Does your Lawyer have a Blog?
Probably not. Even though blogs, or blawgs (get it…?), seem to be more common nowadays, very few business lawyers have them. In my area of practice I can only think of two other (small) business law blogs that really try to talk to the small business owner: Rush Nigut’s Rush on Business and Nina Yablok’s BizBlawg (Nina: you should really try to post more often,...
Read MoreDo I need a Federal ID Number for My Sole Member LLC?
No, for federal income tax purposes a sole member LLC is normally considered a "disregarded entity." Unless you hire employees, you can use your social security number for all purposes. However, for security reasons, you may want to get Federal Tax Identification Number (also known as Employer Identification Number or Employer ID Number) in order to reduce the number of people...
Read MoreHow to save Taxes with an S Corporation
One of the main reasons for choosing an S corporation over a limited liability company is the possibility to save self-employment taxes. Members of an LLC have to pay 15.3% self-employment tax on their share of the LLC’s income (for the first $94,200). Shareholders of an S corporation can split the S corporation’s earnings into salary and distribution of dividends. ...
Read MoreThink of your Agreements as Marketing – Six Things to Avoid
Have you ever thought that the contracts you hand out to your customers are another part of your marketing strategy? If not, think again. Everything you present to your potential customers (i.e. market) is marketing. Here are six things that can damage your otherwise perfect marketing script: 1. Agreements that are too long. Almost every agreement can be...
Read MoreLLCs and Derivative Actions – Tzolis v Wolff
What can a member of an LLC do if managers or members of the LLC engage in conduct that harms the LLC? A New York Appellate Court has held (Tzolis v Wolff, 2007 NY Slip Opinion, Appellate Division, First Department) that a member of an LLC has standing to bring a so called "derivative action." Derivative actions are typically brought by shareholders on behalf of a...
Read MorePreparing your Business for Sale/Starting your Internet Business LLC
I’ve pretty much had given up exercise for blogging. But since I figured out a way to take blogging to the gym, I’ve been back. I make it bearable by listening to podcasts, the audio version of blogs. Today I listened to (and recommend): Preparing you Businesss for Sale – An interview with Mathew Ashburn hosted by Rush Nigut Starting your Internet Business LCC...
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