Single Member LLC taxed as an S-Corp Does the single member LLC that elects to be taxed as an S Corporation need to issue stock, have minutes and basically behave like a corporation instead of using the LLC members certificates and operating agreements? The LLC taxed...
The Chippendales have raised animal spirits around the world since 1979. The dancing men wearing their abbreviated tuxedo costume – shirtless with just a bowtie collar and wrist cuffs – have entertained bachelorette and GNO parties with, as their spin doctors...
The Supreme Court of Florida took away a key asset protection benefit in deciding Olmstead v. Federal Trade Commission (SC 01-109, Fla. June 24, 2010). Before the ruling a charging order was the exclusive remedy, whereby the judgment creditor (the person who...
Gold, silver and other precious metals require asset protection. We live in a litigious and uncertain society, which is most likely one of the reasons you invested in precious metals in the first place. It is important to know that if gold, silver, platinum and...
Your risk exposure goes through the roof when your child under 18 years old obtains a drivers license. Are you surprised? Didn’t you read the fine print? In most states, the application for an instruction permit or drivers license must be signed by a parent or...
By Garrett Sutton, Esq. The scene is a lush, tastefully appointed resort right on the bay. Beautiful sand beaches lead to calm, blue green waters. On a patio overlooking the spectacular view a party is going on. It is the welcoming event for what is claimed will be a...
By Garrett Sutton, Esq. If you have been considering forming a corporation or other business entity to provide yourself with limited liability and financing options in your business venture, you have made an important first step. You may have compared the tax benefits...
By Garrett Sutton, Esq. A C-Corp has the widest range of deductions and expenses allowed by the IRS, especially in the area of employee fringe benefits. A C-Corp can set up medical reimbursement and other employee benefits, and deduct the costs of running these...
By Garrett Sutton, Esq. When Ben & Jerry’s, the socially active ice cream maker, was put up for sale in 2000, the company faced a challenge, both internally and externally: To whom could it sell, and to whom did it owe a duty in the sale? The company received two...
Nevada is one of the best places in the United States to incorporate because its asset protection and privacy laws are among the strongest. Nevada is the only state to offer charging order protection to corporate shares. We'll cover more about this later....
By Garrett Sutton, Esq. Have you ever been told you can make incredibly beneficial investments using your self directed IRA monies? Buyer beware. IRAs, as most people know, can offer significant tax deferrals, thus allowing for retirement accounts to grow over time....
By Garrett Sutton Facing government resistance at every turn and increased costs of doing business, foreign banks are now ever more hesitant to operate in America. Compliance costs for handling U.S. accounts are already so high that many banks are simply refusing to...
When it comes to corporations, LLCs and Limited Partnerships, good standing is a legal requirement. And the consequences of not being in good standing, while unfortunately unappreciated by most, can be devastating. Good standing sounds important. It conveys the sense...
By Garrett Sutton, Esq. Many new business owners make the mistake of not properly accounting for it all. Please know that companies live and die by numbers. They are defined by numbers. They grow with numbers. They bleed with numbers. Numbers define the health of your...
Paperwork for your corporation, LLC or LP is important. A failure to have it in place can lead to piercing of the corporate veil and the imposition of unlimited personal liability. Piercing the corporate veil is when someone gets a judgment against the company (ie:...
Venture capital firms are a useful component in the business engine of growth. They are also hard-nosed investors who have earned the not so flattering nick name ‘vulture capitalists’. When it comes to ‘VCs’, you need to be knowledgeable and cautious. A venture...
By Garrett Sutton, Esq. Just as with so many other things in life, it takes two to buy a business. A buyer and a seller are the key ingredients. Brokers, accountants, lawyers and other experts make sure everything is in the right measure and you don’t get burned. But...
Here are seven business insurance items that could be worth a tax deduction. According to the IRS, you can generally deduct premiums for these types of insurance which are related your business: Insurance covering losses from fire, storm, theft, accident or similar...
Recently I was asked for more information about what a Real Estate Professional is, and why investors should consider it. As this has many tax implications, I’ve asked fellow Rich Dad Advisor, Tom Wheelwright, for his thoughts on this important strategy, which is not...
By Garrett Sutton, Esq. One of the greatest tax gifts is the principal residence rule for capital gains on the sale of your home. So great is the principal residence tax exclusion that even married couples filing jointly are benefited to the same, if not greater,...
By Garrett Sutton, Esq. The new Foreign Account Tax Compliance Act (FATCA) becomes effective July 1, 2014. The IRS reporting is straight forward. The penalties for not reporting are onerous. The Internal Revenue Service (IRS) requirements for FATCA are set forth in...