Helpful Articles – The Flaig Law Firm

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…

January 3, 2024 Business Law

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…

February 23, 2022 Business Law, Helpful Legal Articles, News & Updates

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…

July 1, 2021 Business Law, Helpful Legal Articles, News & Updates

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…

June 18, 2021 Business Law, Helpful Legal Articles, News & Updates

SIX STEPS OF TRUST ADMINISTRATION

Most people don’t have a lot of experience handling what happens after their loved one dies and they have been named as the Successor Trustee – in charge of settling their loved one’s Revocable Living Trust. The purpose of this guide is to offer a very general idea of the six steps necessary to settle and then terminate a Revocable Living Trust after the Trustor dies. Step 1 – Inventory The first step in settling a Revocable Living Trust is to…

June 18, 2021 Estate Planning, Helpful Legal Articles, News & Updates, Trust Administration

Do You Have a Pet Trust?

For many pet owners, pets are members of the family. These individuals often say that if something happens to them, they are more concerned with what will happen to their pets than to their children or spouse. This issue of The Wealth Advisor examines the issues surrounding caring for pets after the disability or death of the pet’s owner. Given the feelings of many individuals towards their pets, and the costs of care and longevity of some types of pets,…

May 14, 2021 Estate Planning, Helpful Legal Articles

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…

April 3, 2021 Business Law, Helpful Legal Articles, News & Updates

Estate Planning Benefits in 2021

The unthinkable just might happen, so be prepared. Have a well documented and detailed set of instructions already neatly assembled and in place. Eliminate confusion by planning ahead. Estate planning not only helps avoid multiple state probate proceedings, but eliminates probate altogether. While the probate process remains open for public scutiny, estate planning keeps all asset transfers private. The segregation of assets will be thorough, leaving all questions answered and challenges to the estate nonexistent. Guardianship for minors, or disabled…

March 6, 2021 Estate Planning, Helpful Legal Articles, News & Updates

Avoid the Common IRA Mistakes

Americans hold nearly $15 Trillion in IRA’s and other qualified plans. If you have a retirement plan you have made a series of very wise decisions. Now you must take steps to protect and preserve what you have worked so hard for. Do you want your heirs to have to chase after the IRA money? Better make sure you have an up to date beneficiary form. On January 26, 2009, the United States Supreme Court unanimously ruled in the case…

February 21, 2021 Estate Planning, Helpful Legal Articles

2020 – SUSPENDED CORPORATION

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…

November 20, 2020 Business Law, Helpful Legal Articles

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