Year: 2017

Should I Sign a Personal Guarantee for a Lease?

December 27, 2017

Maybe. It very much depends on the facts and circumstances, as is often the case with these types of matters. First, let’s consider what a personal guaranty is and why it is used. A personal guaranty (or guarantee) is a contract signed by an individual (the guarantor) whereby such person is agreeing to be responsible/liable […]

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Where do I file my LLC operating agreement?

December 23, 2017

Nowhere. In most instances, you will not file your LLC Operating Agreement with anyone or anything. You are not required to file your LLC Operating Agreement with a state agency, at least as a requirement for having a validly formed and fully-operational LLC under applicable state law.[1] In most instances, you will keep your […]

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Do I need an estate plan?

December 21, 2017

Yes. If you have anyone or anything you care about, you need an estate plan. Perhaps a more helpful question, then, is what type of estate plan do you need, and why? There is a good article on Fidelity.com dealing with this very subject and many of the same considerations I would advise my clients […]

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The history and constitutionality of our federal tax system (by Jared Chatterton)

December 19, 2017

Here is the latest submission from my friend and accountant colleague, Jared Chatterton. As you will see, Jared is a nice blend of wisdom, expertise, and humor. Enjoy: Every tax season I encounter a random progressive buckaroo who strolls in to my office and with a confident drawl says – “I’m going to have you […]

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Tax reform update: postcard tax filings and sunset legislation

December 18, 2017

With the expected vote on and passage of the Tax Cuts and Jobs Act of 2017 (a/k/a TCJA and Trump Tax Cuts) later this week, perhaps it is time to review how closely the end-result matches some of the lofty promises made earlier in the process. By the way, I consider myself very much an “independent”

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Does an LLC Operating Agreement need to be notarized?

December 14, 2017

No. At least in the normal course to have a valid LLC operating agreement, you are not required to have it notarized. At least that is how it works in Utah and most other states of which I am aware. Remember that LLCs are creatures of applicable state law, so if you are forming a

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Estate tax to stay or go? Who cares?

December 13, 2017

As of this morning, the word out of Washington is that the Republicans in the House and the Senate have agreed on a deal for tax reform. We should know more details in the coming days. The fate of the estate tax is still among the unknown points, but many believe that the estate tax

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Should you get your own captive insurance company?

December 12, 2017

Captive insurance has been around for a while, but micro-captive insurance structures are more recent in their invention and application. As with any other financial planning vehicle generally, and insurance product in particular, whether or not something is right in a certain circumstance greatly depends on said circumstance. In other words, despite what a very

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Pharos Law Podcast–is a single member LLC required to have an operating agreement?

December 11, 2017

No blog post gets more views than the one about whether a single member LLC is required to have an operating agreement. CLICK HERE to access that blog post. It’s a valid question, and one could reasonably conclude that a sole owner of a limited liability company should not be required to have his or

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Bitcoin: the basics

December 8, 2017

You have probably heard the words “Bitcoin” and “Cryptocurrency.” But if you are like most of us, you have at first felt a little curious, then tried to learn a little more about these things…only to eventually give up with a headache. Let’s face it, these are complex matters well understood by few. I recently

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