When was the last time you reviewed your estate plan? An even more broad-reaching question; do you even have an estate plan? If your answer to this question is “I don’t know” or “No”, you need to take a look at your estate plan or look into setting one up. Irrevocable trusts are becoming popular parts of estate plans across the United States and for very good reasons. First, the irrevocable trust protects you and your spouse’s assets from going to probate. This is because the

Prior to the TCJA (Tax Cuts and Jobs Act), exchanges of personal or intangible property such as machinery, equipment, vehicles, artwork, collectibles, patents, and other intellectual property generally qualified for nonrecognition of gain or loss as like-kind exchanges. However, under the TCJA only real estate is eligible for a like-kind exchange under IRC Section 1031. Today’s blog is going to discuss how a 1031 exchange works and how you can still accomplish a 1031 exchange

While some states do not have an act governing the practice of a business broker, other states have very detailed requirements that require a business broker to register with the state. Some brokers are often exempt from this requirement, for example, if they are a licensed attorney within the state or a licensed real estate broker within the state. However, for those that do not meet any exceptions, strict compliance with a state’s business brokers act is strongly encouraged

This week our blog is going to discuss a relatively new business entity in series limited liability companies (series LLCs). We will discuss how a series LLC is organized, how it works, and who would benefit most from filing their business as a series LLC. Be advised, however, that a series LLC is only an option in a handful of states. For all intents and purposes, there is only one main difference between an LLC and a series LLC in that the series LLC allows for individual s

This week our blog will shift its focus to limited liability companies (LLCs). We will discuss how an LLC is organized, how it works, and who would benefit most from filing their business as an LLC. This blog may make references to series LLCs, but that topic will be discussed at greater lengths next week. Individuals on behalf of a limited liability company are called “Members” or “Managers”. Every LLC must be either “member-managed” or “manager-managed” depending on the tex

This week our blog will shift its focus to limited liability companies (LLCs). We will discuss how an LLC is organized, how it works, and who would benefit most from filing their business as an LLC. This blog may make references to series LLCs, but that topic will be discussed at greater lengths next week. Individuals on behalf of a limited liability company are called “Members” or “Managers”. Every LLC must be either “member-managed” or “manager-managed” depending on the tex

The next topic of discussion for business entities at the state level are limited liability partnerships (LLPs). We will discuss what an LLP is, how it works, and who would benefit most from filing their business as an LLP. The limited liability partnership is very similar to general and limited partnerships, however there are a few large differences. Within a limited liability partnership, each partner’s liability is limited to their contribution to the business; there are n

As promised, this week’s blog is going to discuss limited partnerships. We will discuss what a limited partnership is, how a limited partnership works, and who would benefit most from filing their business as a limited partnership. The limited partnership is very similar to the general partnership aside from one key difference. In a limited partnership, the management of the partnership rests with the “general partner”. The general partner also holds ultimate liability for th