Advantages of Limited Partnerships LPs allow for pass-through taxation for both the limited partner and the general partner. Limited partners are not held personally responsible for the debts and liabilities of the business, although the GP, if an individual, may be...
You must be very careful when you are the only owner of your LLC. Single member LLCs require extra planning and special language in the operating agreement. One example: What happens when the single owner/member passes? Who takes over? It may be months before that is...
By Garrett Sutton, Esq. & Gerri Detweiler How do you bring investors into your business? Not the sympathetic Mom and Dad kind of investors — those who love you anyway — but rather the hard-nosed, serious investors who expect quite a lot. As the author of the book...
Should you set up a corporation or LLC before you start trying to deduct expenses? A recent case suggests you should. Many think that they can deduct all of their start up expenses before formally incorporating a business. But in Carrick v. Commissioner of Internal...
Which is Best? Choosing the right entity can be one of the most important decisions a business makes. Business owners and investors may find themselves asking which to pick, LLC vs Corporation. To help make your decision a little easier, we’ve compiled a list of...
Is Your Retirement Safe? Are you certain of your pension? Can you count on Social Security to pay you in the future? A recent case allowed the State of Rhode Island to unilaterally - and retroactively - reduce public employees' pension benefits. The case, Cranston...
On March 23, 2018 America's Top 100 Attorneys announced the Lifetime Achievement selection of Garrett Sutton, Esq. among America’s Top 100 Attorneys®. Lifetime Achievement selection to America’s Top 100 Attorneys® is by invitation only and is reserved to identify the...
An Evolving Way To Attack Assets Piercing the corporate veil. It sounds painful, and it is. A judgment is entered against a corporation with no assets. To collect the court allows the judgment creditor (the winner in the case) to pierce through the corporation and...
After searching the market for the perfect piece of real estate, you have found property that will satisfy your needs and give you future opportunities. It is now time to be concerned about protecting yourself from the risks involved in property ownership. One way to...
Mom’s Mistake Is No Excuse! Do you have your registered agent service properly in place? A recent Ohio case illustrated the significant pitfalls of lax procedures. Your registered agent’s job is to accept service process, meaning notice of a lawsuit. If you don’t...
By: Melissa MathesonCorporate Direct Webmaster Back in 2017, we published an article regarding ADA compliance on websites. The Winn-Dixie case was the case that defined websites as “public spaces,” thereby requiring that they be accessible to those with disabilities....
Let's start with the good... California Raises their Homestead Exemption The homestead exemption is an excellent creditor protection strategy for personal residences. It all started in Texas when they were an independent republic from 1836 to 1846 and in need of...
You’ve set up your LLC. Now it’s time to make money, and flow the profits into your bank account. It's time to think about how you will be distributing LLC Money between bank accounts. In the example we’ll use in this article, you have transferred title in a real...
California’s minimum tax on business entities is $800.00 per year. The California Franchise Tax is the highest in the nation and also comes with corporate income tax and personal income tax. California traditionally is a tough state to own a small business due to all...
Scam-Proof Your Assets: Guarding Against Widespread Deception, my newest Rich Dad Advisor book in several years, was released near the end of 2020. Cyber criminality is everywhere, costing people not only financial losses but emotional damage as well. You must be...
Matt wanted to open a confidential mail order business and he needed to operate with absolute privacy. No one could ever know that he ran a business that sold sensitive supplement products over the internet. Matt lived in Las Vegas and knew he needed a Nevada LLC for...
Joe exchanged emails with Mary. They were investigating whether Joe wanted a consignment of Mary’s embroidered toilet seat covers for Joe’s hardware store. The email conversation trailed off and Joe went on to other things. Two days later, to Joe’s surprise, the...
Scam-Proof Your Assets: Guarding Against Widespread Deception comes out in October. It is my newest Rich Dad Advisor book in several years. It covers the very important issue of cyber criminality now harming all of us. The monetary losses are staggering. The emotional...
You can’t do a criminal background check on a tenant! You must rent out your property or pay a fine! You must report all of your company’s beneficial owners! Do these exclamations ring of an authoritarian bureaucracy? That bell is ringing louder in the last year as...
Force Majeure is a French term meaning superior force. It is also a contract clause that relieves parties from performance when an extraordinary event occurs. Such challenges, known as ‘black swan’ events or generically ‘Acts of God’, may be mitigated by a force...
There’s a lot of talk about Series LLCs. More and more people are wondering if they’re a smart idea. The short answer is - they aren’t. They haven’t been tested, giving them limited applications if they have any at all. The series LLC is different from a traditional...