Thursday, October 31, 2013

10 LLC Secrets To Protect Your Assets And Financial Future

Most are unaware that a Limited Liability Company may be taxed in four different ways: disregarded, partnership and S or C corporation.

Let me share with you 10 LLC secrets that will not only keep you out of tax trouble but help you better avoid pitfalls down the road.

1. Can an IRA invest in a Limited Liability Company? There are a couple of major issues with this strategy that could create problems with the IRS. First, if you are the manager of the LLC and you are on the LLC checking account that has IRA funds, that means you have "check book control". There are prohibited transactions in where you can not use that money, but more importantly if the signer on the account uses the LLC money for personal use that is a big problem and could create serious IRS issues. The second issue centers around who can be the manager of the Limited Liability Company. Can it be you? Is that self-dealing? That means you are running the same entity that is owned by the IRA and that is an issue with the IRS. It appears that having a separate self directed IRA only to own the real estate may be a better approach. You do want to isolate the safe and risk investments.

2. What are the advantages of a Limited Liability Company over an S corporation? When you capitalize an S corporation, code section 351 allows shareholders to transfer appreciated assets to the corporation taxfree. But, the shareholder who is transferring the asset MUST own 80% of the S corporation.

3. When should an entity convert to an LLC? Many times if you formed a corporation it may be less steps and cheaper to form a new LLC. Many statutes authorize the merger of an LLC with another entity like a partnership or corporation. Some state LLC acts provide that an LLC may NOT merge with another entity unless there is unanimous consent of the members for such merger.

4. What are the consequences if an LLC is "doing business" in a state but is not registered as a foreign LLC? Typically, the entity will need to foreign register where nexus (or a business presence) is located. Even an internet business can make the argument you can be based from anywhere, but if you are working in your home office in California with a Nevada LLC, you have nexus in California. Besides how do you claim a home office deduction when the LLC is not in your state doing business?

5. When do LLC members have limited liability? No member of the Limited Liability Company is personally liable for the LLC's debts and obligations (as opposed to by individual action, such as by personal guarantee or commission of a tort). A member of the LLC has personal liability if a creditor of the LLC has the right to require a member to satisfy a debt of the LLC to the extent that the Limited Liability Company assets are insufficient to satisfy the LLC's debt to the creditor.

6. How will a single member LLC, taxed as a disregarded entity for federal income tax purposes be treated for state tax purposes? Where state laws follow federal laws, a single member LLC would be disregarded for state income tax purposes when disregarded for federal income tax purposes. At least two states have indicated that a single member Limited Liability Company would be taxed as a partnership for state tax purposes, New York and Wisconsin.

7. How much capital must be contributed to an LLC? Except when required by state law, there is no minimum amount that must be contributed to an LLC in exchange for an interest in the LLC.

8. What type of reporting is required if real estate is contributed to an LLC in exchange for a membership interest? According to the Treasury Regulations Section 1.6045-4(b)(1), a transfer of real estate to a partnership must be reported, even though it is tax-free under Code Section 721 (a).

9. When can a Limited Liability Company make distributions to members? LLCs generally can distribute cash or property, whether income or capital, to the members as provided in the Operating Agreement, or otherwise agreed by the members.

10. What is a series Limited Liability Company and what issues does it bring? The series LLC is similar to a corporate controlled group with several operating corporations, but there is only one legal entity. The benefit is that you could put 10 rental properties into one series LLC and provide protection of each property from the other because each is owned by one cell.


Scott Letourneau is the founder and CEO of Nevada Corporate Planners, Inc. Since 1997 NCP has helped thousands of entrepreneurs in all 50 states establish the correct foundation & keep the IRS off their back as they incorporate with confidence and get their business off to a fast start to profits. Go to http://www.nvinc.com for free training on what entity and state is best for your business.
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Tuesday, October 29, 2013

How to Know Which State to Incorporate Your Business



You might not want to incorporate in a state other than the one where your company is doing business, attorney Mark Kohler says.

Monday, October 28, 2013

What Is a Beneficiary? | Financial Terms



Learn what a beneficiary is in this Howcast finance video with expert Gregory McGraime.

Sunday, October 27, 2013

About Qualified Domestic Retirement Orders

You may be wondering what qualified domestic retirement orders are. Qualified domestic retirement orders, or QDRO, are domestic relations orders that assign the benefits of someone's retirement plan to an alternate payee. In short, a party other than the party named in the retirement plan gains the financial benefit of that plan. The order is made pursuant to that jurisdiction's marital relations law and may concern alimony, child support, or other issues stemming from a marriage. As a result, the alternate payee may only be a current spouse, former spouse, child, or some other dependent of a participant. If the child is a minor, then the QDRO may need to be paid to that child's parent or legal guardian.

Qualified domestic retirement orders need not necessarily be ordered by a court. If a state agency has been granted the proper authority to issue such an order, it may, as long as that authority has been given by the proper governing local statutes. Ultimately, the final authority on determining what is and is not a QDRO, if such a determination is required, is the United States Department of Labor.

Pursuant to ERISA § 206(d)(3)(C)(i)-(iv) and IRC § 414(p)(2)(A)-(D), in order to be properly executed, there are several provisions that a QDRO is required to have regardless of what else is on it. The first requirement is that the QDRO contain the name and last known mailing address of the participant and each alternate payee. The second requirement is that the qualified domestic retirement order contains the name of each plan to which the order applies. The third requirement is that it have the dollar amount or percentage of the benefit that will be paid out to each alternate payee. Finally, the order needs to spell out the number of payments or the time period to which the order applies.

Just as there are certain requirements that qualified domestic retirement orders are required to have, there are also things that it cannot have under any circumstances. First, the order may not require a plan to provide an alternate payee or participant with any type or form of benefit, or any option, not otherwise provided under the plan. Second, it may not require a plan to provide for increased benefits. Third a qualified domestic retirement order may not require a plan to pay benefits to an alternate payee that are required to be paid to another alternate payee under another order previously determined to be a QDRO. Finally, it may not require a plan to pay benefits to an alternate payee in the form of a qualified joint and survivor annuity for the lives of the alternate payee and his or her subsequent spouse.

Of particular importance to individuals involved in a divorce is that a QDRO may be included as part of a divorce agreement or property settlement, as there is nothing in federal law that would preclude such an act. An order may also be ordered as part of a child support payment obligation.


With extensive experience in all aspects of divorce, family law, accident, and injury law, the Rocheleau Law Group has aggressively and successfully represented numerous clients in Las Vegas. For more information on our services, please visit our website at http://www.rocheleaulaw.com or contact us at 702-914-0000.
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Saturday, October 26, 2013

What You Should Know About Guardianships and Conservatorships

There is a lot of fear involved when a loved one becomes unable to care for himself. Whether it is a physical problem or a mental one, the stress and concern created will not just go away. Your loved one must be cared for and protected, both physically and financially. That is why conservatorships and guardianships are so important; they establish a system that allows you to manage the affairs of another individual who cannot manage for themselves. Here is a brief overview:

Conservatorships are for people who cannot manage their financial assets for whatever reason. If your loved one is not able to manage their own financial affairs, you can be appointed as their conservator. As a conservator, you will be given trustee status, which means you can handle financial affairs for them without their pre-approval. While you will not have any power over personal care decisions, you can choose to redistribute funds, invest in stocks, and even purchase property in order to protect the financial status of the afore mentioned individual. For those with mental handicaps or Alzheimer's disease, this type of conservatorship can be extremely helpful.

However, guardianships are quite different. While in a conservatorship, you are only responsible for the financial affairs of an individual, guardianships are for those individuals who are completely incapacitated. In other words, not only do they need someone to manage their money, but they cannot be responsible for their own general health or well-being either.

Guardians can either be nominated through a will or trust document or appointed by a court of law. In either case, the guardian is then responsible for the personal and public affairs of the incapacitated individual. This means that basics like food and shelter must be provided by the guardian for the individual, as well as medical treatment, assistance in money matters, and anything else that comes up. The individual (or ward) will no longer be allowed to enter into a contract of marriage, spend their own money, or make any financial or legal decision on their own behalf.

Legally, there are many reasons why an individual could require a guardian or conservator, such as mental illness, physical infirmities, substance addictions, or abuse situations. Each person is different and any legal decisions must be considered heavily before being put into action. The results of both guardianships and conservatorships are the same, however; safety and well-being for the individual in question.


Bret A. Telmonti suggests contacting estate litigation lawyer, Julia C. McBride if you need information regarding estate planning, guardianship, or conservatorship matters. He also highly praises Julia as a knowledgeable trust litigation attorney [http://www.estatelitigationattorney.com/our-practice/estate-trust-litigation].
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Friday, October 25, 2013

Considerations in Filing for an LLC

Setting up an LLC and other states has become a popular option for many small business owners because of the many benefits it offers. A limited liability company puts together the advantages of a sole proprietorship, a partnership, and a corporation all in one business entity. This means compete control, tax benefits, and limited liability. The interest in LLCs continues to grow as more and more business owners are able to realize its advantages over other business types.

Before starting an LLC, there are some considerations that should be kept in mind. Taking note of these considerations will ensure that the processing of its registration with the appropriate government agencies will go faster and smoother. When the paperwork is completed properly, there will be no questions as to the LLC's legality.

First, the members filing for LLC should decide on the name of the business. This should meet the standards in LLC names set by the state government. To know the availability and aptness of the name, the business name database can be utilized for verification. Also, the name for an LLC can be reserved for four months by filing an application as well.

The next step is submitting the LLC's Articles of Organization. These articles should include all the necessary information about the LLC such as the name and address of LLC, its registered agent, and its duration. Also, how the LLC will be managed and who will manage the LLC should be stated in the Articles of Organization. Under the law, these are all filed with the office of the Secretary of State through mail.

The Operating Agreement should be processed after the filing of the Articles of Organization. Though this is not required by the state's government, it is still highly advisable. This is essential to define each member's responsibilities and liabilities. With Operating Agreement, the members can be protected from being personally liable if ever the business becomes bankrupt. Aside from the statement of responsibilities and liabilities, other information can be included as well. This includes the business nature, concept, and mission statement.

Lastly, business permits and licenses should be acquired. These vary depending on state laws. The business licenses that need to be obtained depend on the nature of the business and its location. Aside from that, the LLC businesses are all required to submit annual reports. This is also submitted to the Secretary of State on the designated date and can be done through mail or online filing. Knowing about all these requirements will help business owners keep track of their filing schedules to ensure that they are always compliant with all the government's documentation and reportorial requirements.

If you are looking for information on LLC in Tennessee, click on the link. Or you can visit http://www.ezonlinefiling.com/.
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Thursday, October 24, 2013

What Happens If I Don't Have a Will or Living Trust?

The legal term for dying without a Will is dying intestate. If you do not specify through a valid Will or Living Trust who will receive your property, state law controls and generally distributes your property to your spouse and/or your closest heirs. This may or may not be what you intended.

Furthermore, if you fail to nominate a guardian for your minor children, the state could appoint someone you don't trust as a legal guardian of your minor children. Finally, by failing to appoint someone to carry out your wishes, the state can appoint anyone to be the administrator of your property, and the administrator may have to pay certain fees or post a bond at the expense of your estate, before he or she can begin to distribute your assets.

What Does A Will Do?

A Will is the legal document that allows you to distribute your property to those you choose. A Will allows you to designate beneficiaries to receive specific items from your estate, and other beneficiaries to receive everything else. For example, if you want your house, your car, or your antique thimble collection to go to a certain person or organization, you designate that person or organization as the beneficiary.

Who's going to make sure that your antique thimble collection goes to the proper person? The executor of your Will. The executor's the person you designate to carry out your wishes.

A Will also gives parents of minor children the chance to nominate a guardian. The court makes the final decision when appointing a guardian for your children after your death, but the court will usually accept your nomination. A guardian's legal responsibility is to provide for your child's physical welfare.

Please avoid the following excuses:

"Everybody already knows who's supposed to get what." OR

"I have time to make a Will later." OR

"In my desk drawer there's a list of my possessions, and the persons to whom they should be given (HINT: This is not sufficient!)." OR

"I don't have much. The kids can just come in and divide it among themselves however they decide." OR

"I put name tags on the bottom of every nick-knack and piece of furniture, so they'll know who gets it." OR

"Last year I put all my money in a joint account with my oldest daughter. After I die, she knows to split it three ways with her brothers."

All the common situations above (and many others I'm sure you could add) spell trouble. There is simply no way for anyone to enforce your intended plan if it is not contained in a Will. Families can be forever torn apart, jockeying for position over the distribution of even small amounts of property. Even if you think your family members "know" what to do, you still need a Will just to give them the authority to perform your wishes.


Dennis Gac is widely known as "The World's premier fathers rights Consultant!" But why would you care? Well, I'll tell you if you rush over to his site... I think you'll come to your own conclusion that he "IS" the real deal! Experience someone who works and thinks outside the box for you! Read what others have to say at... http://www.fathershelphotline.com.
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Wednesday, October 23, 2013

What Is a Trust? | Financial Terms



Learn about trusts in this Howcast finance video with expert Gregory McGraime.

Tuesday, October 22, 2013

Should You Go For An Uncontested Divorce?

An uncontested divorce takes place when two parties come to an agreement on all terms. All the negotiations are done between the two parties outside of the court. Lawyers are present, but are not representatives of either party and primarily serve as advisors and to fill out paperwork. Hiring a lawyer in this case is not necessary, but generally they are not very expensive and help ease the burden. How long an uncontested divorce process lasts depends on how quickly the two parties are able to agree to all terms. Going this route however does have its pros and cons.

One benefit of uncontested divorces is that it's a far less expensive than being in court. You will save even more money however if you and the other party can do all the negotiations without the assistance of a lawyer. This is especially true if you are paying the divorce lawyer by the hour. Another advantage is the time that is saved. Divorce cases that go to court can take on average one year to be completed, sometimes even two years. An uncontested divorce generally will only last a few months, though this does vary based on the area you live in. But saving money is what makes this route so attractive, especially when your living expenses are going to change without your partner in the picture.

Uncontested divorces generally are far less emotional and dramatic than contested ones. This of course is because the two parties are working together and ultimately reaching an agreement. The relationship is able to at least become mutual, which is especially beneficial if children are involved. Plus, children won't have to suffer through a drawn-out divorce case.

Another benefit that you get with uncontested divorces is privacy. The negotiations are done behind closed doors just between the two parties, and only a limited amount of information will be released in the documents. All that will be public is the records.

Patience will be necessary however in uncontested cases. It's not often that both parties will agree on everything in the beginning. There will be some back and forth, so it's important that both are willing to work together and have an open mind. Just because there are some disagreements doesn't mean you should go running off to a judge.

So what are the downsides? Well, depending on the relationship, an uncontested divorce may not even be possible. If one party for instance was abused or under the control of the other, then it would be difficult for both sides to cooperate with each other. Each side should get a good deal, but this requires both to put aside differences.


Read More
Uncontested Divorce Cost, Save My Marriage Today Review
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Monday, October 21, 2013

Sunday, October 20, 2013

What Is a Living Will? | Financial Terms



Learn about Living Wills in this Howcast finance video with expert Gregory McGraime.

Saturday, October 19, 2013

What Is a Will? | Financial Terms



Learn about Wills in this Howcast finance video with expert Gregory McGraime.

Friday, October 18, 2013

What Are The Key Factors To Consider In Choosing A Business Entity?

The choice of an entity is often the first important legal decision that an entrepreneur must make. In the last few years the choices have become greater. An individual business owner can have a sole proprietorship, corporation (C or S) or limited liability company. An organization with several owners can be formed as a general partnership, corporation, or Limited Liability Company ("LLC") (note limited partnerships and Limited Liability Partnerships will not be discussed in this article). On what basis does a firm make this important decision? Certain key factors help to form a guide in answering this question.

Sole Proprietorship

This is the easiest, least costly and least regulated type of organization for the individual. The only legal necessity for forming this business is to commence operations. It is recommended to file a fictitious name registration in all states in which the business will operate and check zoning and licensing laws for the location of the business. Additionally, all marketing materials should be trademarked and/or copyrighted.

As a result of the simplicity and low costs involved in a sole proprietorship, many individually owned businesses choose this option. However, there are some negative aspects to consider. The most important reason to choose one of the other options is that the individual is fully liable for any and all claims by customers, employees, vendors or others.

General Partnership

Similar to the sole proprietorship in the ease of formation, the only requirement to form a general partnership is that two or more people engage in a business activity for profit (Uniform Partnership Act). Expenses and profits do not need to be shared equally. Although there are no formal requirements, it is highly recommended that a written partnership agreement be executed among the partners. Like a sole proprietorship, the general partnership is not taxable as an "entity".

There are disadvantages to a general partnership. The partners of a general partnership have unlimited personal liability for not only their own torts and contracts, but for those of the other partners too. The death or withdrawal of one of the partners causes a dissolution of the general partnership. Caution should be exercised to avoid having the partnership be viewed by IRS as a corporation and then taxed as such.

Corporation

A corporation that is owned by a limited number of people is known as a "closely held corporation". Like a partnership, most, if not all, of the shareholders are involved in the management of the business. However, unlike a partnership, all the shareholders, or owners of the corporation, have limited liability for the acts and omissions of the other owners. Additionally, avoiding personal liability for business debts and court judgments is another advantage of a corporation. Generally speaking, a creditor can only collect from the assets of the business, not against the personal assets of the owners.

Because a corporation is a separate legal entity from its specific shareholders, the business continues regardless of who owns the shares. Corporations offer the opportunity to bring in investors who can own shares in the company without having to worry about personal liability. Tax deductions may be taken for benefits provided to its employees and to the owners. Corporations often have a more favorable tax rate structure to allow the owners to save earnings at a lower rate.

There are two types of for profit corporations, the "C" corporation and the "S" corporation. These refer to IRS statutes that dictate different tax treatment for the two types of entities. A "C" corporation is required to pay corporate taxes on profits and the shareholders pay taxes on their compensation and/or dividends. For this reason many small organizations elect to be "S" corporations. An "S" corporation does not pay taxes on the profits; profits and losses are passed through to the owners. However, the owners of an "S" corporation cannot be corporations, partnerships or LLC's.

Some of the disadvantages of forming a corporation are the costs and formalities involved. The costs to incorporate vary by location, but typically run several hundred dollars. Corporations are required to hold annual board and shareholder meetings and minutes of director and shareholder actions must be maintained.

Limited Liability Company

The LLC is a relatively new entity. It was created to combine some of the advantages of a general partnership and a corporation while eliminating some of the disadvantages of both. Owners of an LLC, called "members", have limited liability similar to shareholders of a corporation. However, in structure, the LLC is more like a partnership.

The LLC can be managed by the members or by a manager. Usually there isn't a board of directors or officers. Corporate formalities such as meetings and minutes are not required. Profits and losses are passed through to the owners on their personal tax returns and are not separately taxed to the entity. LLC members do not have to be individuals and voting power and share of profits and losses do not have to be identical; for example, an owner can receive X% of the profits and own Y% of the LLC and have Z% of the voting rights. It's obvious to see why LLC's are so popular.

In conclusion, there are many factors to consider when choosing the form of entity for your business. The advice of your accountant or tax advisor and attorney should be considered before making a selection. We welcome any questions you might have.

THIS ARTICLE IS NOT INTENDED TO PROVIDE LEGAL ADVICE NOR ESTABLISH AN ATTORNEY-CLIENT RELATIONSHIP.


IF YOU WOULD LIKE TO DISCUSS HOW THIS INFORMATION RELATES TO YOUR SPECIFIC SITUATION, PLEASE CONTACT ME AT http://www.lanardlaw.com OR 215-525-1165.
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Thursday, October 17, 2013

Four Reasons Why Business Owners Should Make A Will

If you own a business or have shares in a family company then you should consider making a Will. The following are some of the reasons why making a Will for business owners is so important.

1. The first reason is the fact you can select appropriate executors and trustees, who will be responsible for ensuring the running of the business after your death. Unlike funds in the bank, where management can be fairly minimal, your executors will almost certainly need to ensure the business is kept running in the short term until more long decisions can be taken.

For even the smallest business, your executor's job is to ensure that your financial obligations are met, this can include dealing with tax issues, employees and your business accounts. Failing to do so could have a detrimental effect on the value of the business and therefore mean your family lose out financially. So while your may ultimately want your spouse or children to inherit, if they are not going to be the appropriate executors then you can appoint executors who have the business skills to carry out the executor's duties effectively.

2. The second reason is that by drafting your Will, you can take advantage of the tax breaks offered for business property. There are ways in which the Will can be prepared to ensure that not only do you pass your business to the people you want to inherit, but you do so in a way that limits your total inheritance tax bill as well.

3. The third reason is for making a Will is so that you define exactly how your executors can act. By making a Will, you are able to ensure that your executors have all the necessary powers and authorities they will need to carry on your business and run it correctly. Without a Will, your estate may end up in a position where decisions or steps that are needed to ensure the survival of the business cannot be taken when they need to be. This could mean either a lucrative business opportunity is missed or that an expensive Court application is needed. Either way the result is detrimental to your estate.

4. The final reason for making a Will is to ensure that your interest in the business passes in the way that you want. So for example if you have that children assist in the business while others do not, you can draft your Will to take this into account.

You may therefore decide to ensure that your children who are involved in your business inherit the shares, while the others take cash or other assets. Doing this ensures both a fairness in the way your children are dealt with, but also means that your children who do take a role in the business will not to lose their livelihood following your death. Additionally it means that they will not be forced to sell the business to pay their siblings, a move which may mean they also lose out financially.

If you own a business then making a Will really is something to consider very seriously. The time and effort you have spent in building your business, and its value to it may not be properly passed to your family if you do not make a Will.


Are you are looking for expert wills solicitors? Talk to Hull Solicitors Myer Wolff. Ashley Easterbrook is a partner in the firm's private client department.
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Wednesday, October 16, 2013

7 Important Reasons to Form a Corporation or LLC for Your Business

Are you operating your business as a real business or as a hobby? It's time to make your business OFFICIAL before the summer push for business!

Let me ask you two important questions:

  1. Are you operating your business under your own name, a DBA or fictitious firm name, basically as a sole proprietorship or maybe as a general partnership? AND/OR
  2. Are you or your family at risk because of business or personal assets that are unprotected from unexpected losses or legal issues?

If you answered YES to either question please read on for important news about why NOW is the time to form an corporation or LLC for your business.

  1. Make it Official. Operating as a sole proprietorship or general partnership sends a message that you are still "testing" your business, or that you're not sure you'll really make it. Perhaps your accountant told you that incorporating is an unnecessary expense or that it won't help you save on taxes due to an expectation of low profits. This is the WORST marketing message you can send when you want to attract new clients and partners to your business, who want assurance that you're about your business and here to stay.

  2. The Law of Attraction. You get what you focus on. Testing, hoping and "seeing if things work out or not" BEFORE you decide to step-up and make your business official by incorporating broadcasts a clear message to the universe that you're not really serious about your business or committed to a positive outcome. The Law of Attraction states that the universe returns not what you wish for, but what you program into your deepest belief system through your dominant thoughts, actions and feelings. Making your business official and really stepping up says, "I am ready to receive!".

  3. Limited Personal Liability. You may be thinking "I already lost everything in the market collapse from 2008" and still recovering. If you're one of the few that managed to survive and grow your assets since then, but are still holding them in your own name, you're playing a VERY RISKY game (similar to those with assets in unstable European banks). Even if you don't have any assets right now, a lawsuit or judgment will destroy any credit you are looking to build in the future PLUS you may be looking over your shoulder for years waiting for someone to come after you when you finally do start to turn things around. That's no way to live your life. One lawsuit from an unprotected business can ruin your chances of getting a personal auto loan or refinancing your home. Good people who "play by the rules" can still be sued for the most unexpected reasons. You may be thinking "my business insurance will help me out" but are you really covered? Even if your business is never sued, what if you're unable to pay a vendor and they come after you? Do you want to be personally liable? Put a halt to greedy people looking to take what you have worked for! This is the best time to form an LLC or corporation to limit your personal liability.

  4. Reduce Your Taxes. The bottom line is that operating as a sole proprietorship will cost you the most in employment taxes (up to 15.3% on earned income up to $113,700 in 2013). That means that your income will be taxed as the HIGHEST possible TAX RATE as a sole proprietorship. By the way, filing a Schedule C (the form filed for earned income from a sole proprietorship) also means that your business is among those MOST LIKELY TO BE AUDITED. Why? The IRS has a $300 BILLION tax gap and they believe the biggest tax cheats are the little business owner like you. Why? Their stats show them that sole proprietorship are MOST likely to UNDER report their income and OVER report their expenses (two big no-no's with the IRS). Operating as an S corporation or LLC taxed as an S corporation in many situations is a much better approach for two reasons. You will have part of your profits as distributions which are NOT subject to the 15.3% employment taxes AND move that profit to schedule E, not schedule C which is more likely to be audited!

  5. Access More Funding Options. Operating as a sole proprietorship or general partnership limits you when it comes to funding options. You are also DAMAGING YOUR PERSONAL CREDIT SCORE by operating this way. How do you finance your business as a sole proprietorship? You use your PERSONAL CREDIT cards which will drive up your revolving debt which will in turn DRIVE DOWN your personal credit score! When you form a corporation or an LLC you will SEPARATE your PERSONAL and BUSINESS CREDIT. Yes, any type of cash funding with a personal guarantee will come into play, but that DEBT does NOT show up in the personal credit bureau which is HUGE for future funding! As you form a new LLC or corporation NCP will help (if you choose) to build your business credit scores quickly and get your business in a position to secure funding to grow. But the first step is to form a separate legal entity.

  6. Simply Your Life. Yes, in fact operating as a sole proprietorship will complicate your life, not the opposite. Separating your business and personal life will make it much easier for you to navigate both from a financial and legal point of view. Now you will have each in its own compartment where it belongs to protect your overall success.

  7. Asset Protection. Forming an LLC for your safe assets like investments (those outside a retirement plan) will help you sleep better at night knowing you don't have all your "eggs" in one basket. If you are using a LIVING TRUST to protect your assets that will NOT work and everything in your trust may be vulnerable. Do you own other businesses that really should be operating through a separate bank account in a separate entity? Do you own real estate in your own name that may be sending a message that you are rich and have assets worth taking? Have you been in business for years or are you operating more than one business in one entity? Are you doing some business with a new partner and making the big mistake of running that revenue through your current business? Avoid these costly mistakes and form a separate company for that separate business.

Do you need support in forming a corporation or LLC? Not sure what entity or state is best? Call Nevada Corporate Planners, Inc. at 1-888-627-7007, the company I founded. We incorporate in all 50 states and have amazing support and turn key packages to help you also with building business credit and helping keep the IRS off your back!
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Tuesday, October 15, 2013

Incorporation/LLC - By The People

Let By The People help you set up your Corporation or LLC.

We will create your Company Articles, file them with the Secretary of State, and create an Organizational Kit for you, including: Sample Bylaws and Minutes, Seal, Shares, and Misc. Needed Forms.

Our fees are $399.00 plus filing fees:

INC - $115.00 and LLC - $85.00

For more information, please visit http://bythepeopleca.com/

Monday, October 14, 2013

Probate - By The People

If you are having to go through the Probate Process with the court, let BY THE PEOPLE help.

We may be able to assist you in representing yourself, by preparing the documents needed, filing the paperwork with the court, setting court dates, arranging for publication, and many other steps needed to complete the process.

Our fees are 1% of the value of the estate (up to $3,500.00). Any fees for the courts, probate referee, publication will be extra.

Sunday, October 13, 2013

Saturday, October 12, 2013

Living Trusts/Wills - By The People

Living Trusts are a way for you to make sure that your estate goes to who you want it to go to, without having to go through the Delay, Agony and Expense of Probate.

We can assist with creating Single Living Trust for one person, or Joint Living Trusts for Married Couples.
Our Living Trust Package includes:
  • Articles of Trust
  • Wills
  • Financial Power of Attorney
  • CA Advanced Health Care Directive
  • HIPAA Release 
Our fees are $499.00 for a Single Living Trust or $599.00 for a Joint Living Trust

For more information, please visit http://bythepeopleca.com/

Friday, October 11, 2013

Divorce/Legal Seperation - By The People



BY THE PEOPLE can help with Uncontested Divorce or Legal Separation. For couples who can resolve their own asset and debt division and/or child issues, BY THE PEOPLE can prepare all of the necessary documents for you to obtain your divorce. We also do all of the filing and procedural work throughout the process.

Since we are a local company and file divorces every day, we can provide you with up to date information about filing fees and the local court systems. In California the minium time period for a divorce is 6 months from the date of service.

Legal Separation is the same process for the court and same documents needed.You will still need to address all of the same issues, the only difference is the end result. You will still be married, having dealt with all asset/debt division and child custody, visitation, support, and if you decide to go forward with a divorce, you will need to start over from the beginning.

Our fees to prepare all of your divorce or legal separation documents is $599.00 if there are minor children, or $499.00 if there are no minor children. The only other fee you will pay will be the filing fee for the court of $435.00. Our fee is due up front, and we accept cash, check or credit cards. The filing fee for the court is not due up front; it is due as soon as you are ready to file with the court. The paperwork is usually ready to file within a week of starting the process. The Court only accepts cash, check or money order for their fees.

When you are ready to get started with your divorce or legal separation at BY THE PEOPLE, you may make an appointment or come in as a walk-in to our office at 1371-C Oliver Road, Fairfield CA. We will have you fill out a worksheet that will give us the information we need about you, your spouse and the issues your need to address in your divorce. Most of our customer find it takes about 30 minutes to complete the necessary information in our worksheet. You may come in with your spouse or you may come in on your own to fill out the worksheet and begin the process. The choice is yours.

For more information, please visit http://bythepeopleca.com/

Thursday, October 10, 2013

Wednesday, October 9, 2013

By The People FAQs

  • Are BY THE PEOPLE Personnel attorneys? No, we are not attorneys. We are Legal Document Assistants. In California, we are a licensed and bonded profession.
  • What if I need legal advise? You can always consult with an attorney of your choice. We can provide you with a referral for an excellent local attorney who specializes in cases similar to yours if you have questions we cannot answer for you, or your situation is more complicated than our services are meant to help with.
  • Do you have a Notary Public? Yes, whenever we are open we have a Notary Public on staff. If you are a BY THE PEOPLE customer, all Notarizations of your documents are included in our fees. If you have documents not prepared by BY THE PEOPLE, we charge $10.00 per signature you need notarized, in Cash Only. You must sign the document in our presence and provide valid photo identification.
  • Does BY THE PEOPLE handle Criminal Matters? No, we only handle uncontested civil matters. However, if you would like to contact us, we may be able to refer an excellent local attorney to you.
  • I need to have my documents prepared immediately. Do you have Rush or Same-Day document preparation services? Yes, we can prepare certain documents within a few hours, if necessary. Rush and Same-Day services are available for the following documents: Wills, Powers of Attorney, Health Care Directives, Deeds, LLC and Incorporation Articles. A modest Rush Fees will apply to these services.
  • How long will it take to prepare my documents? The documents we prepare at BY THE PEOPLE are typed specifically at your direction. All documents are then rigorously proofed to ensure you receive the highest quality legal documents available anywhere. Most of our documents are prepared and ready for you to sign within one week, depending on your situation. 
For more information please visit http://bythepeopleca.com/

Sunday, October 6, 2013

Saturday, October 5, 2013

Living Will FAQs - Once I Write My Living Will, Can I Make Changes to It?

Living Wills are not a necessity, but a good thing to have, in case at some point in your life you may not be able to make decisions about your own health and finances. A living will can be done on your own, or by an attorney, and lists how to distribute your assets in the event that you cannot handle your own finances, or if you need someone to make important health decisions on your behalf.

However once a living will is created, time can change things, and in some cases, living wills may need to be altered. This can certainly be done. The original living will can either be destroyed or have a letter of cancellation attached to it. If you had done your living will through an attorney, it may be advised that you contact your attorney to help make the necessary alterations to the will.

Otherwise, you are free to alter your living will as you need to. It is important that you check with your state government office to make sure you are doing it correctly, however, so that your original will or your altered will aren't thrown out in court if it ever comes to that point.

A living will can be an important document, should anything unfortunate and unexpected occur. Having one that is up to date with the correct information and requests will make things easier for you and for your family. It's best to look at your will at least once a year and alter it if necessary, just to be safe.


The writer contributes to Big Baseball Bat & Big Barrel Baseball, and reviews many manufacturers.
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Friday, October 4, 2013

Living Trust Definition - What is a Living Trust?

The best living trust definition is a written legal document which substitutes for a will as your primary estate planning vehicle. When you have a trust you transfer your assets such as your home, financial accounts and personal property to the trust. In addition you change the beneficiary or contingent beneficiary of retirement accounts and life insurance to the trust. These assets are then administered for your benefit during your lifetime, and either continue to be held or transferred to your beneficiaries when you die.

The creator, also called the grantor, of the trust usually names him or herself as the initial trustee in charge of managing the assets. This allows the grantor to remain in control of the assets during his or her lifetime. For all practical purposes under this living trust definition, nothing changes in the way the grantor manages or controls the assets after they are put in trust. The only difference is the named owner.

A successor trustee is named in the document, usually a family member or friend but sometimes an institution such as a bank or trust company. This successor trustee then will manage the trust assets for benefit of the grantor if the grantor becomes disabled and for the contingent beneficiaries after the grantor dies.

This living trust definition is for the revocable living trust. It is also sometimes referred to as a revocable inter vivos or a grantor trust. It may be revoked or amended at any time by the grantors as long as they are still competent.


Robert Olson is the lead attorney at DIY Lawyer [http://www.diylawyer.net]. A website dedicated to helping people do their own legal work including drafting a Living Trust. They offer an e-book with a money back guarantee titled the Living Trust Annotated. This book teaches you to draft your own Living Trust for a fraction of what you would pay an attorney. With the purchase of the e-book you also receive a free half hour phone consultation with a DIY Lawyer to answer your questions about the book. You can read about it at DIY Lawyer's Living Trust Annotated [http://www.diylawyer.net/Revocable-Living-Trust-Annotated-EB.html].
Article Source: http://EzineArticles.com/?expert=Robert_Olson

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Thursday, October 3, 2013

A Living Will - Your Medical Directive

How do you feel about life-support systems for the terminally ill? How much thought have you given to the decisions your family may face when contemplating the choice of maintaining or terminating life-sustaining medical treatment for you? Certainly, it is an easy subject to avoid considering. However, it is important to recognize there are measures you can take now that can help solidify your thoughts and wishes on the subject, thus providing your loved ones with guidance in the event such decisions become necessary.

A Closer Look

At the present time, nearly all states have passed some form of law dealing with the requirements for living wills or health care proxies. While a health care proxy allows you to appoint someone to make decisions on your behalf, a living will generally allows you to specify the particular types of treatment you would like to have provided or withheld. Each state has its own set of requirements.

A living will is a medical directive - written in advance - that sets forth your preference for treatment in the event you become unable to direct care. The document may be drafted to include when the directive should be initiated and who has the decision-making responsibility to withdraw or withhold treatment. In addition to allowing respect for your wishes, the living will can help alleviate feelings of guilt or uncertainty experienced by those faced with the responsibility of making important decisions for loved ones.

The Patient Self-Determination Act

A far-reaching federal law, known as the Patient Self-Determination Act, requires all health care providers that receive Medicare and Medicaid to inform everyone over age 18 of their right to determine how they want to deal with this issue and whether they want to fill out a living will. If you have received information on this subject, it's no coincidence, since the law also requires increased emphasis on community outreach and education.

This law impacts virtually every hospital, nursing home, and health maintenance organization (HMO) throughout the country. It is important to note that the law does not mandate that health care providers require their patients have a living will. Instead, it stipulates that health care providers must provide written information about the patient's rights to make decisions about medical treatment, including the right to make an advance determination about life-sustaining medical treatment, and record whether the patient has done so.

At the present time, it appears most of these organizations have determined this question can most appropriately be handled when a patient is admitted. Therefore, the next time you are admitted to a hospital-even for something as minor as having a mole removed-don't be surprised if you are given information about these rights and are asked to fill out a form that asks whether you currently have a living will or wish to have one.

The living will is a legal document and each state has its own specific requirements. A qualified legal professional can help you understand the benefits of a living will and what has to be done to assure its validity.


The Law Office of Laura L. Ergood, LLC will help you create an Estate Plan, Will, Durable Power of Attorney and/or Advance Health Care Directive that suits your specific needs. If you want to control how your house, bank accounts and/or all other assets are ultimately handled and distributed, please contact Estate Planning Attorney Laura L. Ergood for guidance.
LAW OFFICE OF LAURA L. ERGOOD, LLC
385 N. Kings Highway, Suite 102
Cherry Hill, NJ 08034
856.266.9525 P | 206.350.5483 F
info@ergoodlaw.com Email http://www.ErgoodLaw.com Web
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Wednesday, October 2, 2013

Tuesday, October 1, 2013