What You Give Up with a Local Estate Planning Attorney
[Central Coast residents: You can safely ignore this article because we are here to help you with comprehensive planning.] Most of our local clients prefer to have the first meeting in person at our office in Morro Bay. After that initial meeting, many of these local...IRS Allows Late Filing of QSST Election (PLR 202428003)
Under Private Letter Ruling 202428003, the IRS has allowed late filing of a Qualified Subchapter S Trust (QSST) election, to obtain relief from termination of S corporation status. The corporation represented that the termination was inadvertent and not for tax...Should I Buy a Franchise?
When starting a business, entrepreneurs typically have two options: they can either build a new business or purchase an existing business. Buying an existing business can offer the advantages of name recognition and a proven business model. The advantages can be even...Cannabis: Does Your Business Need to Update Its Policies and Practices?
Over the last few decades, marijuana (aka cannabis) laws across the United States have become increasingly more permissive. In 1996, California was the first state to allow medicinal cannabis.[1] In 2012, Colorado and Washington approved legal recreational...Hiring Family Members to Work for Your Business
The decision to hire family members for your business is a delicate balancing act that involves both personal and professional considerations. Working with loved ones can create a sense of trust and unity within the workplace and has been shown to increase business...Exit Strategies for Business Owners
Starting a business requires a great deal of planning and execution. Exiting from your small business should entail a similar level of forethought and preparation. Nevertheless, some surveys indicate that nearly half of business owners have no exit strategy.[1] After...Updated I-9 Requirements: Remote Verification of Employees
Remote work has become the new norm for many employees, creating opportunities as well as challenges for employers. One of those challenges is verifying the identity and eligibility of remote workers for employment in the United States. Form I-9,[1] a document all...How to Protect Minority LLC Member Rights
The limited liability company (LLC) has only been around since the first LLC statute was enacted in 1977. Within a few decades, it has become the most popular legal entity formed by new US businesses due to its ease of formation, flexibility, low start-up costs, and...Why Are Corporate Formalities Important?
Limited liability is an important advantage provided by corporations and limited liability companies (LLCs). The personal asset protection that corporations and LLCs provide for their owners, however, is not absolute. To maintain the liability shield, owners must...Does Your Company Need a Shareholder Agreement?
A shareholder agreement is a contract between the shareholders of a corporation that outlines the rights and responsibilities of each shareholder as well as the obligations of the shareholders to one another and the corporation. Shareholder agreements, also known as...Should You Form More Than One LLC for Your Business?
There is no law that limits the number of LLCs an entrepreneur can own. Forming multiple LLCs may make sense under certain circumstances: for example, companies that have several rental properties, separate businesses with common ownership, or when one business makes...Tax Deductions for Home-Based Businesses
The rise of home-based businesses represents a fundamental shift in the way Americans work. Home businesses offer their owners a convenient and flexible way to earn income without commuting to a traditional office. They may also qualify for tax breaks in the form of...Should You Protect Your Business with a Nondisclosure Agreement?
Whether you are an entrepreneur starting a new business or are running a well-established business, your success often depends on safeguarding innovative ideas and information that give you an edge over competing businesses. If you have spent years perfecting a secret...Corporate Transparency Act (CTA) Ruled Unconstitutional
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...Business Licenses and Permits to Start Your Business
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...Changing Your Business’ Legal Structure
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...What Is Due Diligence When Buying a Business?
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...Managing Business Relationships
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...AI Hiring: What You Need to Know to Avoid Liability
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....SECURE 2.0 Tax Credits for Small Business Retirement Plans
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...Fed Judge Enjoins Unconstitutional CA Concealed Carry Place Restrictions
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...Advisors Panic over Corporate Transparency Act (CTA)’s Orwellian Reporting Requirements
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...Noisome Signs SB2, Establishing Opportunity Zones for BLM, Hamas, Hezbollah, Al Qaeda
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...What to Do When a Director Resigns
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...What Employers Should Know about Giving Gifts to Employees
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...Things to Know Before Joining a Multilevel Marketing Business
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...How to Start an E-commerce Business
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...What You Need to Know about ADA Website Compliance
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...Legal Considerations in the Hiring Process
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...Business Trusts 101: What Entrepreneurs Should Know about Using a Business Trust
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...Why You Cannot Withhold Payment from Employees
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...Develop a Vacation Policy for Your Business
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...How Do I Start a Home-Based Business?
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...Using a Liability Waiver in Your Business
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...Firing with Grace
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...Why You Might Want to Hire Someone to Be Your Registered Agent
If your business is registered with the state, you are required to name a registered agent at the time of registration or incorporation. A registered agent is the person who receives legal and tax documents on behalf of your business. You or other people in your...Five Considerations Before You Use a Payment Demand Letter
To our estate planning and administration clients with businesses in their estates: As a business owner, it is almost guaranteed that you will encounter some variation of the following scenario: You engaged a client and completed fantastic work. The products...The IRS has been quietly confiscating millions from small business owners
And it’s not just that the IRS occasionally seizes the assets of innocent business owners by mistake and is unaware of the problems with its methodology: According to the TIGTA report, the IRS almost always misses the mark. The watchdog randomly selected 278...President Trump Cuts Through More Red Tape
Since day one, President Donald J. Trump has been cutting regulatory red tape in Washington in order to help the American people and increase efficiency. Costly regulations and job-stifling bureaucratic red tape have held back the American economy for far too...Help Your Clients Manage Political Risk
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...SEC to Mandate Succession Plans for RIAs
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...#AssetProtection: Crowdfunding Is a Crowd Failure
The concept of Title III was sound in theory; it should foster entrepreneurship and provide small businesses access to needed capital from a larger pool of investors. But Congress over-regulated the bill, and the requirements to comply with the regulations of Title...How to Manage Suspicious Customers | NSSF Blog
Good advice, and not just for gun dealers: Your typical customers display consistent behaviors and have consistent conversations, even when they’re first-time firearm purchases. When you don’t see or hear that consistency, trust your gut!Those of us in the retail...Employee Background Checks — Yes, You Should | NSSF Blog
During our FFL compliance visits, we are often asked about how to determine if the members of the store team are prohibited from being in active or constructive possession of firearms. In this article we will explore three components you may want to consider adding to...HIDDEN CAM: Gun Show “Loophole” Exposed! – YouTube
If attacked, do you want to be Victor or Victim? At SacredHonor.US, we hate it when people die embarrassed. And at Protect.FM, we believe good estate plans protect families. We make it easy for your family to attain the comfort of skill at arms. David R. Duringer, JD,...ATF investigates C&R license holder for selling 500 guns
Though he acquired a C&R in 2014, this collector’s license does not allow one to deal in guns as a business even if they meet the ATF’s test for being a curio or allow one to be “engaged in the business” of selling more modern firearms. In effect, when selling a...
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