Entity Protection

As you probably know, one of the great advantages for businesses in outsourcing to independent contractors is that they don’t have to pay the whole array of taxes that they do for employees. The IRS has stated . . . Companies must withhold income taxes, withhold and pay Social Security and Medicare taxes, and pay unemployment […]

{ 0 comments }

Many entrepreneurs have law questions about company ownership and board meetings.  Some of the responsibilities of company ownership include holding board meetings, generating company financial reports, obtaining an employer tax ID and, sometimes, undergoing a business name change. Want to know more about company ownership and board meetings?  From my Ask Entrepreneur column, here are […]

{ 0 comments }

Here’s a nightmare for you.  You and your partner signed a partnership agreement, began your business, built it, and were on the verge of seeing it really take off when the unthinkable happened:  your partner was hit by a drunk driver while crossing the street on the way to work and killed.  Not only do […]

{ 7 comments }

Q.:  My current business is in transportation services and I would like to also offer consulting services. But with the current business name having the word “transportation” in it, clients might not identify the new consulting services. Is a new employer tax ID needed to start a new branch of my current business with a […]

{ 0 comments }

Q.:  I recently started a limited liability company but have not purchased a company with it yet. I also haven’t set up any credit accounts or bank account for it. My goal is to establish good business credit, which may in part assist me in purchasing a business. Would undergoing a business name change for […]

{ 0 comments }

Post image for Basic Training: K is for Kamikaze Business Formation

You know . . . and I know . . . that faster is not always better, no matter how much the car companies try to push the “0 to 60 in 3.6 seconds” pitch. Think food, sex, rest, travel. You don’t necessarily want to rush these experiences. Quick, split-second decisions are not the best […]

{ 1 comment }

Q.:  I recently became a sole owner of an LLC due to a partnership split. I am renaming the LLC due to the split. Is it necessary to obtain a new employer tax ID (also known as an “EIN”) for the new LLC?   A.:  Generally, a simple name change of an LLC does not […]

{ 1 comment }

Q.:  I have just received my DBA and I’m ready to begin my own business.  I would like to clarify once for all if I can use (as I would like) my personal cash account for business purposes too. A friend of mine says so but on my bank website looks like I need a […]

{ 0 comments }

Q.:  I am the sole shareholder and director of a closely held corporation. I have failed to keep my board minutes book updated for several years. How do I go back now and update the board minutes? I know that corporate records cannot be falsified, so if I write minutes for board meetings that should […]

{ 0 comments }

Q.:  What kind of financial reports are minimally required of an LLC, and how often should they be made available to the partners?   A.:  Minimally, LLCs are required to file annual tax returns for their company financial reports and the members (owners) of an LLC would receive a copy of Form K-1, which is […]

{ 0 comments }