It's an icon! Most closely-held businesses reach a point when selling full or partial ownership becomes a desire or even an absolute necessity. But what are the steps and considerations from “we need to sell” to the closing process…and even beyond? Step One: Getting Your House in Order.  Do you have a company records book and is it up to date? How about your financials? One initial point of consideration is determining exactly what is being sold, whether it includes some or a

An LLC is a legally formed business entity, and there is risk in leaving it just languishing. An “inactive” LLC is a business entity that has ceased its primary business operations. This usually means it is no longer generating revenue, conducting transactions, or engaging in the commercial activities it used to. Though it might be non-functioning, from a legal and regulatory standpoint, the LLC still exists until it is formally dissolved. Why continue to get unnecessary pape

IRC Section 1031 allows sellers of qualifying real estate to exchange  it for like-kind  real estate and defer  payment of taxes. Don't Go It Alone! THE RULES ARE STRICT: 1.      Seller must never take possession of funds from the relinquished property; 2.      Replacement property must be like-kind real estate; 3.      Real estate must be used for investment or business, and not be considered stock in trade or personal property; 4.      Property replaced must be of equal or

Planning ahead is just prudent! Estate planning isn’t only about distributing your house to your heirs. If you own a business, it is also about protecting this most valuable asset. Without proper planning, issues will arise regarding who will take over leadership, whether the business should be sold, or how ownership interests will be managed. Failure to account for these crucial steps can result in the loss of the business or a loss of significant portions of its value. Ther

It started in Fred’s living room, and everyone was excited about the possibilities. Questions about type of entity, shares in the...

So, I'm a trustee...what now? I am often asked…What exactly do trustees do after the grantors are no longer able to manage their trust?...

Am I structured correctly? Understanding corporate structures is essential to optimizing strategies, managing tax obligations, and...

Now you are up and running... so where's your company records book? When first starting out, it is normal to create an LLC or a...

Sometimes people will transfer title of their assets to their adult children while they are living, thinking it will make things easier...

Don't let debt slow you down! I grew up in New England, and sailing in the Long Island Sound and along the rocky northern coast is among...

Theresa (Terri) Marie Schindler married Michael Schiavo in 1984. When Terri’s parents moved to Florida in 1986, the couple followed....

This blog discusses the difference between chaos or unstructured asset pools and alternatively establishing highly structured approaches...

"That might work!!!" Many small businesses entrepreneurs have great ideas and the energy to reach out and start, but what comes next?...

Inflation: It's going up again! Rising inflation can be terrifying. In the face of it, safeguarding the value of your hard-earned money...

Don't just lock the door... If you’re considering closing your business, it’s crucial to understand that simply shutting your doors does...

Is a trust for me? Here are some of the most common misconceptions about trusts: §  Trusts are only for the wealthy… Trusts are not...

How soon can I get my inheritance? Here are some of the most common questions people have about probate in Idaho and Utah: 1. What is...

It's not entirely clear...it's squishy. In short: Electronic signatures and transactions will not always suffice in lieu of physical...

I don't know...I don't know... General anxiety can be driven by a lack of connection with the past and uncertainty about the future. This...

It's not working... What happens to your email when you pass away? Not having access to email can result in serious complications...