Sharing Our Knowledge With You
What Is A Buy/Sell Agreement?
When starting a business, it is always best to prepare for every conceivable possibility. When a business has more than one owner, certain eventualities need to be addressed as early as possible; such as the question of what happens to the business if one partner leaves?This situation and many others are easily spelled out in a buy/sell agreement. Much like a pre-nuptial agreement, which divides assets and sets conditions of a marital divorce, a buy/sell agreement spells out the conditions which transpire when a business partnership dissolves.
“How Should I Legally Structure My Business?”
Do you have a great new idea that you’d like to see turn a profit? Are you looking to turn your hobby into income? Are you a whiz online and think you can make a buck designing iPhone apps? Whether your idea is big or small, simple or complex, virtual or brick-and-mortar, taking the step to become an entrepreneur and start your own business is a big one. Armed with your idea and your business plan, the next step is answering one important question: How should I legally structure my business? In most instances, you will probably have to choose between a limited liability company (LLC), a partnership, a corporation, or a sole proprietorship.
Retirement Accounts and Divorce Who Gets Custody?
Many of us are planning for retirement by putting money away in tax-deferred retirement accounts such as a 401k, done through your employer or individually by way of the Individual Retirement Account (IRA) or its sister ROTH account named for its legislative sponsor, William V. Roth Jr., Republican senator from Delaware.Thinking of Starting an Online Business?
Online Businesses offer an outstanding opportunity in today’s market for entrepreneurs and leisure hobbyist and enthusiasts that want to take it one step further. If you are considering a new online business, there may be federal, state, and local laws that must be met and standards and procedures to follow in order to comply. There is also a structure to follow if you need financial backing. Here are some great tips to consider:
ATTENTION EMPLOYERS: IS YOUR SOCIAL MEDIA SENDING THE WRONG MESSAGE AS TO YOUR WORKERS COMPENSATION COVERAGE?
Employers that have four or more employees or employers that are engaged in the construction industry with at least one employee are required to have workers compensation insurance. The premium for the insurance is determined by the type of work the employees perform and are assigned classification codes for those duties or tasks. Each classification code is assigned a dollar figure. So, a roofer’s dollar figure is higher than a clerical employee.
Is It Possible to Collect Workers’ Comp and Unemployment Benefits at the Same Time?
In the wake of a workplace injury, many employees are in great need of compensation, as their newfound injury has brought incredible hardship to their finances. It is natural for a responsible employee to want to collect as much compensation as possible, so they can pay their medical bills, mortgage, or rent, and still have money for any accommodations that might need to be made to their homes (i.e. wheelchair modifications).