by Dave Duringer - Protective Law Corp | Mar 4, 2024 | Asset Protection, Blog, Business Succession, Buying or Selling a Closely Held Business, Creditors & Predators, Entity Formation, Fortune, Limitation of Liability, News & Commentary, Operation & Governance, Regulatory Compliance, Venture Protection
National Small Bus. United v. Yellen, No. 5:22-cv-1448-LCB (N.D. Ala. Mar. 1, 2024) On Friday, March 1, 2024, in National Small Bus. United v. Yellen, Judge Liles C. Burke of the United States District Court for the Northern District of Alabama ruled via memorandum...
by Dave Duringer - Protective Law Corp | Feb 21, 2024 | Blog, Business Succession, Buying or Selling a Closely Held Business, Entity Formation, Fortune, Limitation of Liability, Operation & Governance, Regulatory Compliance, Venture Protection
Small business owners are no strangers to government regulations. There are many requirements that businesses must be aware of and comply with, including business license and permit rules. Most businesses must obtain licenses or permits, so it is important for each...
by Dave Duringer - Protective Law Corp | Feb 20, 2024 | Asset Protection, Blog, Business Succession, Buying or Selling a Closely Held Business, Creditors & Predators, Entity Formation, Fortune, Limitation of Liability, Operation & Governance, Regulatory Compliance, Venture Protection
Over time, your business can undergo significant changes. What may have started as a humble, one-person operation 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...
by Dave Duringer - Protective Law Corp | Feb 6, 2024 | Blog, Business Succession, Buying or Selling a Closely Held Business, Entity Formation, Fortune, Limitation of Liability, Operation & Governance, Regulatory Compliance, Venture Protection
Americans have a “pull yourself up by your bootstraps” mentality that speaks to our individualism and enterprising spirit. This mindset is especially pronounced among business owners, who have chosen to forego the typical employment route in favor of creating their...
by Dave Duringer - Protective Law Corp | Feb 3, 2024 | Blog, Business Succession, Buying or Selling a Closely Held Business, Entity Formation, Estate Admin, Fortune, Operation & Governance, Venture Protection
Financial winter is coming. Or is it? Despite renewed optimism that the US economy can avoid a deep downturn, economists say the chances of a recession in 2024 are still about even. Small businesses are feeling the pain from high inflation, declining consumer...
by Dave Duringer - Protective Law Corp | Sep 12, 2022 | Blog, Business Succession, Buying or Selling a Closely Held Business, Entity Formation, Operation & Governance
If you are considering buying or selling a business, you may need an asset purchase agreement. An asset purchase agreement (APA) is a contract that specifies the terms and conditions for the sale and purchase of a business or certain business assets. The APA...
by Dave Duringer - Protective Law Corp | Sep 9, 2022 | Blog, Business Succession, Entity Formation, Operation & Governance, Regulatory Compliance
Corporations are required to have a board of directors, which is selected by the shareholders. The board of directors helps govern the corporation, provides advice and counsel, conducts high-level management, elects officers, votes on key decisions, and protects...
by Dave Duringer - Protective Law Corp | Aug 22, 2022 | Blog, Business Succession, Buying or Selling a Closely Held Business, Entity Formation, Limitation of Liability, Operation & Governance, Venture Protection
Many business partnerships eventually come to an end. Like other types of relationships, when business partners decide to split up, the process can be amicable or contentious. For personal and professional reasons, dissolving the partnership on good terms is in the...
by Dave Duringer - Protective Law Corp | Aug 19, 2022 | Blog, Business Succession, Buying or Selling a Closely Held Business, Operation & Governance, Venture Protection
As a business grows, its ownership structure may change and an owner may need to be removed. Removing an owner of a limited liability company (also known as a member) may become necessary if a member retires, dies, changes career, commits a breach of conduct, or has a...
by Dave Duringer - Protective Law Corp | Aug 15, 2022 | Asset Protection, Blog, Business Succession, Estate Planning, Family Protection, Financial Mentorship, Fortune, Tax Planning, Venture Protection
You spend a significant part of your life building your business, and it becomes a major part of your legacy. But when you die, everything you have built could fall apart if you have not taken the time to create a business succession plan. Without a plan in place,...
by Dave Duringer - Protective Law Corp | Aug 12, 2022 | Blog, Business Succession, Buying or Selling a Closely Held Business, Family Protection, Financial Mentorship, Fortune, Operation & Governance, Venture Protection
Your family and your business are two of your top priorities. You would not do anything to compromise either of them. But working with family members in a family-owned business presents unique challenges that can cause lasting damage to both if not properly managed....
by Dave Duringer - Protective Law Corp | Aug 10, 2022 | Blog, Business Succession, Buying or Selling a Closely Held Business, Estate Planning, Family Maintenance, Family Protection, Fortune, Operation & Governance, Venture Protection
Conflicts are inevitable within businesses and families. Personal rivalries, differences of opinion, competition for resources, and questions of prestige can set individuals at odds and lead to warring factions with competing loyalties. Resolving conflicts in both...
by Dave Duringer - Protective Law Corp | Aug 8, 2022 | Asset Protection, Blog, Business Succession, Buying or Selling a Closely Held Business, Creditors & Predators, Entity Formation, Estate Planning, Family Maintenance, Financial Mentorship, Fortune, Limitation of Liability, Operation & Governance, Regulatory Compliance, Tax Planning, Venture Protection
Trusts are usually associated with estate planning, but trusts can also apply to business operations. As a small business owner, you can hold the business in a trust instead of using a business entity such as a limited liability company (LLC) or corporation. Business...
by Dave Duringer - Protective Law Corp | Aug 1, 2022 | Blog, Business Succession, Buying or Selling a Closely Held Business, Fortune, Venture Protection
Part of the reward of being a small business owner is seeing your hard work pay off over the years. The many sacrifices you made for your business can all seem worth it on the day you close a deal to sell your company. But if you are dreaming of that day, it will take...
by Dave Duringer - Protective Law Corp | Jul 25, 2022 | Blog, Bloodline Protection, Business Succession, Buying or Selling a Closely Held Business, Estate Planning, Fortune, Venture Protection
In theory, a limited liability company (LLC) can last in perpetuity. However, the owners of an LLC should plan for the day when they are no longer there to run their business. This includes not only situations like retirement or career change, but also a decidedly...
by Dave Duringer - Protective Law Corp | Jul 11, 2022 | Blog, Business Succession, Entity Formation, Fortune, Limitation of Liability, Operation & Governance, Venture Protection
Small business owners put their blood, sweat, and tears into ensuring the success of their company, which, though difficult to measure, are no less valuable than capital contributions. At the same time, if you are investing your time and energy into a limited...
by Dave Duringer - Protective Law Corp | Jun 28, 2022 | Asset Protection, Blog, Bloodline Protection, Business Succession, Buying or Selling a Closely Held Business, Career Preparation, Estate Planning, Family Maintenance, Family Protection, Financial Mentorship, Fortune, Honor, Incapacity Planning, Operation & Governance, Venture Protection
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...
by Dave Duringer - Protective Law Corp | Jun 10, 2022 | Blog, Business Succession, Buying or Selling a Closely Held Business, Estate Planning, Venture Protection
We protect what we value most with insurance. Car insurance and home insurance ensure that we can financially survive a major property loss. Life insurance pays money to beneficiaries after a death, acting as a financial lifeline to the deceased’s loved ones. Business...
by Dave Duringer - Protective Law Corp | Jun 7, 2022 | Asset Protection, Blog, Business Succession, Entity Formation, Estate Planning, Venture Protection
Both running a successful business and having a successful marriage require commitment and hard work. Operating a business as a married couple can present its share of challenges, but being devoted to one another as spouses and as business partners can bring higher...
by Dave Duringer - Protective Law Corp | May 31, 2022 | Asset Protection, Blog, Business Succession, Estate Admin, Estate Planning, Limitation of Liability, Probate Admin, Venture Protection
The limited liability company (LLC) is a popular business structure that offers liability protection and avoidance of double taxation. Trusts are popular asset transfer vehicles that allow you to avoid probate and keep assets out of the hands of creditors. By placing...
by Dave Duringer - Protective Law Corp | Dec 23, 2020 | Business Succession, Buying or Selling a Closely Held Business, Venture Protection
If you are a business owner, you probably worry about your bottom line, employee retention, and health insurance premiums, but have you also considered what will happen to your business if you are in an accident? What if your business partner gets divorced and...
by Dave Duringer - Protective Law Corp | Dec 31, 2019 | Business Succession, Family Maintenance, Family Protection, Religious Faith
The reason for the season. "Today in the town of David a savior has been born to you; He is Christ the Lord." – Luke 2:11https://t.co/ePL8UKhjFY pic.twitter.com/P6L4hBPHeg— Official Hobby Lobby (@HobbyLobby) December 25, 2019 Do you have a...
by Dave Duringer - Protective Law Corp | Dec 2, 2019 | Business Succession, Estate Planning, Venture Protection
As your small business expands and evolves, it may make sense to consider changing its structure. Many small businesses start out as sole proprietorships or partnerships, with only one or two owners and no employees. Over time, as your business grows and...
by Dave Duringer - Protective Law Corp | Nov 4, 2019 | Business Succession, Financial Mentorship
You have spent years building your small business, but have you taken time to consider what will happen to it when you retire, become disabled, or pass away? Although it is often hard to fathom an event that may not occur for many years, it is important to put...
by Dave Duringer - Protective Law Corp | Sep 17, 2019 | Business Succession, Buying or Selling a Closely Held Business
As a partner or co-owner (private shareholder) of a business, you’ve spent years building a valuable financial interest in your company. You may have considered setting up a buy-sell agreement to ensure your surviving family a smooth sale of your business...
by Dave Duringer - Protective Law Corp | Apr 7, 2019 | Business Succession, Estate Planning, Venture Protection
With enough lead time, it can be possible to eliminate estate tax, or at least to minimize and defer the payment of such tax. With the estate tax rate a significant 40 percent, this can make all the difference in allowing a business to remain family-owned, for...
by Dave Duringer - Protective Law Corp | Jul 12, 2018 | Asset Protection, Business Succession, Estate Planning, Limitation of Liability, Venture Protection
In at least one sense business succession planning is like planning for guns: you need to make sure beneficiaries are responsible enough to handle the asset. Plus a little asset protection might be a good idea. Putting aside the ultimate outcome of the...
by Dave Duringer - Protective Law Corp | Jul 3, 2018 | Business Succession, Venture Protection
It may seem oversimplified, but communication really is paramount to successful succession planning, and it needs to begin when the founders are still in control. This paves the way for properly communicating the founders’s wishes and plans, and will also give...
by Dave Duringer - Protective Law Corp | Jun 17, 2018 | Business Succession, Buying or Selling a Closely Held Business
More on this topic at our weekly seminar here. In closely held businesses, owners and managers are focused on operations and usually don’t have extensive experience buying and selling companies. However, advanced exit planning allows owners and management to...
by Dave Duringer - Protective Law Corp | Nov 25, 2017 | Asset Protection, Business Succession, Creditors & Predators, Estate Planning, Family Protection, Tax Planning, Venture Protection
Some of the reasons listed here: Despite the proposed high estate, GST and gift tax exemptions and whether there’s repeal, trusts will remain extremely popular for many non-tax reasons, including: family governance/succession/education; ability to override the...
by Dave Duringer - Protective Law Corp | Mar 28, 2017 | Business Succession, Career Maintenance, Career Preparation, Charity, Estate Planning, Family Maintenance, Family Protection, Financial Mentorship, Firearm Legacy, Pet Protection, Punishment, Religious Faith
Over the next 20 years, $30 trillion dollars could be transferred from the current generation to the next, making now a critical time for advisors to discuss multigenerational planning with high net worth clients. Along with planning for the financial...
by Dave Duringer - Protective Law Corp | Mar 21, 2017 | Business Succession, Estate Planning
In Missouri, wife Themetta can claim at least half of the cash and a half stake in the intellectual property. Odds are she’ll get a lot more if there was a will, since she was married to him a full 68 years and he was with her until the end.By the way, the...
by Dave Duringer - Protective Law Corp | Mar 15, 2017 | Business Succession, Estate Planning, Operation & Governance, Venture Protection
Here are some ways that an advisor could help a family business instill better governance practices: Provide guidance. Each new corporation or LLC document should be accompanied by guidance on governance activities that are required and recommended. In the...
by Dave Duringer - Protective Law Corp | Mar 13, 2017 | Business Succession, Estate Planning, Family Protection, Financial Mentorship, Venture Protection
One common misconception is that sheltering the younger generation from knowing about the magnitude of the family wealth is in their best interest. Contrary to such opinion, the survey found that it’s important to teach children and grandchildren the family’s...
by Dave Duringer - Protective Law Corp | Mar 12, 2017 | Business Succession, Estate Planning, Venture Protection
Succession planning involves more than valuations and buy-sell agreements. Given all the blood, sweat, and tears you’ve put into your business, you don’t want to risk passing it to the wrong person—someone who doesn’t care for your clients the same way you do...
by Dave Duringer - Protective Law Corp | Mar 11, 2017 | Business Succession, Estate Planning, Venture Protection
In a fireside chat with Professor Michael Preston, Paul J. Fribourg, the keynote speaker, focused on the importance of having clearly defined roles for family members and making decisions as a unit. Fribourg is the Chaiman and CEO of Continental Grain Company,...
by Dave Duringer - Protective Law Corp | Mar 7, 2017 | Asset Protection, Business Succession, Estate Planning, Family Protection, Financial Mentorship, Venture Protection
Seems like just about every college has gone full marxist these days, and as a conservative I bristle at the idea that families really need those loons. This article makes a pretty good case that we all benefit from an academia attentive to Family Business....
by Dave Duringer - Protective Law Corp | Feb 15, 2017 | Business Succession, Estate Planning, Venture Protection
Ten ways to plan strategically in the medium term so the business stays in the family for the long-term.PWC recently rolled out the 8th edition of their biannual Family Business Survey. One of the major themes of the study was a shocking inattention among...
by Dave Duringer - Protective Law Corp | Feb 10, 2017 | Business Succession, Career Maintenance, Career Preparation, Charity, Estate Planning, Family Maintenance, Family Protection, Financial Mentorship, Firearm Legacy, Firearm Training, Punishment, Religious Faith, Spendthrift Children
Good discussion of incentive trust planning: Many subjects that serve as substantial planning motivators aren’t found on client questionnaires and are frequently absent from planning discussions. Source: The Other Reasons For Estate Planning (Well actually, we...
by Dave Duringer - Protective Law Corp | Feb 10, 2017 | Business Succession, Career Maintenance, Career Preparation, Estate Planning, Family Protection, Financial Mentorship, Venture Protection
So how does someone determine if he is “too old” to make independence work? It really comes down to a few key characteristics shared by those advisors who took the leap: They really wanted it. They believed in their ability to migrate clients and grow. They had...
by Dave Duringer - Protective Law Corp | Feb 10, 2017 | Asset Protection, Business Succession, Career Preparation, Estate Planning, Estate Tax, Family Maintenance, Family Protection, Income Tax, Tax Planning, Venture Protection
This article raises important points — plan for the long-term and don’t let taxes direct the planning over more important goals — plus it’s a good review of the many benefits of life insurance. But as I’ve previously noted, the...
by Dave Duringer - Protective Law Corp | Feb 3, 2017 | Asset Protection, Business Succession, Creditors & Predators, Estate Planning, Regulatory Compliance, Venture Protection
But, what about political risk? Given today’s volatile political environment, it seems especially prudent to raise this topic. A quick glance at the headlines is all one needs to appreciate that these are treacherous times that require organizations to take...
by Dave Duringer - Protective Law Corp | Feb 3, 2017 | Asset Protection, Business Succession, Estate Planning, Regulatory Compliance, Venture Protection
Another regulation that brokers adhere to, but will likely come now to RIAs, is the mandate that the firm has a documented business succession plan in the event the advisor dies suddenly or otherwise becomes incapacitated. The risk is that many RIAs are smaller...
by Dave Duringer - Protective Law Corp | Jan 14, 2017 | Business Succession, Career Preparation, Estate Planning, Family Protection, Financial Mentorship, Firearm Legacy, Venture Protection
[bctt tweet=”.@realdonaldtrump: You’ll say Mr. Pres we win #2A much, can’t take it & I’ll say #MAGA” username=”guntrust”] Trump’s legacy of winning is motivational for any individual, family, business or country....
by Dave Duringer - Protective Law Corp | Jan 13, 2017 | Asset Protection, Business Succession, Career Maintenance, Career Preparation, Creditors & Predators, Estate Planning, Estate Tax, Family Maintenance, Family Protection, Financial Mentorship, Gift Tax, Income Tax, Retirement Planning, Tax Planning, Venture Protection
Among the chief goals of succession planning is providing continuity of management and minimizing the tax costs of transferring property interests to new generations.Source: Six Things Family-Owned Firms Should Know About Succession Planning
by Dave Duringer - Protective Law Corp | Dec 28, 2016 | Business Succession, Buying or Selling a Closely Held Business, Estate Planning, Family Protection, Financial Mentorship, Venture Protection
(Get your parents into our free 2-hour estate plan design meeting.)
by Dave Duringer - Protective Law Corp | Dec 24, 2016 | Business Succession, Buying or Selling a Closely Held Business, Estate Planning, News & Commentary, Venture Protection
Sad to see the NRA succumb to bigotry, or playing to bigotry, in the title of this article. “Big Law” would have been more accurate than “Corporate Lawyers” — there is no need to lump all corporate counsel in with this insanity, any more...
by Dave Duringer - Protective Law Corp | Dec 24, 2016 | Business Succession, Buying or Selling a Closely Held Business, Estate Planning, Family Protection, Religious Faith, Venture Protection
Merry Christmas: Two-thirds of Democrats (66 percent) said stores or business should greet customers with “Happy Holidays” or “Seasons Greetings” instead of “Merry Christmas” out of respect for people of different faiths. Two-thirds of Republicans (67 percent) said...
by Dave Duringer - Protective Law Corp | Dec 8, 2016 | Business Succession, Estate Planning, Family Maintenance, Family Protection, Venture Protection
Most Americans still say Jesus is the “reason for the season,” and want to keep the focus on Christmas when it comes to store signs. Source: Americans Think Christmas Should Be About Jesus – Rasmussen Reports™
by Dave Duringer - Protective Law Corp | Dec 5, 2016 | Asset Protection, Business Succession, Career Preparation, Estate Planning, Family Maintenance, Family Protection, Financial Mentorship, Venture Protection
Family businesses spend an extraordinary amount of time and capital (financial, human and intellectual) on skill building and education within the family system. Rising members of the family system must master many different skills. Some of these skills can be...