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Showing 89 posts in Business Formation and Planning.
Supreme Court decision highlights definition of closely held corporation
Many of our readers have already heard about the recent U.S. Supreme Court decision granting for-profit, closely held corporations the right to opt out of the federal contraceptive mandate. Because the scope of the decision was limited to such companies, it isn’t as far reaching as some had hoped for, although some commentators have pointed out that the language of the decision doesn’t make it entirely clear which businesses are affected. More >
Data Protection Lunch Seminar - REGISTER TODAY!
Have you registered for the Data Protection and Cyber Security Lunch Seminar? More >
Does Your Business Use Surcharges?
On January 27, 2013, it became legal for retailers to impose a surcharge on consumers using a credit card at their business. The surcharge was a key provision in a settlement stemming from a class action suit brought by several retailers against credit card companies. The permissible surcharge amount depends on how much is paid by the merchant in processing fees, but can range from 1.5 to 4% of the purchase price. More >
Before Taking The Wheel, Take A Hard Look
When it comes owning a business, some people like starting from scratch. Others prefer to have a foundation already established when they take the reins. There are pros and cons to both, but one should never think that by purchasing an existing business that they are minimizing their legal or financial risks. Just like starting your own, the first step to buying a business is determining what the best industry is for you, where you would like to be located, etc. - the generalities that only you can determine. The second phase, known as the "due diligence" phase, is a more fact-intensive process and may require more than one set of eyes. It is during this time when you review and verify information about the subject business. An attorney and accountant can offer invaluable assistance in this process. There are numerous things to consider, not all of which can be discussed at length herein, but this list should serve as a starting point for some of the most important considerations. More >
'Til Death Do Them Part: Creditor Rights
Settling the affairs of a deceased love one is never easy. When the decedent has outstanding debts to credit card companies, mortgage lenders, or other institutions, the process is further complicated. Generally, no one else is legally obligated to repay the debt of a person who has died, but there are exceptions to this rule. For instance, a co-signor on a loan may be liable for the debt under certain circumstances. More >
Trusts Can "Materially Participate" in Businesses
Estate planning attorneys and financial planners now have much-needed guidance about "material participation" and "personal services" as they relate to trusts. The Tax Court recently ruled that a trust materially participated in its rental real estate business and therefore could deduct the losses it incurred in conducting those activities as losses from non-passive activities. The court rejected the IRS's argument that "personal services" performed in real estate activities must be performed by an individual, not a trust. This ruling is especially important considering the introduction of the "Medicare Tax" which imposes a 3.8% surtax on net investment income (the definition of net investment income includes income derived from a trade or business that is a passive activity to the investor). More >
Businesses, Take Note of New Breach Notification Duty
Kentucky just became the 47th state to enact breach notification legislation. For businesses, that means that there is a now a legal obligation to inform customers when a data breach occurs that could leave them vulnerable to identify theft. No business's security system is safe from hackers. You may recall that in January 2014, Target reported that between 70 to 110 million of its customers had personal information stolen in a widespread data breach during the holiday season. Data breaches, whether big or small, can leave customers exposed to fraudulent activity and cause massive reputational damage to businesses. More >
Lost & Found: How Business Owners Should Handle Unclaimed Property
This week, it was announced that Kentucky State Treasurer, Todd Hollenbach, has returned more than $100 million in unclaimed property to its rightful owners during his six years in office. According to Hollenbach, that is more than all the state treasurers combined returned in the 60 years before his administration. That is quiet an impressive statistic. More >
Entrepreneur hopes to make a go of his new company in Lexington
Individuals often start-up a business with a new idea to market, but they often need the additional financing to back it up. These businesses will often seek the assistance of other companies to help them get a start. More >
A New State & Your Estate
People are not stationary - moving to a new state for work, family, or other reasons is a part of life for a great deal of individuals. What happens to an estate plan, though, when a person no longer lives in the state where their plan was created? Is the plan still valid in their new state? Although estate planning documents that were validly executed in one state should generally be valid in another, these instruments may need some modification. It is highly recommended that all executed documents be, at the very least, reviewed by an attorney when relocation occurs. More >
