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Business Management

New Year’s Resolution: Maintain Corporate Compliance

business compliance

For many, it’s not uncommon for a New Year’s resolution to last several days before it falls by the wayside and is completely abandoned. For business owners specifically, the turning of the calendar signifies an opportunity to stay updated and engaged in aspects of their business that, despite their best intentions, were forgotten about the previous year. One of the most common areas where we see business owners express an opportunity for growth is their ongoing corporate compliance.   What is corporate compliance?   For businesses organized as corporations (as opposed to LLCs), most states require strict compliance with statutory formalities, including (i) holding...

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Trust Beneficiary Basics

family gift

How Do I Know If I Am a Trust Beneficiary?  You are a trust beneficiary when you are named in a Trust as a person who will receive or may receive a distribution of cash or assets from the Trust.  Often, if you are a beneficiary, the trustee or another person administering the trust will contact you to tell you that you are a beneficiary. If a close relative has died, and you believe that you may be a trust beneficiary, it is appropriate, after a reasonable period of time has elapsed, to inquire about your relative’s estate planning documents.  Often,...

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New Proposed Regulations Under Code §2704

family business

On August 4, the Treasury Department issued long-awaited Proposed Regulations on valuation discounts for family-owned businesses under §2704 of the Internal Revenue Code (“IRC”).  The regulations are out for public comment until the public hearing on December 1, 2016.  If adopted, the regulations will become effective on or after the date of publication of the Treasury decision. The Proposed Regulations will introduce significant changes that eliminate almost all valuation discounts in the family context.  These changes clarify the application of IRC §2704 and curb transfer tax valuation discounts used by family-owned businesses.  The Proposed Regulations (1) apply to limited liability companies...

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Why Do I Need an Attorney to Draft an Operating Agreement?

Operating Agreement

The first rule of any new business is to maximize profits while avoiding any unnecessary expenses.  Unfortunately, legal fees to help properly set up a new business are often some of the first expenses to be cut when forming a business plan.  Why do we need to spend money on an agreement when we can get free forms online?  Besides, we all understand how the business will be run and we will simply divide profits equally among the owners.  What else is there to decide? If you are like many small businesses today, your business is organized as a limited liability...

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