Bob, one of my business clients, wants to own a coffee shop. He calls me and tells me he has found one for sale—and in the perfect location. That coffee shop is owned by a corporation. The corporation is really just the owner and his wife, but the corporation is the legal owner of the… Read More »
Posts Categorized: Business Entities
Ellen Victor is quoted in the Long Island Business News
Yours truly was quoted in the most recent edition of Long Island Business News on the importance of business succession planning and partnership agreements. Read it here.
S-Corp or C-Corp? What's the Difference?
When you first form your corporation, it comes into existence as a C Corporation. If you do nothing more, your corporation will remain a C Corporation. A C Corporation becomes an S Corporation only when special tax treatment is sought by filing Form 2553 with the IRS. http://www.irs.gov/pub/irs-pdf/f2553.pdf Although a small business lawyer can… Read More »
Lions and Kiwanis and Rotary, Oh My!
Frequently asked questions about becoming a 501(c)(3) foundation Why Should Our Club Become a 501(c)(3) foundation? I have recently had the pleasure of both incorporating and applying for 501(c)(3) non-profit status for a New York Lions and a New York Kiwanis Club. One club had been in existence for more than 50 years… Read More »
Small Businesses Need Minutes of Meetings
Why Does a Small Corporation Need to Keep Minutes? Corporate minutes are a reflection of the decisions of the Board of Directors. Even more importantly, corporate minutes are an indication that formalities of the corporation are being kept. If involved in a lawsuit, one way an attorney will attempt to reach personal assets of the… Read More »
Your Family Small Business Succession Plan
When your business succession planning involves family, a whole new set of variables need to be thought about. In some ways, it is easier when you have family to leave your business to, in other ways it can be way more difficult as you add family dynamics to the mix First of all, some statistics:… Read More »
Using an Online LLC Incorporation Service
This past month, I have had numerous Long Island clients calling me and asking me to fix their corporations and LLC’s that they ordered and paid for online. It seems that these online documents come complete with any number of their forms left blank. I have seen two this week where the first page of… Read More »
Overpromising? “Limited” Liability and Small Business
If you are just starting a small business or have a sole proprietorship, you have probably thought about and received advice about either incorporating or forming a limited liability company (LLC). What protections do these business entities actually offer to the small business owner? The Promise You have probably heard that by incorporating or forming… Read More »
NY LLC Publication Requirements are a Burden for Small Businesses
In order to form a Limited Liability Company (LLC) in New York, the LLC must first choose an available business name, the county in which your LLC will be located, and prepare and file Articles of Organization with the Department of State along with a check for $200. However, if you do not take the… Read More »
How to Incorporate Your Sole Proprietorship
Although the plethora of inexpensive online incorporation and LLC formation services would have you believe that all you need to do to incorporate your small business is fill out a simple form, pay a few dollars, and voila! your business is incorporated, this is even less true if you have already been running your business… Read More »