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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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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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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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Business Buy-Sell Agreements: Mistakes to Avoid (Part 1)

Business Buy-Sell Agreements: Mistakes to Avoid (Part 1)

If you are the owner of a family business or other closely held business, not having a buy-sell agreement may be a big mistake. Let’s get this out of the-way–I am a business law attorney who gets paid to work on things like buy-sell agreements.  Therefore, it is no surprise that I am talking about why […]

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phantom equity–what and why?

phantom equity–what and why?

Phantom equity, as the name indicates, has some attributes which are similar to actual equity ownership, but also has key differences. In many cases, phantom equity can be a win/win for both business owner and employee. To summarize, phantom equity gives the key employee (or several) the economic equivalent of being an owner, but without […]

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begin with the end in mind–Covey’s wise counsel applies in business arrangements

begin with the end in mind–Covey’s wise counsel applies in business arrangements

At the outset of a promising business venture, nobody wants to think about how it will eventually end. However, that is exactly the time to consider such things.  Perhaps too somber a thought for a Monday morning, but the reality is that “all good things must come to an end”.  On the bright side, the […]

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An LLC as a legal liability firewall (Part 2)

An LLC as a legal liability firewall (Part 2)

It is important to start any venture the right way and the formation of a LLC is no exception. While it is sometimes possible to correct mistakes later, it is not always possible to undo all damages caused or save the money that was spent in cleaning up messes created by improper actions. This is part of a multi-part discussion […]

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Protecting your assets with an LLC; a legal firewall

Protecting your assets with an LLC; a legal firewall

As the name would suggest, a limited liability company is designed to limit liability–it is supposed to function as a legal firewall. There are many purposes for LLCs in today’s world of business, law, tax and accounting work, but these nifty legal entities were originally designed to serve asset protection and liability limiting functions. If all goes according to […]

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Wisdom from James Madison for Business Papers (Part 2)

Wisdom from James Madison for Business Papers (Part 2)

Though only 4,500 words, the U.S. Constitution contains many important details relating to the organization and operation of our government. While it has been amended 27 times in the years since first ratification, the original document has been remarkably stable and helpful over the years.   This is the second part on the topic of what insights James […]

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