Starting a new business takes a lot of work. Before you serve your first customer or fulfill your first order, it is important to first determine the best business form for your business and complete the official formation process. Although starting a business is a...
There are some activities we engage in outside of work strictly for personal reasons, with no thought of ever profiting from them. You might, for example, enjoy photography, hiking on the weekends, or collecting classic records. There is no monetary gain—and no...
One significant advantage to organizing your business as a limited liability company (LLC) is the flexibility it provides. For example, the Internal Revenue Service (IRS) allows LLC owners to choose whether their business will be taxed as a sole proprietorship (if you...
What should I do if my chosen successor trustee dies before me? If the successor trustee of your revocable living trust (RLT) dies before you, nothing will happen immediately with respect to how your trust is managed. If you named a backup to your successor trustee in...
Many business partnerships eventually come to an end. Like other types of relationships, when business partners decide to split up, the process can be amicable or contentious. For personal and professional reasons, dissolving the partnership on good terms is in the...