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Showing 89 posts in Business Formation and Planning.
Understanding succession planning to ensure business success
Running a successful business is not only a matter of attending to the needs of the moment and the coming year, as any business owner can tell you. Ensuring the success of a business also entails planning for its long term success. This includes passing the business on to appropriate individuals once one is gone. More >
Are iWills The Way of the Future?
Smartphones sure make lives a lot easier (and, arguably, busier). With a few taps of a screen, individuals can do everything from checking the weather to buying stock to engaging in FaceTime across the world. One individual in Australia recently came up with another innovative use for his smartphone. He used it to prepare his Last Will and Testament shortly before taking his own life. More >
California Supreme Court and NLRB Reach Conflicting Decisions Involving Fast Food Giants
On August 28, 2014, the Supreme Court of California, in Patterson v. Domino's Pizza, LLC, held that a franchisor becomes potentially liable for the actions of a franchisee's employees only if the franchisor, "has retained or assumed a general right of control over factors such as hiring, direction, supervision, discipline, discharge, and relevant day-to-day aspects of the workplace behavior of the franchisee's employees." This is in stark contrast to the National Labor Relations Board's General Counsel decision to hold McDonald's franchisors liable for the alleged unfair labor practices of their franchisees. That action is explained in detail here. More >
Work with experienced attorney to set up smart succession plan
Succession planning is something every business owner has to thing about at some point to one extent or another. As we mentioned in a recent post, careful thought and working closely with trusted individuals is important succession planning, as is getting started early. Particularly important is the development of an ongoing process for succession management so that the process is well-established by the time one retires. More >
A Hollywood Lesson for Everyday People: Trusts
Phillip Seymour Hoffman, an accomplished actor, died suddenly in February at age 46 of a suspected drug overdose. Seymour had a long-term companion, Marianne O'Donnell, with whom he had three young children. Under the terms of his Will, a significant chunk of his $35 million-plus estate was left to O'Donnell. The media and estate planners have examined the Will, which has led to several estate planning issues garnering public attention. His Will was written before the birth of his last two children and never updated; thus, his estate plan is completely silent about his wishes for them. The actor's death also highlights the effect that marriage can have on an estate plan. Because Hoffman and O'Donnell were not married, nearly $14 million must be paid in estate taxes - an outcome that could have been avoided had the couple tied the knot (at the federal level, any property passing to a spouse at death is free of estate taxes, therefore delaying any federal estate tax until the surviving spouse's death). More >
Business succession planning best begun early
Passing on a business is not always an easy thing for business owners to do. Not only must one identify the goals toward which one wants to direct the company itself and the means of getting the company there, one must also identify trusted individuals who share that vision and who are willing and capable of leading the company in the right direction. More >
The Office of Entrepreneurship Is Thriving In Its First Year - Can It Help You?
Just over a year ago, on July 22, 2013, Governor Beshear announced the creation of the Office of Entrepreneurship ("the Office") within the Cabinet's Department for Business Development. Since its inception, the overall goal of the Office has been to develop an entrepreneurial climate for new talent in Kentucky; provide guidance and support to start-up operations; assist existing small businesses with growth opportunities; and create a pipeline of business activity that can be streamlined with the traditional growth opportunities the Cabinet already offers. More >
Recap of the Data Protection Seminar
On July 17, McBrayer and Business Lexington presented a panel discussion on new Kentucky legislation, specifically House Bill 5 and House Bill 232, which affects business owners, non-profit organizations, and entities with government contracts who handle personal information. The panel included Trigg Mitchell, a senior associate from McBrayer's Corporate & Business Law Department, and Chris Nolan, a lobbyist and communication specialist from MML&K Government Solutions, among others. The panelists discussed how the laws came about, the definitions and details included therein, and provided real-world advice about how to institute security and breach notification policies and procedures. More >
Choice of entity is important for budding businesses
Choosing a business form with which to organize a growing business is not always an easier matter, especially for those with little experience in business. Selecting a business entity form is important, though, as it can help position a business to increase growth by offering certain protections, particularly in the areas of liability and taxes, as well as trademarks and licenses. More >
Home-Based Business Owners Require Licenses & Permits, Too
Apple, the billion dollar tech company, came from humble beginnings as a start-up in a California garage in 1977. Home-based business can be a satisfying and flexible option for individuals and, sometimes, it can be the start of something big. In the case of Apple, very big. It is crucial to remember, however, that if you are operating a business from your home, the business is still subject to license and permit laws. Understanding the required licenses and permits that you need upfront will save you from headache (and potentially fines and fees) down the road. There is not a one-size-fits-all checklist for home-based businesses because the requirements vary depending on the nature of the business (i.e., the industry involved) and its location. More >
