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Showing 30 posts from 2013.
Finding Your Way Out of a Failing Small Business
Small businesses are the bread and butter of America's economy. There are nearly 30 million small businesses in the U.S., and they make up a huge market share of the country's employers. That being said, though, the fact remains that (according to data provided by the Small Business Administration) about one-third of smaller companies don't make it past their first decade. More >
Living Wills in Kentucky: The Basics (Part 2)
Last week, general information was provided regarding Kentucky's living will form. Let's take a look at some more information about the document. More >
Living Wills in Kentucky: The Basics
Terri Schiavo. Everyone knows the name and most remember the sad circumstances surrounding her death. Terri's parents and her husband fought passionately over whether Terri, who suffered brain damage and was in a persistent vegetative state, should live by artificial means or die naturally. The feud played out in the national news and in court until Terri's husband won the right to have Terri's feeding tube withdrawn. Terri died thirteen days after its removal. More >
A To-Do List for Entrepreneurs
I think it was some high school teacher of mine that used to say, "Failing to plan is planning to fail." Of course, back then, those words fell on the deaf ears of a teenager. Only now, after many years as a corporate attorney, have I found myself repeating the statement myself to clients. Starting a business is not a "fly by the seat of your pants" venture. That is, at least if the business is intended to be a successful one. There are some common steps that every entrepreneur must take to get a business up and running. While not fully inclusive, the following checklist is a good place to start. More >
Ask Yourself Some Questions Before Giving Kid the Business
Many of our Kentucky readers who own a business and have kids have likely considered what will happen to a business when it's time to retire. Do you want to pass your business onto your child? Do you want to sell outside of the family? Every situation is unique, which is why people thinking about business succession planning should consider several factors before arriving at a decision. More >
Who Holds the Keys to Your Office Building?
Making the leap from leasing to buying an office building can be daunting for business owners. After all, enduring the risks that come with owning a business is hard enough; venturing into the commercial real estate market can present a whole new set of hazards. However, the purchase of your own space can be highly profitable and advantageous. More >
Planning For Your Online Afterlife
You may think that your Last Testament and Will (herein "will") clearly and thoroughly identifies all of your assets. But, it is very likely something is missing. This is not necessarily your fault because these items are of a new, unique nature and have not been considered "property" until very recently. So, what is it you are overlooking? Your online accounts. More >
Starting a Business: Entity Selection
Several months ago I saw a commercial with a woman talking about starting her toffee business with her mother's secret recipe and incorporation documents from an internet site. You know the one. I like the commercial because it highlights her entrepreneurial spirit and her story, she took what she thought was a small idea and, with hard work, made a successful company, is always a good story to hear. But because you are what you do, I wondered if the internet site helped her decide on the type of entity to use for her business and whether it addressed potential liability and tax issues, ownership structure, minority owner issues, profit and loss allocation, and transferability of ownership interest. I suspect it did not More >
Three Provisions You Cannot Operate Without In Your Operating Agreement
I previously discussed the importance of LLC operating agreements. Let's now examine three specific provisions that you should consider for inclusion into your agreement. More >
The LLC's Most Important Document: The Operating Agreement
Deciding on the entity form to use for your business depends on a number of factors, but for many entrepreneurs, an LLC is the best fit. An LLC is a hybrid entity as it provides liability protection similar to a corporation and favorable income tax treatment similar to a partnership. If you are starting or currently operating a business through an LLC, your most important organizational document is the agreement between you and your partners: the Operating Agreement. An operating agreement establishes the internal operations of the business in a way that suits the specific needs of the business owners. Once signed by the members of the LLC, it is an official binding contract. More >
