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...
by Dave Duringer - Protective Law Corp | Jun 17, 2022 | Blog, Operation & Governance, Venture Protection
You might think that a board of directors is something that only big companies have, but all S corporations and C corporations—even small businesses—are legally required to have boards of directors. Specific rules for the board of directors are established in the...
by Dave Duringer - Protective Law Corp | Jun 16, 2022 | Blog, Operation & Governance, Venture Protection
Employee performance reviews can be stressful for workers and managers alike. Now more than ever, with workers quitting their jobs in droves as part of the “The Great Resignation,” managers may be hesitant to provide direct, constructive criticism that could be...
by Dave Duringer - Protective Law Corp | Jun 15, 2022 | Blog, Operation & Governance, Venture Protection
A business grant is a form of financial assistance given to a company by a government agency or private organization for a specific purpose. Grants, unlike loans, do not need to be paid back. Despite this benefit, finding a grant that your business qualifies for and...
by Dave Duringer - Protective Law Corp | Jun 14, 2022 | Blog, Operation & Governance, Venture Protection
Businesses are governed by laws and regulations that affect nearly every aspect of their operation. From formation, hiring, and firing, to drafting contracts, resolving disputes, and dissolving or selling the company, there are numerous legal matters that arise during...
by Dave Duringer - Protective Law Corp | Jun 13, 2022 | Blog, Operation & Governance, Venture Protection
Your new business needs a capital infusion to get off the ground. The only problem is that a new business is not established enough to have generated a business credit report. It may also be lacking assets that can be used as loan collateral. Without a business credit...