CTA Imposes New Small Business Reporting Requirements for 2024

Small business owners will have one more item on their compliance to-do list when the Corporate Transparency Act (CTA) takes effect next year. The CTA,[1] enacted as part of the Anti-Money Laundering Act of 2020 (AMLA), places new reporting requirements on many business entities in an effort to expose illegal activities, including the use of shell companies to launder money or conceal illicit funds. Around 30 million small businesses will be impacted by the law, which will establish a federal…

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Limited Liability Companies – Advantages Over Limited Partnerships and S Corporations

What is a Limited Liability Company (LLC)? An LLC a non-corporate entity that is authorized by statute and may engage in lawful acts or activity. The owners (members) have no personal liability. The obligations are solely the liability of the LLC.  Members are also able to structure shares, distributions, powers, rights in almost any manner they deem fit. Many entrepreneurs will use this as the LLC needs only one member.  Finally, all of the income, gains, losses, etc of the…

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2021 – The Year of Estate Planning

As we all know, the Covid-19 pandemic has affected just about everything. It has definitely been true with ‘legacy planning’ as the need and urgency to get Estate Plans in order has been highlighted. It’s a task that many people have admittedly put on hold for too long. It is highly likely that there will soon be a lower estate tax exemption coming under the new administration, and with the aging, baby boomer population, it strongly appears that 2021 is…

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Don’t Be Held Personally Responsible for Business Debts

Owning a business can be an exciting prospect, but if not organized and run properly, you may become personally liable for business related expenses. No business owner ever wants to think about the possibility of being sued for unpaid business debts or losses caused by their employees, but it can happen. Below are a few ways to avoid personal liability should your business be part of a litigation. Structuring your Business The first step to avoid personal liability is to make sure…

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Operational Issues for Small Businesses

Are You Being Too Informal? A Case Study – We have found that small businesses tend to operate their business without the stringent formalities of a large company.  This sounds like a benefit to having a small business – however – not only is it incorrect as small businesses need to operate with certain formalities, but when they don’t, we see drastic results. There is a case that came out of the 8th Circuit a couple of years ago which illustrates…

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Is Your California Corporation or LLC in Good Standing? Donald W. Flaig, Esq. You’ve recently learned that your business has been suspended and you’re left wondering what that means. There are several consequences to having your corporation suspended. First and foremost, your corporation loses its legal rights and privileges.  A suspended California Corporation is unable to sue or defend any activity in court. For example, your company will no longer be able to sue a client for non-payment on an…

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Advance Health Care Directives In The Age of COVID-19

May 2020  by Donald W. Flaig, Esq. The COVID-19 pandemic is at the forefront of all our minds. Much of the news and conversations are about how we can prevent the spread of the virus. While staying home, washing hands, and social distancing are key components to our safety, it is also important to be prepared for the possibility of serious illness that may lead to incapacity - both during this time and even when we have moved beyond this virus. While…

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The Flaig Law Firm is Available to You During This Time

April 2020 by Donald W. Flaig, Esq. As we all navigate a "new normal" due to COVID-19, we would like to update you on how The Flaig Law Firm is handling business and making itself available to you during this time. Our firm is OPEN, WORKING and COMMITTED to doing the right thing for our clients! Currently we are seeing clients in the office for the signing of legal documents only. All other business is telephonic. To ensure our clients safety,…

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5707 Corsa Avenue Suite 104Westlake Village, CA 91362
Mon - Fri: 9:00 am - 6:00 pm

The Flaig Law Firm 2024. All Rights Reserved.

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