Need to know how your choice of business entity affects your tax obligations? If you are not cautious, taxes can eat up a large chunk of your profits. Choosing the proper business structure can be complicated, but following our guidelines will help simplify things. Part 1 of this series looks into sole proprietorship, partnerships, and (limited liability company) LLCs. Read more here.
As many of you are aware, we discussed the risks of using unconscionable contracts or small business forms to establish their businesses in part 1 of this article. The bottom line is that if someone signs your contract without understanding what they agree to. It's not easy to avoid these pitfalls, but planning can prevent even the most disastrous mistakes. Today, we'll look at the final five pitfalls to avoid when entering legal contracts for your business. Learn more here...
Does your company use legal agreements? Adverse consequences like unwanted disclosure of confidential information or loss of intellectual property rights may occur if you're not careful. Don't wait any longer; protect yourself today with a well-drafted legal agreement. Here's part 1 of the ten pitfalls to avoid with your company's legal agreements. Click here to know more.
When it comes to estate planning, most people think of a will. There is nothing wrong with it, yet, a will is far from the best solution. This is because, upon your death, all of your assets are subject to the judicial process known as probate. And probate implies more money, more time, and a higher level of complexity. We know you don't want that. Do you? Click here if you want to learn more.
The most crucial time of the year for tax planning comes as 2022 is closing. When you first realize that taxes are your most considerable personal and business expense, Trust us, we know it can be stressful. Seeing so much of your hard-earned money wind up in the hands of the government could feel like a heist. But just a tiny amount of purposeful effort to reduce your taxes might significantly impact you. With all these in mind, we have a two-part article that will teach you strategies that fee
Starting a business may be challenging in a number of ways. The most difficult aspect of starting a business is raising funds in the early stages. The health of your business is dependent on creating and sustaining a consistent cash flow. If you don't have cash flow, your business can't pay your bills, hire employees, buy items, or keep consumers coming back. You could consider getting an MBA to help you make a lot of money. However, all you need is a little common sense on how to manage it.
If you're thinking about starting your own business, you must have a distinct vision for success. Many would-be entrepreneurs start the business field with exaggerated hopes for success.
You must approach your new endeavor with an open mind, just like any serious endeavor. In light of this, the following eight queries should help you decide if company ownership is the correct career route.
Using independent contractors (ICs) can give your company an edge in today's thriving gig economy, but if you're not careful, contractors can also be a serious liability. In fact, working with ICs comes with a number of unique legal and financial risks that can be potentially ruinous to your business if not handled properly.
Regardless of what industry you're in, the reality of being a business owner is that you open yourself up to a number of unique risks that most people don't have to worry about—and the more successful your business is, the more risks you face. And because most business owners aren't fully aware of all the potential risks that can affect their company or the options available to protect their personal assets from the risks of doing business. This is where asset protection planning comes in.
If you have not yet put in place an estate and succession plan for your business, you’re going to leave the people you love most—your clients, your customers, your team, and your family—in the lurch when something happens to you. We get it - there are plenty of reasons to put off estate planning, and as business owners ourselves, we truly understand the common excuses for why you probably haven’t created your estate plan yet. But as a family business lawyer, stop making excuses!