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The federal Corporate Transparency Act was passed in 2021 but takes effect this coming year. With the goal of tracking and limiting illegal money flowing through the American economy, the Act imposes reporting requirements on most existing and new sm…
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Succession planning for family businesses is a crucial but often overlooked part of planning for the future. Having a plan in place that outlines how the business will continue to operate, even as ownership and leadership changes, is essential for th…
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A major part of buying a business with value tied to its intellectual property portfolio is due diligence on how it owns and protects its intellectual property. Companies with brand recognition or products that rely on trademarks and patents will nee…
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Once your corporation or limited liability company is formed, its legal status must be maintained by keeping it in good standing. This requires filing annual reports with the state of its formation and any other state where the company is authorized…
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When negotiating the sale of a business, one of the first decisions the buyer and seller must agree upon is whether to structure the deal as a stock sale or an asset sale. Assuming the business is incorporated, it has shareholders who own stock (or,…
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When assisting clients with buying or selling a business, the initial challenge is the process of “due diligence,” requiring a deep dive into the company being sold. Parties are usually surprised at the time and effort necessary for the investiga…
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Entrepreneurs usually have a high tolerance for risk, and thus, they can be highly successful while navigating the challenges of running a company. As a business owner deals with the day-to-day stresses of making constant decisions, certain details c…
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One significant advantage of organizing a business as a limited liability company is the flexibility it affords. A single-member LLC can be taxed as a sole proprietorship, a multi-member LLC can be taxed as a partnership, and both single-member and m…
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One of the beauties of setting up a corporation is the protection you get from personal liability for company debts. One of the headaches that flows from setting up that same corporation is the extra paperwork required to properly maintain it – and…
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Business owners often think about what might happen to their company upon death, disability, or retirement, but some owners find it difficult to take the time to work through different scenarios and decide upon a workable succession plan. Generally,…
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