Category - Business

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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What does it mean to be a managing member of an LLC?

February 22, 2018

As the name indicates, the managing member is the manager of a member-managed LLC. Please note that the organizational and management structure of limited liability companies (LLCs) varies greatly.  Some LLCs are single-member (i.e., only one owner) and some are multi-member entities.  There are LLCs which are member managed, some which are manager-managed and then […]

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Common Mistakes Made by Business Owners

February 9, 2018

“Only a fool learns from his own mistakes. The wise man learns from the mistakes of others.” ― Otto von Bismarck During my time working as a business law attorney, I have marveled at the wisdom, creativity, and brilliance of many of my business owner clients.  There have also been occasions when I have witnessed […]

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Deadlock among business owners: Part 2

January 19, 2018

Deadlock among business owners can be an awful thing for the individuals involved and for the company. In the prior post, we began this discussion by noting this reality and how deadlocks can come about in unintended ways.  In this post, we review a few methods to prevent a deadlock from happening and how to […]

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Deadlock among business owners: things to consider and avoid

January 17, 2018

dead·lock ˈdedˌläk/ noun noun: deadlock; plural noun: deadlocks a situation, typically one involving opposing parties, in which no progress can be made. “an attempt to break the deadlock” (source: Google dictionary) That doesn’t sound like much fun in any situation. In the context of business ownership, management and operations, the corresponding “fun” measurement is zero.  Further, deadlock among […]

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The value of expertise–a recurring theme

January 2, 2018

The cost of screws and a metal plate is not the proper test of value for a surgical procedure. This is not a new subject. Rather, it is a repeated theme. There seems to be a common disconnect between experience and expertise on the one hand and price and value on the other hand–at least […]

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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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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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