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Category: Business

Secrets of “THE LAW”

Secrets of “THE LAW”

If you meet an attorney claiming to know THE LAW, find a different attorney.   There are many misconceptions in the world of lawyers and law stuff.  A great many.  One of the most prominent is the mistaken belief that just because someone has a law degree and has passed a bar exam that person knows “THE […]

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Asset Protection for Business Owners: some basic ideas

Asset Protection for Business Owners: some basic ideas

The most frequent questions I receive from business owners relate to asset protection. Common sense and a little extra care can do wonders to provide significant protections for the business owner and the business. I was recently contacted by a business owner regarding these things–namely, asset protection for himself and his business. He wanted to […]

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Piercing the Corporate Veil is the exception to the rule

Piercing the Corporate Veil is the exception to the rule

Legal liability protection is one of the main reasons for corporate entities.  In most instances, these legal entities insulate owners from legal liability. While there are often tax, accounting and other important reasons for corporations and LLCs in a business or investment setting, at the very top of any list of reasons to establish and properly maintain […]

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McDonald’s and the emergency room–what they have in common; but also why you will never see drive-through brain surgery

McDonald’s and the emergency room–what they have in common; but also why you will never see drive-through brain surgery

What do the hospital emergency room McDonald’s have in common? Answer: on-demand access. In this era of on-demand services, along with all-access TV and movie resources and all the other things instantly accessible via the internet, we sometimes find that clients and customers have unrealistic ideas about similar on-demand access to professional services.  Some people […]

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death of the death tax? what would repeal of estate tax mean for you and me?

death of the death tax? what would repeal of estate tax mean for you and me?

The Republicans have been talking about and working on repeal of the federal estate tax for years.  Now that Trump is on his way to the White House, there are many who believe that the federal estate tax (also known as death tax) will soon be a thing of the past. In theory and principle, […]

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Single Member LLCs–what, why and when?

Single Member LLCs–what, why and when?

What is a single member LLC and why would you want one? We have previously written a fair amount on LLCs generally, including what they are and why they can be useful legal entities. This post will focus on single member limited liability companies. As the name indicates, a single member LLC has one owner–and […]

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lenders and LLCs–rental property stuff

lenders and LLCs–rental property stuff

It is usually a good idea to own rental property through an LLC. As the name suggests, an LLC is designed to limit liability. Think of a limited liability company as a legal liability firewall vehicle. In other words, if some sort of legal claim arose from the operating of your rental property (say a […]

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How long should you keep your tax records? IRS issues updated guidance

How long should you keep your tax records? IRS issues updated guidance

One of the “small talk” questions which I receive often is this very question: namely, how long are you and I required to keep copies of our tax returns and related records?   Yesterday, the IRS issued a statement which generally seems consistent with past practices (at least according to my understanding), with perhaps a […]

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The value of knowledge and experience–this applies in all areas of life

The value of knowledge and experience–this applies in all areas of life

Do you and I appreciate the importance of experience and expertise?  In this internet age, it is quite easy for us to believe that Google can make us an expert on just about anything.  While I am as much a fan of Google and other internet resources as the next person, I see quite often the […]

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Buy-Sell Agreements: Mistakes to Avoid (Part 2)

If you are in business, you almost certainly need to consider some sort of buy-sell arrangement. Don’t take my word for it, listen to the contributing writers are Forbes.com.  Though this article is not new, the applicability of the February 2011 article by Robert W. Wood, titled “In Business, Get a Buy-Sell Agreement!” has not […]

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