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 23, 2024 | Asset Protection, Blog, Creditors & Predators, Entity Formation, Fortune, Limitation of Liability, Operation & Governance, Venture Protection
Platforms such as Airbnb and VRBO have disrupted an industry once dominated by hotels and resorts, allowing individuals to open their homes and residential properties to travelers. The boom in short-term rentals has created new opportunities for investors who want to...
by Dave Duringer - Protective Law Corp | Feb 22, 2024 | Blog, Fortune, Operation & Governance, Venture Protection
Assets, liabilities, and equity are accounting terms that every small business owner should be familiar with. They are included on a business’s balance sheet, providing a snapshot of financial health. A balance sheet shows a company’s assets and liabilities at a given...
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 19, 2024 | Asset Protection, Blog, Buying or Selling a Closely Held Business, Creditors & Predators, Fortune, Limitation of Liability, Regulatory Compliance, Venture Protection
Due diligence is the process of obtaining and verifying information about a company or person in preparation for a business transaction, such as an acquisition, merger, or potential new business partner. Generally, due diligence provides information about the company...
by Dave Duringer - Protective Law Corp | Feb 9, 2024 | Asset Protection, Blog, Creditors & Predators, Entity Formation, Fortune, Limitation of Liability, Operation & Governance, Venture Protection
All registered corporations are required by law to hold an annual meeting. Limited liability companies (LLCs), although not subject to the same statutory requirement, may hold regular meetings in accordance with their governing documents. What Is the Purpose of a...
by Dave Duringer - Protective Law Corp | Feb 8, 2024 | Blog, Fortune, Income Tax, Operation & Governance, Tax Planning, Venture Protection
As the holiday season approaches, gift-giving is on the minds of many business owners. But there are reasons why a business owner may want to give gifts to workers and clients throughout the year and not just during the holidays. Whether to recognize a job well done,...
by Dave Duringer - Protective Law Corp | Feb 7, 2024 | Blog, Fortune, Limitation of Liability, Operation & Governance, Uncategorized, Venture Protection
Good business ideas have a simple elegance that can spur entrepreneurs to ask themselves, Why didn’t I think of that? Or maybe they did have a good idea but lacked the foresight to turn it into an effective business model. Inspiration alone is not enough to succeed in...
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 5, 2024 | Blog, Operation & Governance, Regulatory Compliance, Venture Protection
Artificial intelligence (AI) is arguably the most transformative technology since the advent of the internet. It is poised to play a significant role in many areas of human life, including the workplace, where AI is changing not only how we work but also how we hire....
by Dave Duringer - Protective Law Corp | Feb 4, 2024 | Blog, Regulatory Compliance, Retirement Planning, Venture Protection
America is in the midst of a retirement savings crisis. Many people are not saving enough to replace their income in retirement, and some have no money saved for retirement. Employer-sponsored retirement plans enable people to save for retirement, but many...
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 | Jan 30, 2024 | Blog, Estate Admin, Estate Planning, Operation & Governance, Venture Protection
Businesses require periodic evaluation to remain on track to achieve their big-picture goals. The new year is an ideal time to reanalyze, reassess, and reprioritize moving forward. A SWOT (strengths, weaknesses, opportunities, and threats) analysis provides a...
by Dave Duringer - Protective Law Corp | Dec 21, 2023 | Blog, Defensive Gun Use, Estate Planning, Family Protection, Firearm Legacy, Firearm Training, GunLaw.Pro, Honor, Life, News & Commentary, Pet Protection, Regulatory Compliance, Religious Faith
How does all of this make you feel about relying on politics and the courts to protect your family? How can the government be so fickle with your right to life? Maybe it’s time your family takes control, with a F.I.R.S.T. Family Trust? [GOOD NEWS 01/06/2024: On...
by Dave Duringer - Protective Law Corp | Nov 12, 2023 | Asset Protection, Blog, Creditors & Predators, Entity Formation, Estate Admin, Estate Planning, Fortune, Operation & Governance, Regulatory Compliance, Tax Planning, Trust Admin, Venture Protection
Did you ever put off studying for a final, until the night before the final? That’s pretty much how the planning community is feeling about the Corporate Transparency Act (CTA), which will go into effect January 1, 2024. Congress passed the devilish law several...
by Dave Duringer - Protective Law Corp | Oct 12, 2023 | Blog, Defensive Gun Use, Family Protection, Firearm Legacy, Firearm Training, GunLaw.Pro, Life, Limitation of Liability, Regulatory Compliance, Venture Protection
After failure to pass a similar bill last year, Gov. Noisome recently signed into law SB2, which makes a concealed carry license more difficult and expensive to get, and basically worthless once you get it. But there is an upside for some: new opportunity zones for...
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 | Sep 8, 2022 | Blog, Operation & Governance, Regulatory Compliance
In today’s competitive job market, giving gifts and other fringe benefits to employees can be an effective way for employers to show appreciation. But generous employers should understand that most gifts and bonuses—even small ones—have tax implications. Employee...
by Dave Duringer - Protective Law Corp | Sep 7, 2022 | Blog, Limitation of Liability, Operation & Governance
Summer is a popular time for businesses to hire temporary workers. Restaurants, golf clubs, resorts, amusement parks, and other warm-weather entertainment destinations depend on the summer months to boost their bottom line for the entire year. Despite the current...
by Dave Duringer - Protective Law Corp | Sep 6, 2022 | Blog, Operation & Governance, Tax Planning
Giving money to charity might seem counterintuitive to those running a for-profit company. However, it is important to keep in mind that charitable giving can not only make a big difference to the recipients of your generosity, but it can also provide a net gain to...
by Dave Duringer - Protective Law Corp | Sep 5, 2022 | Blog, Limitation of Liability, Operation & Governance
The topics of misinformation and disinformation frequently arise in conversations about news coverage. But the question of truth is not just relevant to the media we consume. It is also a significant issue to consider for a business’s advertisements. Truth in...
by Dave Duringer - Protective Law Corp | Aug 24, 2022 | Blog, Buying or Selling a Closely Held Business, Entity Formation, Operation & Governance, Venture Protection
With the country emerging from pandemic lockdowns and economic activity beginning to expand, small business owners are optimistic about the future. Supporting local businesses can help them grow and thrive in a post-pandemic economy. But what if you could help a...
by Dave Duringer - Protective Law Corp | Aug 23, 2022 | Blog, Entity Formation, Estate Planning, Limitation of Liability, Operation & Governance, Tax Planning, Venture Protection
Farming brings to mind kinship with nature and a simpler way of life. But the farming industry is highly regulated, and navigating the applicable laws and regulations can be far from simple. A rising world population creates greater demand for food and the farmers who...
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 18, 2022 | Blog, Entity Formation, Limitation of Liability, Operation & Governance, Regulatory Compliance, Venture Protection
Multilevel marketing (MLM) businesses sell products or services directly to retail customers using commission-based, nonsalaried representatives who are encouraged to recruit new representatives and form their own sales networks. They can have thousands of...
by Dave Duringer - Protective Law Corp | Aug 17, 2022 | Blog, Entity Formation, Limitation of Liability, Operation & Governance, Regulatory Compliance, Venture Protection
If you have ever considered starting an e-commerce business, now is a great time to move from ideation to action. Online retail sales exploded to an all-time high amid COVID-19 lockdowns, travel bans, and brick-and-mortar closures, and this was not just a temporary...
by Dave Duringer - Protective Law Corp | Aug 16, 2022 | Blog, Limitation of Liability, Regulatory Compliance, Venture Protection
The Americans with Disabilities Act (ADA) requires businesses to accommodate people with physical and cognitive impairments. While the ADA, which applies to “places of public accommodation,” was designed with physical spaces in mind, the proliferation of online...
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 11, 2022 | Blog, Operation & Governance, Regulatory Compliance, Venture Protection
You are probably aware of employment laws that could create liabilities if your company fails to comply with them. However, even before a person becomes an employee, certain antidiscrimination laws protect them during the application process. Most employers must...
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...