Often you might see in legal documents that a corporation is referred to as a “person,” which is a reference to the corporation having a distinct separation from its owners. A corporation (or LLC) is found by law to be a separate legal entity from its owners. This distinction between the ownership and the entity serves to keep liability within the entity and is sometimes referred to as the corporate veil. It is when this distinction becomes a distinction without a difference that owners can be held liable for actions of the corporation—known as piercing the corporate veil. There is…Read More
It is highly recommended that you do seek out an attorney so it is properly drafted and more importantly that all of the formalities are written. If the formalities are not followed the will can be invalidated. Talk to your heirs to make sure there are no problems when the will comes into effect. Contact us today so we can assist you in all of your will and estate planningRead More
Starting a business can be an exciting time for those jumping into it, but can be daunting if you are doing it alone. In many cases, when starting a business one question comes up: “Is it better with a partner and to go solo?” Here are some of the pros and cons to going solo versus venturing into the business world with a trusty partner. Solo Going out on your own allows you the ability to make the business how you see fit without requiring input from anyone else. Also, you will solely make all of the decisions, therefore claiming…Read More
As for using pay stubs, the only real pro is the expedited acceptance and processing of one’s tax return. The downside is, however, more. First, you are not allowed to file your tax return with your last pay stub. In fact, all tax preparers who file a tax return with a pay stub could lose their EFIN’s if found to have done so. Therefore, the first con is that it is illegal. The next con, is that the pay stubs do not contain all the relevant information. In some cases, there could be additional information regarding retirement and now there…Read More
Here are a few useful tips when it comes to filing taxes, for both businesses and individuals: Businesses Make sure all asset accounts are reconciled. (Not just bank accounts but inventory and equipment as well, for example.) Make sure the Profit and loss statement accurately reflects the company’s profitability. Meet with a tax professional now regarding any new or existing tax credits that may be available to your business and then review your company’s information to see if you qualify. Begin getting all the paperwork ready to start saving on taxes! (For instance, these credits could be based on types…Read More
The main difference between a will and a trust is that a traditional will, will only come into effect after the person passes, as opposed to where a trust can come into effect immediately when the document is created.Read More
Is an LLC better than a corporation? This is a very nuanced question, because on the one hand it could be, and on another hand it couldn’t be. It really depends on each person’s situation. An LLC has its benefits, so does a corporation. This is one where you want to speak with a licensed attorney who is knowledgeable in business law who can give you the best insight to figure out what would be best for you in your situation.Read More
There are many things you should have in a contract. First and foremost, the most essential thing I recommend a client has, is to first put it in writing. Once you have it in writing, the most important things need to be included: obviously the parties, what is going to be provided, and what are you going to receive in return for providing that service or goods. Details can be added with respect to each section, but those are the most essential elements of any contract. PUT IT IN WRITING!Read More
How To Deal With A Business Breakup a Business Break up can be a very stressful situation. The parties involved, once optimistic about the business’s future, have now either come to an impasse or decided mutually that it is time for one individual or group of individuals to say goodbye. This change in outlook for the future from the time of the business’s start to its ultimate demise affects the way the parties approach buyout or dissolution negotiations, and it most definitely brings a sense of emotional unease to the entire situation. But How To Deal With It? The best…Read More
A landlord and tenant relationship can be a stressful relationship solely based on its nature. The tenant is looking for a place to call home and the landlord is looking for a profit. These two desires can be aligned, however, sometimes a landlord in search of profits must sell his investment to recoup his full benefit. So what happens to a tenant when a landlord sells the property? State property law largely determines this answer. Meaning, when looking to determine what will happen to your living situation when your landlord sells is something that you will need to look to…Read More
