Fact: The Partnership Audit Rules Have Changed New partnership audit rules for LLCs taxed as partnerships, and Partnerships, took effect January 1, 2018. These new rules, and the new position of partnership representative, greatly change the landscape of partnership audits. For the unweary, these changes appear to be a simple change to your tax filings. […]
co-owners
Valuation and Buy-Sell Agreements – A Book Review
Business Valuation for Business Owners – By Zachary M. Sharkey, a book review You probably know by now that I am a huge proponent of the Buy-Sell Agreement (“BSA”) for business partnerships. The BSA serves as a sort of pre-nup for small businesses owned by two or more people or entities. As a business lawyer, […]
5 Steps to Creating Your LLC
Our business startup packages are a great fit for clients that want to start an LLC. However, we meet some potential clients that want to do things on their own. We do not recommend you do, but we know some of you are going to ‘go it alone’ regardless. For those of you doing so, […]
The Ultimate Business Pre-Nup
We’ve all heard the stats… 50% of marriages end in divorce. And you ask, what does this have to do with business law Scott? The answer is simple, despite the myth that 95% of companies fail (I’ve heard, 80%, 90%, etc.), reality suggests that nearly 50% of companies make it to the fifth year. ( https://www.sba.gov/sites/default/files/Business-Survival.pdf). […]
The Importance of Funding
There are many ways to craft an estate plan for an individual or family. The basic building blocks consist of powers of attorney, healthcare directives, guardianship planning, and will(s) and/or trust(s) to direct where your stuff goes when you pass. Which tools should be used in a specific case really comes down to the customers […]