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LLC, Corporation and Partnership–legal and tax classifications

LLC, Corporation and Partnership–legal and tax classifications

I was reading an excellent article this morning about why it usually is a bad idea to own rental properties in an S-Corporation.  The article is well-written in most respects and does a good job walking through basic legal, accounting and tax planning situations.  The general premise is sound–namely, that because of the application of tax […]

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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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rules to govern the LLC–why a customized operating agreement matters

rules to govern the LLC–why a customized operating agreement matters

Each business partner should have a clear understanding of the rules which govern the business relationship.  For an LLC, such rules are normally contained in an operating agreement. This documents should be written to address the unique needs of your business arrangement. Imagine you are visiting a foreign land.  You don’t speak the language and you have no […]

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