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Liability of corporation may still exist following dissolution
According to Supreme Court decision for one particular state, dissolution of a corporation does not guarantee that liability will necessarily come to an end. Krafft-Murphy Company, Inc. was a company that had engaged in supplying and installing asbestos-containing products (presumably exposing it to liability). Krafft had also dissolved in 1999. More >
The Role of Appraisals in the Inventory Process
Settling a loved one's estate after their passing can be an overwhelming process. In Kentucky, the first step involves filing a petition to do one of three things: (1) probate the will; (2) appoint an administrator/administratrix (if no Will exists); or, (3) appoint an executor/executrix (if a Will does exist). Within the same form, the petitioner must also include fair market value estimates of the decedent's real and personal property. More >
Partnership considerations when converting to corporate status
Due to various law changes, many partnerships are reevaluating their legal status. Often the choice has been to convert to an S corporation. However, at least one commentator suggests that converting to a C corporation may prove to be a better option from the perspective of tax considerations. More >
New company formed after merger now the world's biggest airline
Though American Airlines had previously sought bankruptcy protection, it has now merged with US Airways to become the world's largest airline. American Airlines former parent company, AMR Group, has now been replaced by American Airlines Group Inc. This all follows a number of years where the company suffered from financial losses. More >
The Kentucky Business Investment Program
On November 22nd, the KEDFA small business loan program was discussed on our blog. Let's take a look at another valuable financial resource for Kentucky businesses: the Kentucky Business Investment Program ("KBI"), also administered by the Kentucky Economic Development Finance Authority. More >
Debate over how much corporations should pay in taxes continues
It's been suggested that corporate tax rates in the United States are at 39.1 percent - which would be the highest among nation members of the Organization for Economic Cooperation and Development. The argument as to how much is paid, however, is far from settled. For example, this figure does not necessarily take into account deductions and credits. 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 >
Top earners looking at closely held businesses concerning taxes
Many top earners throughout the United States are looking for strategies to reduce their tax load. While businesses are always making such attempts, this year appears to be especially important due to tax hikes put into place by Congress. More >
Beshear Launches Kentucky Angel Investors Network
Kentucky entrepreneurs, rejoice! Governor Beshear just announced the creation of the Kentucky Angel Investors Network, a virtual network that links companies pursuing funding with would-be investors from across the state. Those seeking funding can pitch their presentation to potential investors via monthly online meetings through the network. The idea is simple: angel investors provide money to your company in exchange for a percentage of its equity. More >
Tax preparer sued concerning negligent tax handling
A hotel chain based out of Northern Kentucky was the recipient of a $99 million judgment concerning alleged fraud by a tax preparing company. It is alleged that the chain was misled by its tax preparer, Grant Thornton, LLP, concerning products that the company sold. It was argued in court that these instruments were not legal and could not stand up to scrutiny by the Internal Revenue Service. More >
