The constant whirlwind of excitement and activity surrounding the launch of your startup can leave you feeling overwhelmed. You can get so focused on the day-to-day tasks and responsibilities of getting your operation up and running that you neglect some of your company's most vital legal components. Because you're so busy and likely not generating much revenue during the startup phase, it may be tempting to try to handle everything on your own and not seek out the support of a business lawyer.
One of the biggest benefits of running a family business is being able to employ your minor children. By hiring your kids, you have the opportunity to teach them the value of hard work, give them experience managing money, and support them to save for their future. Plus, employing your minor children also comes with some substantial tax-saving benefits. And with the passage of the Tax Cuts and Jobs Act (TCJA) in 2017, those benefits are now better than ever.
The entity you choose for your business affects everything contracted by your company. Your business entity will determine the amount of taxes you pay, what kind of records you keep, and how vulnerable your assets are to lawsuits. Among the different business entities, all companies should be one of the following legal structures: a sole proprietorship, partnership, corporation, or limited liability company (LLC).
To make certain that your business—and the income it generates for your family—would continue to run smoothly when something happens to you, you need to create a comprehensive estate plan, and it really needs to include a trust. Without such a plan in place, your business will be stuck in an unnecessary court process that could easily cause the loss of everything you’ve worked so hard to build.
Moving a business to another state involves several decisions and steps. A business owner may relocate a business for various reasons, including increased real estate costs, business taxes, business regulations, changes in the target market, or even personal or family reasons. But relocating your residence from one state to another is much more complicated and difficult to determine what to do first because the steps needed for a successful move vary depending on your business structure.