Posts Tagged "Liability Shield"

Business Owners’ Biggest Legal Concerns

Posted by on May 2, 2012 in Business General Counsel, Business Planning | 1 comment

We are interested to hear from business owners on this topic.  What is your biggest concern related to the legal issues of your business? Human Resources and employee matters Record keeping and retention Taxes Government compliance Collecting from customers Being sued by customers Understanding contracts with customers and vendors Banking issues and loan covenants Raising funding through less traditional methods (venture capital or angel investors) Passing the business down to the next generation Shielding personal assets from your business liabilities (or vice versa) The fear that there is...

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Personal Liability for Certain Corporate Tax Debts

Posted by on Jun 16, 2011 in Business Planning, Federal Taxes | 0 comments

Some business owners incorporate, or form an LLC, in order to gain credibility for their business ventures.  The real reason for forming a corporation (or LLC), however, is the separation of personal assets from business debts, and business assets from personal debts.  This concept is often called the “corporate veil”.  But certain activities can pierce the corporate veil and subject the owners and managers of the business to personal liability for debts of the corporation/LLC. An unfortunate fact of life for many business owners and managers is the occasional cash-flow crunch.  Prioritizing...

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Business Planning Issue – Do I need to Incorporate my business?

Posted by on Jun 12, 2010 in Business Planning | 0 comments

As a general rule we always advise new business clients that they should operate all business enterprises in some form of a corporation or limited liability company. In order to understand why, it is important to understand the concept of a corporation. Simply put, a corporation, or the more recently developed limited liability company, is a separate and distinct legal entity. It can own property, can be sued, and can sue in its own name. In other words it can almost be thought of as a legal “person” that can operate a business enterprise in its own name. Primarily a corporation,...

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