It’s a popular myth that it’s always best to form your business in a business-friendly state, like Delaware, Wyoming, or Nevada in order to save on taxes, benefit from increased privacy, and possibly have an easier time raising capital. However, for many businesses, incorporating in these states is completely unnecessary—and it may even cost your company in the long run. Let’s break it down here, so you can make the Read More
New Developments Transform the Role Life Insurance Plays in Your Estate and Financial Planning
Within the past year, a combination of new legislation and the recent change of leadership in the White House and Congress stands to dramatically increase the income taxes your loved ones will have to pay on inherited retirement accounts as well as increasing the income taxes you owe on your taxable investments. However, purchasing life insurance may offer you the opportunity to minimize the effect of these Read More
Saving Taxes for S-Corporations
There are many reasons why the owners of an LLC or corporation would choose to have their company receive S-corporation tax treatment. Corporations might want to take advantage of the pass-through taxation (shareholders must still report dividends on personal income tax returns). Members (owners) of an LLC might also be attracted to the S-corporation tax treatment due to recent tax reforms. Depending on your reason Read More
What You Need to Know About Boilerplate Contract Terms
Every legal agreement you sign is going to contain boilerplate terms, which are sometimes referred to as the “fine print.” It’s important that you understand these terms before you sign any agreement, because even though they may seem tedious to read, these terms will impact you and your business if and when you ever have to go to court to enforce the agreement. Common Boilerplate Terms Found in Legal Read More
New COVID Stimulus Funding Available For Business Owners in 2021—Part 2
The Consolidated Appropriations Act 2021, which was signed into law on December 27th, 2020, provides another $900 billion in funding for coronavirus relief for individuals and business owners. The new bill serves as an expansion of the 2020 CARES Act, offering additional funding and a number of key changes to both the Paycheck Protection Program (PPP) and Economic Injury Disaster Loan (EIDL) program. Although the Read More
New COVID Stimulus Funding Available For Business Owners in 2021—Part 1
The Consolidated Appropriations Act 2021, which was signed into law on December 27th, 2020, provides another $900 billion in funding for coronavirus relief for individuals and business owners. The new bill serves as an expansion of the 2020 CARES Act, offering additional funding and a number of key changes to both the Paycheck Protection Program (PPP) and Economic Injury Disaster Loan (EIDL) program. Although the Read More
Why Form a Family Limited Partnership in California?
A business partnership, of which there are several types, is an attractive option for many business owners who know others who share their entrepreneurial visions. There are two main types of business partners — general and limited. General partners have voting rights regarding the direction of the company and are typically charged with managing the day-to-day of the partnership while limited partners do not enjoy Read More
4 Myths and Misconceptions About Business Entities
Setting up the proper legal structure for your business may seem like a boring detail that you won’t need to spend much time on. But the truth is, selecting the right entity for your company is one of the most crucial decisions you can make as a business owner. That said, there are all sorts of myths and misconceptions surrounding business entities that can cause confusion and lead to costly mistakes for those who Read More
5 Reasons Why Right Now Is the Ideal Time to Buy An Existing Business
When it comes to owning your own business, don’t forget that building a company from scratch isn’t your only option. In fact, buying an existing business and making it your own is often a much more efficient, economical, and prudent way to fulfill your entrepreneurial dreams. Given that roughly 10,000 Baby Boomers turn 65 every day, and this trend will continue until 2029, when the generation’s youngest members Read More
Appealing Your Commercial Property Tax Bill
The past few months have presented a great amount of uncertainty in the real estate markets due to coronavirus. While the residential real estate market has picked up somewhat, many commercial properties are struggling to sustain or regain their values. Fortunately, there is a way you can use this decline-in-market value cycle to your advantage: by appealing your commercial property’s tax bill with the County Read More
