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Showing 30 posts from 2013.
Liability of corporation may still exist following dissolution
According to Supreme Court decision for one particular state, dissolution of a corporation does not guarantee that liability will necessarily come to an end. Krafft-Murphy Company, Inc. was a company that had engaged in supplying and installing asbestos-containing products (presumably exposing it to liability). Krafft had also dissolved in 1999. More >
The Role of Appraisals in the Inventory Process
Settling a loved one's estate after their passing can be an overwhelming process. In Kentucky, the first step involves filing a petition to do one of three things: (1) probate the will; (2) appoint an administrator/administratrix (if no Will exists); or, (3) appoint an executor/executrix (if a Will does exist). Within the same form, the petitioner must also include fair market value estimates of the decedent's real and personal property. More >
Partnership considerations when converting to corporate status
Due to various law changes, many partnerships are reevaluating their legal status. Often the choice has been to convert to an S corporation. However, at least one commentator suggests that converting to a C corporation may prove to be a better option from the perspective of tax considerations. More >
"The Only Thing that is Constant is Change" - The Need for a Buy-Sell Agreement
You started a business with your lifelong friend, family member or business acquaintance and everything is going great. The business is doing well and the owners see eye-to-eye on every major decision. But things will not run smoothly forever. Every business faces difficulties now and then. Some risks are foreseeable and the owners will put appropriate plans in place to deal with them. Other problems are more difficult to see, especially in the early stages of the company when the future looks bright and the owners are eager to work toward a common goal. What happens to the ownership interests of an owner upon his death? What rights do the company and the other owners have when an owner decides to sell her ownership interest to somebody none of the other owner know? What if the owners are equally split on a material decision and the disagreement cannot be resolved? Situations like these are inevitable and are the reason it is imperative that every business have a buy-sell agreement. More >
Does my business qualify for a KEDFA small business loan?
At McBrayer, we realize that small businesses are the backbone of America. That is why we thoroughly enjoy helping entrepreneurs get on their feet and open their door to business. Whether it is starting or expanding a company, our corporate law attorneys can aid in every step of the process. One of the biggest obstacles in opening a small business is acquiring adequate funding. It is important to know what financial resources are available and whether your business qualifies for them. One such resource is the Kentucky Economic Development Finance Authority's ("KEDFA") Small Business Loan Program. More >
The Gift of Education
Many grandparents want to enrich the lives of their grandkids, but are not sure the best way to accomplish this with their estate plan. I encourage clients to consider helping their grandchildren with the future costs of education. The proper planning can help grandkids avoid hefty loans and be tax-efficient for the donor. More >
Contingent Business Interruption Insurance - Insuring Against the Unfathomable
The recent government shutdown luckily only had minimal effect on businesses in the private sector (mainly, government contractors). But the shutdown was enough to make business owners and operators everywhere think about the unthinkable - what happens when your business is interrupted through no fault of your own? More >
What is an Irrevocable Life Insurance Trust?
Life insurance is an important estate planning tool; however, life insurance proceeds can be quickly diminished by taxation. This is due to the fact that a policy's face value is often included in a decedent's taxable estate. For instance, if you own a life insurance policy with a face value of $2 million dollars and you have other assets valued at $4 million dollars, then at the time of your death your estate would be valued at $6 million dollars. Your heirs would be exposed to estate tax liability on the amount exceeding $5.25 million dollars, the current estate tax exemption, (which is always subject to change). Notwithstanding these facts, proper planning can protect life insurance proceeds; one way to minimize the threat is to create an irrevocable life insurance trust ("ILIT"). More >
What Is a Business Incubator?
Business incubation programs can provide an array of benefits to start-up business owners. Think of them as a support service — they provide entrepreneurs with valuable resources. The goal of a business incubator is to "produce" a business that will exit the program and be able to successfully operate on its own. More >
Key Considerations in Your Family Business's Succession Planning
According to Forbes magazine, family businesses are responsible for 50 percent of the U.S. gross domestic product. Moreover, they account for 80 percent of all new job opportunities and make up 60 percent of all American jobs. Some 35 percent of Fortune 500 companies are still family firms. More >
