Making an S Corporation Election as a Married Business Owner

If you’re a married business owner and you want your business to be taxed as an S corporation, there are several things you need to know. The difference between community property and co-ownership of an asset Let’s take the example of owning a car. If you and your spouse are both on the title to a car, you co-own the … Read More

I’m Starting a New Business – Should I Form an LLC or an S Corporation?

Entrepreneurship has been called the new American dream. Hanging a shingle starts with an idea that develops into a business plan, but not without careful financial and legal considerations. Among the decisions that new business owners grapple with is whether to form a limited liability company (LLC) or an S corporation (S corp). There are similarities and differences between LLCs … Read More

Five Things Contractors Should Know About the Notice & Opportunity to Repair Act

Five Things Every Contractor Should Know About the Notice & Opportunity to Repair Act (NORA) By: John Avondet, Esquire This publication is intended to notify readers of developments in the law. It should not be construed as legal advice or opinion on any facts or circumstances, nor should it be construed as insurance brokering advice on any facts or circumstances. … Read More

Business Defamation: Keep it to yourself

Sometimes I catch my 12 year-old daughter intensely muttering things to herself. This typically occurs after my wife or I have committed some perceived wrong, thereby wrecking her pre-teen life. When asked what she is saying she always says, “nothing.” My daughter wisely knows that the things she is saying to herself will get her in trouble if spoken to … Read More

The Business of the BBB

Lawyers get things done. A truism apparently learned by my 10-year-old son. During a recent recess at school he used such knowledge in his negotiations with a local mom who was volunteering her time. The bell had rung and it was time to go back to class. My son decided he needed more time on the playground. The local mom … Read More

The Appeal of Zeal

Letterman or Leno? That was the assignment handed out in my freshman year college English course. I was to debate which late-night talk show host was better against another student. We walked to the front of the class and exchanged oratorical parries and deflections. At the end of the carnage, my opponent said something to the effect of, “Hey man … Read More

No Glossing Over Indemnification Provisions

When was the last time you seriously reviewed an indemnification provision in a contract? We recently had clients who were leasing a commercial building. Among other language, the lease agreement’s indemnification provision provided that our clients would be responsible for any damage that would occur on the leased property, even if our clients were not responsible for causing the damage. … Read More

Selling your business? Read this first!

Sooner or later, every business owner will ultimately confront the question, “Should I sell my business?” Deciding to sell your business is often a difficult decision because of the profound emotional, personal, and financial impact. You invested a great deal of your time, energy, and resources to make it what it is today. However, succession is inevitable. Deciding to sell … Read More

How to Hold Effective Annual Meetings

A common and potentially costly mistake made by local business owners is not holding annual meetings. Annual meetings allow organizations to better protect themselves from liability and position themselves strategically among their competitors. Failing to hold annual meetings and following other corporate formalities might result in the loss of corporate/limited liability status, leaving owners and shareholders personally responsible for corporate … Read More

Protecting your trade

Tecmo Super Bowl is the best video game of all time. Admittedly, I do not consider myself a “gamer” or an otherwise great connoisseur of electronic games and gadgets. It was released in 1991 and was the first football video game to use complete NFL players and NFL teams simultaneously. It was the perfect Christmas gift for my football obsessed … Read More