• Ask An Attorney Single Member LLC taxed as an S-Corp Does the single member LLC that elects to be taxed as an S Corporation need to issue stock, have minutes and basically behave like a corporation instead of using the LLC members certificates and operating agreements? The LLC taxed as an S corporation is still an LLC, and will use ...
  • Chippendales Lose it All in Federal Court The Chippendales have raised animal spirits around the world since 1979. The dancing men wearing their abbreviated tuxedo costume – shirtless with just a bowtie collar and wrist cuffs – have entertained bachelorette and GNO parties with, as their spin doctors indicate, unique skill and artistry. But are the guys’ ‘Cuffs to Collar’ outfits unique and ...
  • What does “Charged with Notice” mean when you are buying real estate? The existence of the public land records serves not only as a checking system but also to provide notice to all prospective purchasers. Failure to take this notice can cause all sorts of problems. Tax liens, whereby taxes are past due on the property, remain on the property whether the purchaser had actual knowledge of their ...
  • The Costly Mistake People in Debt Make The biggest mistake people make when they are deep in debt is to procrastinate. It’s the “deer in the headlights” syndrome, and credit counselors and bankruptcy attorneys see it all the time. It’s painfully obvious to everyone except the person in debt that they need to make a hard choice or they won’t have many ...
  • Corporate Paperwork Paperwork for your corporation, LLC or LP is important. A failure to have it in place can lead to piercing of the corporate veil and the imposition of unlimited personal liability. Piercing the corporate veil is when someone gets a judgment against the company (ie: wins a lawsuit) and argues because you, the company’s owner, ...
  • Is a Venture Capital Firm Right for You? Venture capital firms are a useful component in the business engine of growth. They are also hard-nosed investors who have earned the not so flattering nick name ‘vulture capitalists’. When it comes to ‘VCs’, you need to be knowledgeable and cautious. A venture capital firm is a company that raises large amounts of money from individuals ...
  • It Takes Two….to Buy a Business By Garrett Sutton, Esq. Just as with so many other things in life, it takes two to buy a business. A buyer and a seller are the key ingredients. Brokers, accountants, lawyers and other experts make sure everything is in the right measure and you don’t get burned. But without a willing buyer and a motivated ...
  • Before You Jump Into Property Development, Consider This! Keep in mind that while investing in property for development purposes can make you very rich, it also can just as likely make you bankrupt. Buying a property to develop requires a different type of analysis than buying for cash flow or appreciation. Property development is considered a trade or business whereby profits are not taxed ...
  • How To Get Tax Liens Removed From Your Credit Report Tax liens hurt your credit scores tremendously. Under the Fair Credit Reporting Act (FCRA), tax liens may be reported indefinitely if they are unpaid, and then once you’ve paid (or settled them) they remain seven years from the date they were paid. That can keep them on your credit reports for a very long time! However, ...
  • 7 Business Insurance and Tax Deductions Here are seven business insurance items that could be worth a tax deduction. According to the IRS, you can generally deduct premiums for these types of insurance which are related your business: Insurance covering losses from fire, storm, theft, accident or similar events. Credit insurance that covers losses incurred from bad business debts. Group health insurance plans for ...
  • Being a Real Estate Professional Can Save You Taxes Recently I was asked for more information about what a Real Estate Professional is, and why investors should consider it. As this has many tax implications, I’ve asked fellow Rich Dad Advisor, Tom Wheelwright, for his thoughts on this important strategy, which is not to be confused with a Real Estate Agent. Here is what ...
  • How to Save $500,000 When Selling a Home By Garrett Sutton, Esq. One of the greatest tax gifts is the principal residence rule for capital gains on the sale of your home.  So great is the principal residence tax exclusion that even married couples filing jointly are benefited to the same, if not greater, extent as single taxpayers. Now, some people may argue that there ...
  • Is Your Veil of Incorporation Strong? Your corporate veil is important.  It protects your personal assets as well as your company’s assets. As you continue in business, take a minute to review some of the maintenance actions that keep your veil of incorporation strong. 7 Questions to Check Your Veil of Incorporation Are you keeping complete corporate records of all decisions? Are you and ...
  • Prevent an IRS Audit – Don’t be a Sole Proprietor By Garrett Sutton, Esq. When it comes to businesses, the IRS audits sole proprietors at a five times greater rate than corporations or LLCs. (This is to your advantage because you are not going to operate as a sole proprietor anyway. If you have any questions about why not to operate as a sole proprietor, read ...
  • Document Destruction Policy Last week I blogged about your Document Retention Policy. As part of that policy, you will set forth an automatic email destruction date. For example, your policy could state that after four years all emails not pulled aside for relative retention reasons will be destroyed. You really don’t need to keep all the thousands and ...
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