Losing a key employee can disrupt your business in ways you may not expect. Learn how to protect your company, support your team, and build systems that keep your business running—no matter who leaves. READ MORE
Posts Categorized: Business Law
What Your Business Is Really Teaching Your Loved Ones
Your business doesn’t just generate income – it also shapes the values your family learns from you every day. Discover how your work habits impact your home life and how to build a business that supports the legacy you truly want to leave. READ MORE
How Fast Growth Can Put Your Business at Legal Risk
Rapid business growth can be exciting, but it can also create legal risks if your foundation is not in place. From hiring issues to compliance gaps, learn the most common pitfalls business owners face during expansion and how to protect your business as you scale. READ MORE
Your Business Is Valuable – But Is It Built to Last Without You?
Your business may be profitable today – but will it survive without you? Many owner-led companies lack continuity planning, clear authority, and documented systems. Learn the most common gaps that put business value at risk and how to build durability before a crisis occurs. READ MORE
A Practical Guide for Business Owners: Managing Difficult Client Relationships
For business owners, not every client relationship is meant to last. Learn how to recognize when a client may no longer be the right fit, the hidden costs of holding on too long, and how to part ways professionally while protecting your reputation and business. READ MORE
From Side Hustle to Full-Time Business: Making the Leap Without the Risk
Turning a side hustle into a full-time business doesn’t have to mean taking unnecessary risks. With the right financial preparation, legal structure, and strategic planning, entrepreneurs can make the transition confidently while protecting their income, assets, and future. READ MORE
Why Business Owners Need More Than a Simple or Cheap Estate Plan
If you’re a business owner, a basic will or cheap estate plan isn’t enough to protect what you’ve built. Without the right coordination between your personal estate plan and your business documents, your loved ones could face court delays, legal conflicts, and unnecessary costs. This blog explains why business owners need a more comprehensive planning approach—and how aligning your estate and business plans can secure your legacy and ensure a smooth transition when the time comes. READ MORE
BOI/CTA UPDATE: Reporting Requirements Reinstated…For Now
UPDATE: On February 17, 2025, the U.S. District Court for the Eastern District of Texas, in the case Smith vs. Dept. of the Treasury, issued a ruling reinstating the reporting requirements for the Corporate Transparency Act (“CTA”). For most companies, beneficial ownership information (“BOI”) must now be reported to the U.S. Treasury’s Financial Crimes and Enforcement Network (“FinCEN”) by March 21, 2025. READ MORE
UPDATE: Appeals Court Reinstates – Then Suspends – Corporate Transparency Act Filing Requirement
Recent updates to the Corporate Transparency Act (CTA) have created some uncertainty for business owners, as filing deadlines have shifted multiple times. While the requirement to disclose personal information is currently optional, it’s important to stay informed as the situation evolves. We’re here to help you navigate these changes and ensure your estate plan and business protections are up to date. Schedule a Life and Legacy Planning Session with us today to get expert guidance on safeguarding your business and family, regardless of what happens with the CTA. READ MORE
Corporate Transparency Act Requirements For Your Business Entity
Starting January 1, 2024, virtually all small businesses are required to report information about the individuals who own or control the business (called “beneficial owners”) to the Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. Department of the Treasury. READ MORE
Own a Business? Do This By December 31st to Get a Year-Long Extension To The Corporate Transparency Act Reporting Deadline
Embarking on business ownership is a gratifying venture, albeit one accompanied by regulatory obligations and reporting responsibilities that may pose challenges to manage. Small business proprietors and those with business interests held in trusts are mandated to adhere to the Corporate Transparency Act (CTA) starting January.
Commencing January 1, 2024, the CTA necessitates that small enterprises divulge the identities of owners holding a 25% or greater ownership stake, alongside individuals exercising substantial control over the company’s operations. This regulation extends to trusts with ownership or control of a business. READ MORE
Can a Trust Own My Business after I Die?
If your business is taxed as an S corporation (and you do not have to be a corporation to be taxed as an S corporation), there are special rules about who can own an S corporation. It is essential to seek the advice of a qualified legal or tax professional before transferring ownership of your S corporation business interest to a trust and after the death of the grantor/trustmaker.
Although your trust can own your business after you die, you must consider many factors when transferring your business ownership interest to your trust. Therefore, it is essential to consult a qualified professional to ensure that you have considered all the elements and help you correctly complete the transfer. READ MORE
4 Reasons Why Estate Planning Is So Essential For Business Owners
When it comes to creating an estate plan, most people typically think of a will. While it’s possible to leave your business to someone in your will, it’s far from the ideal option. That’s because upon your death, all assets passed through a will must first go through the court process known as probate.
During probate, the court oversees your will’s administration to ensure your assets (including your business) are distributed according to your wishes. But probate can take months, or even years, to complete, and it can also be quite expensive, which can seriously disrupt your operation and its cash flow. What’s more, probate is a public process, potentially leaving your business affairs open to your competitors. READ MORE
Are Family Limited Partnerships under Attack?
An FLP is a business entity created under state law to hold and manage the property. It comprises partners that can be either individuals or other entities such as trusts and limited liability companies (LLCs). An FLP must have at least one general partner liable for the partnership’s debts and liabilities. The other partners can all be limited partners, which means they are personally insulated from liabilities arising within the partnership. The partnership is generally protected from liabilities that a limited partner may incur outside the partnership.
In an estate planning context, FLPs are often created when a parent or parents own property such as real estate or business interests that they would like to retain control and management of but at the same time want to begin the process of transferring to their children for transfer tax purposes. The parents can form the FLP with themselves (or another entity such as an LLC they own) as the general partner and name their children (or trusts created for their children’s benefit) as limited partners. READ MORE
10 Reasons Why Your Business Needs a Family Business Lawyer™
Without the guidance and support of trusted legal counsel, you are likely not aware of all the ways your business is leaking money, putting yourself and your family at risk, and possibly limiting the positive impact you have on the lives of your clients.
Beyond those potential issues, if you are handling all of your company’s legal, insurance, financial, and tax decisions yourself, you’ll likely get overwhelmed by all the necessary pieces required to run a business daily – crunching numbers, negotiating contracts, dealing with insurance, and preparing your taxes – and something will suffer. READ MORE