For the last two weeks, I’ve tried to pin down the most important legal issue facing businesses. After seeing new legal developments coming each day from all levels of government (federal, state, and even local), I decided on a different approach. Rather than identify the one key issue, I’m offering more general and practical advice. …
LLCs are the most popular legal structure for businesses. They’re flexible, provide significant legal protection to the LLC members, and have less maintenance requirements than corporations. A separate, but related issue is how an LLC should be taxed. A growing number of LLCs are electing to be taxed as an S corporation. The main benefit …
Protect Your Business When Electing to Save Employment Taxes Read More »
The local economy remains very strong and businesses continue to grow. I find these are good times for business owners to determine whether they’re protected against risks that could cause major distress to their company. One of them is not having an ownership agreement (also known as a shareholder, buy-sell, or operating agreement) that adequately …
If You Have A Business Partner, You Should Look Into This… Read More »
QUESTION: WHAT DO BUSINESS OWNERS NEED TO KNOW ABOUT THE DEPARTMENT OF LABOR’S OVERTIME RULE? ANSWER: Overall, the changes to the existing overtime rule would significantly increase the minimum salary requirement for exempt employees under the Fair Labor Standards Act (“FLSA”). Prior to the Department of Labor’s (“DOL”) adoption of the changes, FLSA required covered …
Estate planning is important for a number of different reasons. Making your intentions clear, avoiding a costly administration process, and keeping the process as simple and least burdensome to your loved ones are the most common I hear from my clients. What clients and advisers sometimes forget in this process are the impact of taxes …
Remember Income Taxes When Doing Your Estate Plan Read More »
Sometimes landlords feel that the law treats them as parents and tenants as their children. Two cases earlier this year reinforce that. The usual rule in “slip and fall” cases is that, if the defect is open and obvious, the fault lies with the person who slipped. Thus, if a person sees a parking lot …
People are vital to all businesses and many businesses simply wouldn’t exist without certain key people. When a business owner sells a company, having these key employees continue in their roles can be critical for the buyer and justifying what they’ve paid. Alternatively, if these key employees leave, the value of the business deteriorates and …
Don’t Forget This Key Issue When Selling or Buying a Business Read More »
After a rancorous political campaign season, I read the Court of Appeals opinion in Bedford v Witte and Hoyer with great interest. In both political campaigns and litigation, broad and emotional allegations are often made. While there are few rules for political campaigns, there are boundaries for statements by attorneys and other persons about public …
Loose Lips May Sink Your Ship and Create Liability Read More »
If you want to build a new house, there are a number of factors you need to verify. Assumptions can lead to problems or at least added cost. –To know if you can legally build what you want, check zoning and private restrictions. You may find you cannot build that accessory building you want. –Verify …
Check It Out. Things to Check in Picking a Building Site. Read More »
A national survey found that 51% of employees were not engaged in their job last year. Even worse, 17.5% were actively disengaged. These were the highest levels measured since 2000. This issue of engaging employees combined with a 3.2% unemployment rate in the local economy creates significant challenges for companies. Business owners know that attracting, …
