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Showing 7 posts tagged corporations.
When Should I Choose to Form a C Corporation Instead of An LLC?
Arguably, one of the most important decisions that will affect the ultimate success of a business, whatever its size, is the decision of how to incorporate that business. There is a fairly wide range of choices to choose from, from sole proprietorships on up to regular C corporations. A business entity that has seen a meteoric rise in usage in the past few decades is the Limited Liability Company (“LLC”), and for good reason – LLCs come with a host of advantageous characteristics that combine some of the best traits of several options available to business entities. LLCs combine limited liability for members with the flexibility to choose how they’re taxed, such as flow-through taxation akin to partnerships (e.g., no taxation at the entity level, as with regular C corporations). With the rise in the popularity of LLCs, however, it’s helpful to know when there are advantages to choosing the venerable C corporation form over the upstart LLC. More >
"The Only Thing that is Constant is Change" - The Need for a Buy-Sell Agreement
You started a business with your lifelong friend, family member or business acquaintance and everything is going great. The business is doing well and the owners see eye-to-eye on every major decision. But things will not run smoothly forever. Every business faces difficulties now and then. Some risks are foreseeable and the owners will put appropriate plans in place to deal with them. Other problems are more difficult to see, especially in the early stages of the company when the future looks bright and the owners are eager to work toward a common goal. What happens to the ownership interests of an owner upon his death? What rights do the company and the other owners have when an owner decides to sell her ownership interest to somebody none of the other owner know? What if the owners are equally split on a material decision and the disagreement cannot be resolved? Situations like these are inevitable and are the reason it is imperative that every business have a buy-sell agreement. More >
Is US Tax Policy Pitting Corporate Giants Against Small Business?
The federal government shutdown may have put federal tax reform efforts on hold officially, although lobbying no doubt continues behind the scenes. Unfortunately, lack of official information makes longer-term business and corporate tax planning a bit more challenging. More >
Is My Business Required to Use E-Verify?
Federal law prohibits employers in the United States from employing individuals who may not legally work in the U.S. Electronic employment verification, or E-Verify, is the system Congress established to allow U.S. employers to determine whether a prospective employee may legally work in the U.S. E-Verify supplements the I-9 process; an employer cannot initiate an E-Verify query for a new hire until after the I-9 process is complete. The internet-based system allows businesses to determine whether their work force is legal. Despite the system being free and relatively easy to use, many business owners still want to know if they are legally obligated to use it. More >
BlackBerry Ltd. Exploring a Sale, Joint Venture or Going Private
After stories by Reuters and Bloomberg last week sent rumors swirling about the company’s future, this week BlackBerry Ltd. (formerly Research in Motion) clarified an announcement made last year that the company is considering a variety of “strategic alternatives.” Those alternatives reportedly include a potential sale of the business or its assets, the organization of an unspecified joint venture, or the possibility of repurchasing its stock in an effort to take the company private. The difference between last week’s rumor and this week’s announcement is that BlackBerry has now appointed a special committee of its board of directors to oversee the implementation of whichever alternative is chosen. More >
Did You Notify the IRS When Your Business Moved?
If your business or corporation has changed addresses in the past few years, are you certain the IRS was notified about your new address? If you’re not certain, you should check, or you could find yourself in an awkward situation if you’re ever involved in an IRS tax controversy. As a recent ruling by the U.S. Tax Court underscores, you could lose your right to challenge a federal tax lien if you missed the notification when it was misaddressed. More >
IRS Work Group to Explore Definition of Real Estate for Taxation
In light of revelations such as Apple's ability to avoid many federal corporate income taxes, the IRS and the Treasury Department may be under pressure to reconsider some tax rules in order to prevent an erosion of the corporate tax base. Recently, the IRS notified information storage company Iron Mountain that it is "tentatively adverse" to its characterization of its racking storage units as real estate. Iron Mountain is seeking to convert itself from a corporation into a Real Estate Investment Trust, or REIT, to minimize its business taxation. More >
