Going into business for yourself or with others can be risky. From investing in goods and services and hiring employees to simply carrying out the daily tasks related to your business, each step comes with its own challenges. This is especially true given the litigious (“sue-happy”) nature of our society. As a result, many entrepreneurs…
Over time, your business can undergo significant changes. What may have started as a humble, one-person operation in your garage can grow into a more complex company, with multiple owners, employees, an evolving mission statement, and increasing risks. As the scope and goals of your business shift, an accompanying change in business structure might be…
It’s interesting to note that the concept of success is inherently part of business succession, yet a significant number of American businesses lack a formal succession plan. So, what exactly is business succession planning, and how does it contribute to both your personal success and the prosperity of your business? Key Considerations in Business Succession…
The existing federal estate and gift tax exemption stands at an impressive $13.61 million per individual ($27.22 million for couples), but this is set to decrease significantly on January 1, 2026. The exemption will automatically revert to $5 million, adjusted for inflation (estimated at $7 million), if there are no legislative changes. This cap includes…
People often seek methods to pass on their assets upon death without the need for probate proceedings, and they prefer doing so without consulting a lawyer or creating a Will or Trust. Consequently, many decide to add their children as joint owners on their assets. However, this approach may not be the wisest choice, and…
If small business owners already didn’t have enough paperwork to deal with, they will have one more item on their compliance to-do list when the Corporate Transparency Act (CTA) takes effect next year. The CTA,[1] enacted as part of the Anti-Money Laundering Act of 2020 (AMLA), imposes new reporting requirements on many business entities in…
Benjamin Franklin famously quipped, “If you fail to plan, you are planning to fail.” From the very beginning, you had a plan for your business to succeed. You set goals and developed methods to achieve those goals. Your business has stood the test of time because you anticipated problems and solved them. But if your…
Small business owners need to be familiar with risk management. Owning and operating a small business involves a certain level of unpredictability. In spite of your best efforts to stay on top of supply chains, marketing, sales, competitors, employees, and cash flow, unforeseen issues can throw you off your game. You have survived plenty of…
A lot of our clients come to us for advice as to which entity to choose when starting or expanding their business, whether it be a limited liability company or corporation. While we prefer corporations for greater liability protection, for those that are just starting out, a limited liability company (LLC) may be the way…
Membership in a limited liability company (LLC) may come with voting rights. Member voting rights are addressed in the LLC operating agreement, which typically provides that LLC members must vote on several issues that are material to the continuance of the business. A unanimous or majority vote may be required depending upon the nature of…