For the love of your business
For the love of your business
It’s a popular myth that it’s always best to incorporate your business in a business-friendly state, like Delaware, Wyoming, or Nevada in order to save on taxes, benefit from increased privacy, and possibly have an easier time raising capital. However, for many businesses, incorporating in these states is completely unnecessary—and it may even cost your […]
Read MoreSetting up the proper legal structure for your business may seem like a boring detail that you won’t need to spend much time on. But the truth is, selecting the right entity for your company is one of the most crucial decisions you can make as a business owner. That said, there are all sorts […]
Read MoreWhen starting a new business, putting the appropriate legal agreements in place is crucial for protecting your key assets and relationships. Yet it’s common for many new business owners to put off—or even entirely overlook—creating such agreements. You might not even know which documents are most needed. The following 4 agreements are among the most […]
Read MoreOne of the most exciting parts of owning a business is that you get to pay yourself. No longer forced to rely on someone else’s leadership to keep your company running or their good graces to pay you what you want or need, you get to decide how much you earn, how much you work, […]
Read MoreIn the first part of this series, we discussed different strategies entrepreneurs can use to protect their business and personal assets. Here, we’ll look at two final ways entrepreneurs can achieve asset protection. No matter what line of business you are in, the reality of being a successful entrepreneur is that you open yourself up […]
Read MoreNo matter what line of business you are in, the reality of being a successful entrepreneur is that you open yourself up to a number of unique risks—and the more successful you get, the more risks you face. Asset protection planning is intended to reduce or eliminate the risks of being in business by shielding […]
Read MoreFirst of all, a quick reminder: July 15th is this year’s due date for federal taxes, pushed back from April 15th due to the upheavals caused by the coronavirus, so get in action now, if you are not already, to get your taxes prepared and filed. Today we’re talking about the importance of keeping meticulous […]
Read MoreWith the passage of AB5 in California (the new law that imposes significant risk on employers who mischaracterize employees as independent contractors), and the potentiality for that same law to be applied across the United States, you may be considering incorporating to strengthen your position that you are not an employee. If so, we think […]
Read MoreIf you are an Independent Contractor in California, or you have any team members in California that you have hired as an Independent Contractor, you must contact a Family Business Lawyer™ immediately to discuss your options. You can read the summary of AB5 on Wikipedia, including legal challenges to the law. And, you can read […]
Read MoreLimited Liability Companies (LLCs) are a popular business entity with many entrepreneurs. Like corporations, LLCs offer valuable personal liability protection for their owners. Unlike corporations, however, LLCs aren’t required to adhere to the same burdensome record-keeping requirements and other corporate formalities corporations must follow. That said, while the administrative requirements for an LLC are far […]
Read MoreSetting up your business as a corporation or limited liability company (LLC) is a crucial way to protect your personal assets from debts and other liabilities incurred by your business. The ability of a corporate entity, such as an S Corp or LLC, to separate and safeguard your personal assets is often referred to as […]
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