Category - Business

How to work with an attorney (Huffington Post article)–part 3

October 16, 2018

The money stuff matters when you are working with an attorney. So make sure you understand from the beginning how you will be billed.

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How to work with an attorney (Huffington Post article)–part 2

August 27, 2018

In the last post, we started discussing the Huffington Post article titled “My Lawyer, My Friend” and this post is a continuation of that discussion.  The premise of the article is that there are important considerations which, if understood and followed by a client, will greatly increase the likelihood that a client dealing with an attorney […]

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Supreme Court provides mechanism for states to collect sales tax from online retailers

June 22, 2018

This court decision will be applauded by local businesses and likely mourned by many online retailers.  Either way, it represents the Supreme Court overstepping its bounds.  The Court is supposed to interpret and uphold the Constitution and statutory laws, not make their own laws based on “economic reality.” Do I support local businesses? You bet.  […]

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Asset or equity sale? How about a little of both via Section 338(h)(10) election?

June 11, 2018

In a business sale transaction, the buyer typically desires to buy assets and the seller usually wants to sell equity.  Section 338(h)(10) of the tax code provides a win/win opportunity to both parties (when applicable). There are tax and legal reasons for the customary situation where the seller of a business wants to structure the same […]

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Are verbal agreements binding in Utah?

April 9, 2018

Is a handshake deal valid? Can you enforce a verbal agreement? Verbal agreements can be enforceable as a general matter.  However, there are exceptions to this principle.  Per the Utah Statute of Frauds, found in Title 25, Chapter 5, certain types of agreements must be evidenced by some form of writing.  Below are examples of such […]

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Can I protect my personal assets from business liabilities?

April 2, 2018

Yes.  LLCs and Corporations were invented for this very purpose.   An accountant reading this post would be quick to point out that there are often important tax considerations involved in the choice between such legal entities.  Even so, I the genesis of corporations, partnerships, limited partnerships, limited liability companies and all variations of the same […]

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Why should you use a written contract?

March 29, 2018

Afterall, aren’t verbal agreements enforceable?  The short answer to that second question is yes (sometimes).  Verbal agreements can be legally enforceable, but such enforcement is often quite difficult.  Therefore, even though you CAN enforce a verbal agreement, at least some of the time, I would suggest that in many business transactions, you do not want […]

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Is it more important to hire an attorney or an accountant?

March 19, 2018

Yes.  In other words, this is probably the wrong question to ask.  Perhaps a better question would be something like “what things should I ask my attorney to do and what items are within the realm of my accountant’s expertise?” I saw an article online recently addressing the question about the importance of an attorney […]

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Is a single member LLC required to have an EIN?

March 8, 2018

Not always. Even so, an EIN is often required and usually a good idea. A federal employer identification number (also known as an EIN or FEIN) is a nine-digit tax ID assigned to a business entity by the IRS.  The easiest and quickest way to obtain an EIN is via the IRS website. When business entities file […]

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You don’t know what you don’t know.

February 23, 2018

This is true for all of us in many areas of our life and concerning a good many subjects. Consider a hypothetical situation where a man walks into his accountant’s office to ask a few questions.  (Hopefully, that man was courteous enough to make an appointment, rather than just dropping in.)  This gentleman owns a small […]

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