After the initial surprise of being told they have inherited a traditional IRA account from a parent or other grantor, some beneficiaries are later surprised again to discover they have to pay federal income tax on the full amount of the inherited IRA. Some relief is granted by the IRS by allowing each beneficiary an election to defer the distribution and related income tax arising...
1. Did you know that if your company (1) agrees to license its trademark or other symbol to another business; (2) agrees to provide significant assistance in the operation of the other business; and (3) requires that the other business make a minimum payment of at least $500 during the first six months of operations, you have created a franchise relationship? There are both federal...
1. Did you know that when you sell stock or membership interests in your company, you have created and sold a security? Did you know that when you borrow money from friends in exchange for a promissory note from your company you have created and sold a security? Did you know that before a security can be sold it must be registered with the Securities...
1.Did you know that Directors on the board of directors of a company owe a fiduciary duty to the shareholders or members of the Company? A Company cannot indemnify a Director and insurance purchased to protect a Director will not cover certain types of breaches of a Director’s fiduciary duty. Sound corporate governance is important not only for the health of the company but...