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 9, 2022 | Asset Protection, Blog, Creditors & Predators, Estate Planning, Fortune, Limitation of Liability, Operation & Governance, Venture Protection
Small business owners are no strangers to risk management. Owning and operating a small business entails a certain level of unpredictability. Despite your best efforts to stay on top of supply chains, marketing, sales, competitors, employees, and cash flow, unexpected...
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 5, 2022 | Blog, Operation & Governance, Regulatory Compliance, Venture Protection
Paying employees is among the top legal obligations of employers. Whether due to financial difficulties or worker conduct, it is generally illegal to withhold payment from employees. The U.S. Department of Labor (DOL), as well as state labor boards, have strict laws...
by Dave Duringer - Protective Law Corp | Aug 4, 2022 | Blog, Operation & Governance, Regulatory Compliance, Venture Protection
What do workers want most? Beyond a pay raise, one of the best ways to keep workers happy is to give them more paid time off (PTO). Contrary to what business owners and managers might think, vacation time has actually been shown to boost productivity. Vacation is an...
by Dave Duringer - Protective Law Corp | Aug 3, 2022 | Blog, Operation & Governance, Venture Protection
Hiring your child to work in the family business can be a win-win situation for both you and your child. A child employee offers you tax advantages not available with other employees. There are also potential tax savings for the child employee, who can set aside that...
by Dave Duringer - Protective Law Corp | Aug 2, 2022 | Blog, Operation & Governance, Venture Protection
You cannot successfully run your business without good employees. And you cannot find good employees without offering them competitive pay. Employee compensation is more than an expense—it is an investment that, when made in the right individuals, appreciates over...
by Dave Duringer - Protective Law Corp | Jul 29, 2022 | Blog, Operation & Governance, Venture Protection
Financing is the lifeblood of a business. During good times, business financing can help entrepreneurs purchase assets, expand products and services, add a new location, and hire more staff. During more difficult times, business owners may require financing just to...
by Dave Duringer - Protective Law Corp | Jul 28, 2022 | Blog, Operation & Governance, Venture Protection
Small businesses are the backbone of the US economy, accounting for nearly half of the country’s economic activity, creating two-thirds of new jobs, and driving innovation—and business loans are the backbone of small business growth. Lenders provided over $644 billion...
by Dave Duringer - Protective Law Corp | Jul 27, 2022 | Blog, Entity Formation, Operation & Governance, Regulatory Compliance, Tax Planning, Venture Protection
The number of people working from home has never been higher. During the pandemic, many workers got a taste of the remote-work future and realized that they prefer to work from home. Now, as companies move ahead with return-to-office plans, there is an emerging power...
by Dave Duringer - Protective Law Corp | Jul 21, 2022 | Blog, Income Tax, Limitation of Liability, Operation & Governance, Tax Planning
Tax day is one of the most important—and one of the most dreaded—days on the calendar for working Americans. If you have had a side gig or even transitioned to full-time self-employment, you may have to make estimated quarterly tax payments. Not everybody who earns...
by Dave Duringer - Protective Law Corp | Jul 19, 2022 | Blog, Limitation of Liability, Operation & Governance, Regulatory Compliance, Venture Protection
Exposure to lawsuits involving injury and loss claims is among the biggest risks that businesses face. Although liability waivers are most commonly used by businesses that offer inherently dangerous activities, such as ski resorts, amusement parks, and gyms, they can...
by Dave Duringer - Protective Law Corp | Jul 15, 2022 | Blog, Estate Planning, Operation & Governance, Venture Protection
There are many expenses incurred in starting, running, and growing a business. Luckily for business owners, many of these expenses can be deducted. Knowing which expenses you can deduct helps to lower your tax burden and keep more money in your business. However,...
by Dave Duringer - Protective Law Corp | Jul 14, 2022 | Blog, Operation & Governance, Venture Protection
One significant advantage of organizing your business as a limited liability company (LLC) is the flexibility it affords. The Internal Revenue Service (IRS) allows LLC owners to choose how their business will be taxed. As an LLC owner, you can be taxed as a sole...
by Dave Duringer - Protective Law Corp | Jul 12, 2022 | Blog, Fortune, Limitation of Liability, Operation & Governance, Regulatory Compliance, Venture Protection
Small business owners are accustomed to having grace under fire when it comes to running their business. But it is just as necessary that they demonstrate grace when firing an employee. Due to harsh economic conditions, some sectors of the American economy had to...
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 22, 2022 | Blog, Entity Formation, Limitation of Liability, Operation & Governance, Venture Protection
S corporation status is one of several tax classifications that you may be able to elect for your enterprise. For C corporations and limited liability companies (LLCs) that qualify, S corporation election offers shareholders advantages that include pass-through...
by Dave Duringer - Protective Law Corp | Jun 21, 2022 | Blog, Operation & Governance, Venture Protection
It has been a tough couple years for small businesses. Across the country, millions of small businesses have temporarily closed their doors due to the COVID-19 pandemic. Even now, as the pandemic eases and operations begin to pick back up, many small businesses report...
by Dave Duringer - Protective Law Corp | Jun 20, 2022 | Blog, Limitation of Liability, Operation & Governance, Venture Protection
Normally, limited liability business entities, which include corporations and limited liability companies (LLCs), prevent the entity’s creditors from going after an owner’s personal assets to satisfy their claims. But in rare circumstances, courts allow piercing of...