets with a trademark in order to secure a long-term competitive advantage and protect against unfair competition. Without a trademark, a competitor can use your company name or […]
How many times have you heard, “you need to incorporate! You need to form a limited partnership (LP) or a limited liability company (LLC). It offers asset protection, and protection from creditors and lawsuits. It gives you better tax planning opportunities.” All of those statements are valid, however, a lot of people don’t know why. […]
A client recently asked about a business investment opportunity. My advice is always the same… before you make an investment, ask and answer the following questions: 1. Can I afford to lose the investment? Determine whether you can absorb the risk of the investment. In other words, if you invest $10,000, will it be a […]
Section 1101 of the Bipartisan Budget Act of 2015 changed the rules relating to the federal tax audit of partnerships. The new rules are effective for tax years beginning after December 31, 2017. For purposes of the law, it also applies to LLC’s taxed as partnerships for federal income tax purposes. The new rules replace […]
When a business is owned by more than one individual, the owners never think about the death, disability, or divorce of an owner, or even that another owner might quit. How do you deal with these situations? If an owner dies, becomes disabled or quits, the other owner(s) traditionally do not like the idea […]