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Business Formation And Planning Archives

Options For Businesses Affected By The Coronavirus - Details Of The $2 Trillion Coronavirus Stimulus Package - Senate Bill 3578 (Coronavirus AID, Relief, And Economic Security ACT or The Cares ACT)

We at Fox & Moghul have been monitoring the government's continuing efforts with respect to the coronavirus emergency stimulus bill. Last night, the Senate passed a bill that will aid large and small business, employees that are laid off, hospitals and state and local governments financial assistance through this coronavirus period. While the bill will still have to be passed by the House of Representatives and signed by the President, we have reason to quell many of the most serious fears that have arisen over the past few weeks.

HOW CAN I REMOVE OR FIRE MY BUSINESS PARTNER IN VIRGINIA?

One of the primary areas of our practice deals with partnership disputes between and among business partners of across a variety of industries, including co-owners of real estate brokerages, title companies, restaurants, hair salons, technology startups, and retail companies.

LIMITED LIABILITY COMPANIES - WHAT IS A QUALIFIED INCOME OFFSET?

Have you ever used a boilerplate LLC Operating Agreement for your business? Have you ever wondered about some of the drastic legal consequences that the boilerplate language in such operating agreements can have for your business? Consider the following hypothetical, which pertains to the economic structuring of an LLC. Most operating agreements have standard boilerplate language related to respective member allocations and distributions. Among those provisions, one often finds a clause pertaining to qualified income offsets. What is the meaning of this provision in the context of a two-member LLC? Lets examine how this scenario plays out in the following hypothetical.

Business structure determines tax liability

Business and taxes go hand-in-hand for entrepreneurs in the first few months of the year. This consideration is important because the structure of a business has future tax implications for the life of the company. Entrepreneurs must make this legal decision early on in a company's history, and due to future considerations, should do everything possible to get it right the first time.

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