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Tuesday, May 26, 2020

Force Majeure Clauses in Light of COVID-19


 

Businesses across the globe have experienced unprecedented interruptions and closures because of the COVID-19 pandemic. As a result, many businesses are finding it difficult to perform their contractual obligations. Consequently,  a common but often overlooked contractual clause is in the limelight: the force majeure clause. Contrary to popular belief, the mere existence of a force majeure clause does not invalidate a legal obligation or provide a “get-out-of-jail-free” card. It instead provides parties with a justification to either delay or cease their performance of one or more contractual obligations.


Read more . . .


Tuesday, May 26, 2020

Retirement Updates Amid COVID-19


 

On May 4, 2020, the Internal Revenue Service (IRS) published questions and answers regarding retirement provisions in Section 2202 of the Coronavirus Aid, Relief, and Economic Security (CARES) Act. In addition to providing aid for individuals and businesses, the CARES Act increases accessibility to funds and loans from certain retirement plans and accounts. The information the IRS recently published clarifies which individuals may benefit from the legislation and which plans and accounts are covered.


Read more . . .


Tuesday, April 7, 2020

What Small Business Owners Should Know About the COVID-19 Stimulus Package


As small business owners grapple with the economic realities of nationwide stay-home orders and social distancing mandates, legislatures have been updating laws and developing new programs to keep the economy afloat. The latest and most groundbreaking is the Coronavirus Aid, Relief, and Economic Security (CARES) Act, a $2.2 trillion stimulus package aimed at supporting individuals, businesses, and governments now and beyond this pandemic. The federal government has earmarked $377 million to help small businesses avoid failure and encourage them to retain their workforces. Here are the most important things for business owners to know about the CARES Act:

 

  1. Small Business Administration (SBA) Economic Injury Disaster Loans and Emergency Economic Injury Grants.

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Friday, March 27, 2020

Legal Considerations for Your Business during COVID-19 Pandemic


In a matter of weeks, the COVID-19 pandemic has impacted the world and forced communities to reevaluate everything. Despite the unpredictability that has accompanied this global crisis, it is not too late to implement changes to protect you, your employees, and your business. Here are some tips and strategies to help you navigate these challenges and the ones to come.

 

  1. Participate In and Promote Social Distancing Practices. The Centers for Disease Control and Prevention has recommended that employers “explore establish[ing] policies and practices, such as flexible worksites (e.

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Friday, March 27, 2020

How to Choose the Right Business Attorney


A skilled attorney is a critical part of any business owner’s advisory team. Business attorneys are equipped to assist you in handling a variety of tasks that can protect you from potential legal and business pitfalls, in addition to solving existing legal issues. As important as they are to your team, finding the right business attorney may be challenging if you do not know what to look for. Keeping in mind the following tips can help you find and choose the right business attorney.

 

  1. Assess Your Needs.

Read more . . .


Saturday, March 14, 2020

Does the Corporate Veil Really Protect Your Personal Assets?


You may have done your homework and weighed your options. Perhaps you’ve even considered the tax and non-tax implications for common business entities.  We bet you’re also intrigued by the protections certain business entities afford their owners. The “corporate veil” that protects personal assets of the business owners can make a corporation or limited liability company (LLC) look very attractive.

 

To many, the word “veil” conjures up a sheer, flimsy, ethereal piece of material—perhaps fluttering behind a beautiful bride.


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Tuesday, March 3, 2020

What You Should Know about Paying Yourself as a Single-Member LLC


You are a new business owner and have decided to organize your business as a limited liability company (LLC). You are its sole owner and work for the company. How do you pay yourself? Are there guidelines regarding how often and how much you are entitled to? How do self-employment taxes come into play? The answers to these questions depend on how your LLC is taxed.

 

Taxed as a Disregarded Entity

By default, a single-member LLC is taxed as a disregarded entity. This means that the LLC’s income is treated as personal income for tax purposes.


Read more . . .


Thursday, February 27, 2020

8 Key Provisions that Small Businesses Should Include in Commercial Leases


Are you considering leasing office or retail space for your small business? The terms of your lease can have a huge impact on whether your business succeeds or fails. There are several important provisions that should be considered before you sign on the dotted line.

Leases of a certain duration (usually one to three years, depending upon the state) are generally required to be in writing and signed by the party against which they are being enforced. In reality, it is advisable for all commercial leases to be in writing, regardless of their duration. They should clearly spell out certain terms that are of crucial importance, including the following:

(1) The leased space.


Read more . . .


Thursday, February 27, 2020

What is the Difference Between an LLC and an LLP?


If you are starting a new business, the type of business entity you decide to establish will have an impact on the extent of personal liability, how the business is taxed, its management, the level of formality required, and many other factors. There are a wide variety of options, which can make this decision quite overwhelming. Limited liability companies (LLCs) and limited liability partnerships (LLPs) are two business forms that share some characteristics, but  also have some important distinctions.

Similarities

  1. Liability

    LLCs protect members and managers from personal liability for the LLC’s debts and obligations, as well as for any wrongdoing or negligence committed by the other owners or the employees of the LLC. However, it will not protect members from their own negligence or wrongdoing committed in relation to the business.


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Monday, February 24, 2020

Important Considerations for Purchasing a Business


Among those who desire to own their own business, many attempt to build a company from scratch. That, however, is not the only available option. Purchasing a company that is already in existence is a valid alternative. If you are interested in potentially acquiring a business instead of starting one from the ground up, there are several vital questions to answer.

 

  • Do you want to purchase an independent business or a franchise? One decision you must make is whether you wish to buy a franchise or an independent company.

Read more . . .


Thursday, February 20, 2020

What is an 'S' Corporation ... and Should I form One?


Contrary to popular belief, the S corporation is not a distinct entity type. According to the Internal Revenue Service (IRS), an S corporation is a corporation that has elected treatment as a pass-through entity for federal income tax purposes under Subchapter S of the Internal Revenue Code[1]. This tax election allows the corporation to enjoy a unique combination of benefits if it meets the following requirements:

●it has less than 100 shareholders

●all of its shareholders are United States citizens, residents, special trusts, or certain estates

●it has only one class of stock

●its membership is not comprised of any partnerships or corporations

Certain types of financial institutions and insurance companies are prohibited from electing Subchapter S treatment even if they meet the requirements.

Benefits

The S corporation appeals to business owners for a number of reasons:

Limited Liability Protection.


Read more . . .


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