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).
When starting a business, you have to make a ton of decisions. Deciding what to name your company and hiring employees, what kind of products or services you should sell, and how to fund your operation, getting your business off the ground comes with a nearly endless number of decisions. Of all these decisions, perhaps none is more important or has a more significant impact on your success (or failure) than your choice of business entity structure.
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.
A Lifetime Asset Protection Trust is a unique estate planning vehicle specifically designed to protect your children's inheritance from unfortunate life events. The sudden death of a Legendary host, Larry King, became controversial because of not using Lifetime Asset Protection Trust to distribute his assets to his children upon his death. His story demonstrates that do-it-yourself planning can have terrible consequences for your loved ones - even worse than if you had no estate plan at all.
Facing a lawsuit can be challenging. As much as possible, you want the whole thing to be over quickly and don't want to settle in for the long haul. However, your litigation will not be resolved without going to court, and the best way to help you deal with this conflict is to find the right lawyer. So how do you choose the best lawyer for your situation? Here are some tips to help you hire the right lawyer for your case.
As a business owner, facing your first lawsuit can give you emotional turmoil and fear. But a lawsuit doesn't have to end your business nor collapse your dignity. Instead, this can give you a big opportunity to see something that you haven't seen before about what you need to do or improve to grow your business. Here's what you should do if you are served with a lawsuit.
One of the most exciting parts of owning a business is paying your own hard work. And yet, some business owners don't pay themselves or rely on inconsistent income to avoid owing taxes. But the right way to pay yourself from your business depends on the type of entity structure you use to establish your company. That's why entrepreneurs are advised to structure their business as an LLC. In this way, you can protect yourself from debts and lawsuits related to your company and save on taxes.
There are many factors to consider when deciding whether to change the structure of your small business especially if it is growing and expanding. By this, for any type of change, it is important to make sure that you complete all the notifications and registrations required by the state law. If you need help in implementing the business structure that is the most advantageous for your individual circumstances, consult with us so we can guide you step by step with the process.
A will is an integral part of your estate plan, but it is not enough to protect your wishes in the event of incapacity or death. There’s a common saying among lawyers: “Where there’s a will, there’s a probate.” But having your family end up in court or conflict is no laughing matter. That's why it is important to complete a comprehensive estate plan in addition to the will, including a trust (if needed), advanced health care directive, financial power of attorney, and Kids Protection Plan®.
A lot of times, people hide their Wills or estate planning docs in secret locations where they'll likely never be found after their death. Or they'll put their Will in the care of unreliable caretakers, whom may forget they even have the documents and never truly know when is the right time to present it to the family after your death. Consider this illuminating case that winded its way through the NY court system and provides a cautionary tale about safeguarding your documents.