The Corporate Transparency Act (CTA) is a new law that requires many “reporting companies” to report information about the company and its owners to the Financial Crimes Enforcement Network (or FinCEN) of the U.S. Department of the Treasury. Under the new CTA rules, a...
By: Ted Sutton, Esq. Marissa was an aspiring barista who lived in New York City. After she graduated high school, she started her own coffee shop in Brooklyn. She properly formed a New York LLC. However, she forgot to report her beneficial ownership information to...
The Internal Revenue Service (IRS) just announced new rules for 2018. First, the estate tax. In 2017, an individual could pass with $5.49 million in assets and not be subject to any federal estate tax. This amount is doubled for married individuals (or $10,980,000.)...
Many of our clients hold their stocks, bonds and other paper assets in the name of an LLC. If sued personally they will benefit from the charging order protections in strong states like Wyoming. Conversely, if they hold brokerage account(s) in their individual name a...
Some business owners and investors don't understand the importance of keeping business and personal dealings separate, and can end up paying for it. Especially, when they are treating their business like their alter ego as was the case in this unfortunate New York...
Owners of LLCs Holding California Real Estate, Beware! The State of California is at it again. A recent case decided by the California Supreme Court allows cities to asses Documentary Transfer Taxes like never before. When property is transferred by a deed, counties...
The IRS has instituted new audit rules which require every LLC Operating Agreement and Limited Partnership (LP) Agreement to be amended. While we have never experienced such a dramatic requirement, it is important to make document amendments before December 31, 2017....
Contributed by Robert W. Wood, Tax Lawyer and Managing Partner with Wood LLP. Everyone must pay federal income taxes. Yet exactly how much you owe, and on exactly how much, is famously complex. All tax returns must be signed under penalties of perjury. That means you...
New Court Case May Indicate Future Requirements Winn-Dixie, a large supermarket chain, was sued under the Americans with Disabilities Act (ADA). Juan Gil, a blind Florida resident, went to court because the chain's website was not accessible to him. The ADA requires...
Could a business name affect your personal liability, business credit or even your ability to run your business at all. The answer to all the above is, "yes." Read on to determine if your business name sets you up for success, or trouble down the road. 1. Is the Name...
By Garrett Sutton, Esq The state of California has implemented rules (and costs) for business owners and holders of real estate located within California. In this fashion, you had the better protection of a Wyoming LLC. In Attack #1 where a tenant, for example, sues...
When states raise their fees, people vote with their feet. We described Nevada’s new corporate fees in our last issue (a jump from $325 a year to $650.) We also described how you could ‘continue’ your Nevada entity (or any state entity for that matter) into Wyoming,...
When looking to start a business or protect investments you have several options in the type of entity you can form. As with anything, there are advantages and disadvantages to limited liability companies. Advantages It limits liability for managers and members....
The state of Nevada legislature and governor approved higher business taxes last week. Some of the changes have been identified. Others have not seen the light of day. We do know that business license fees have increased. For profit corporations will have annual fees...
I’m not suggesting that you need to know everything. You don’t. You’ll continue to learn as you go. But you must educate yourself in the basics to get started on the right foot. A little education goes a long way in accomplishing four essential goals: 1. Demystify...
The biggest tax challenge for real estate investors are the passive loss rules. Under these rules, passive losses can only be used to offset passive income. A business activity is passive if the owner does not spend much time (typically less than 500 hours per year)...
You have a great idea that will help your community. You want to benefit the environment, as well as your bottom line. Everything looks promising. But how should your social entrepreneurial venture be organized? Many are starting to use the new benefit corporation –...
What is a Letter of Intent and how does this help (or hurt) you when you want to buy a business? As soon as a buyer and seller have come to an agreement on price and major terms, a letter of intent may be prepared. This document precedes the more formal and detailed...
By Garrett Sutton, Esq. There are a few reasons a quit claim deed is not preferred to transfer title to your property. One big reason is because the quit claim deed severs an express or implied warranty of title. (This means you are just granting whatever you may own...
By Garrett Sutton, Esq. Where you do business will certainly affect costs, but that should not be your only concern. Here are 5 hazards to consider before deciding to work from home. 1. Zoning & Residential Restrictions If you’re doing business out of your house,...
The insurance broker is an essential part of the team you assemble when you purchase your real estate property. You must look for an experienced professional who strives to find personalized options for your business or investment. What you don’t want is someone who...