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Showing 33 posts from 2014.
Work with attorney to maintain ownership of business
In a recent Forbes article, contributor Steve Parrish wrote about an interesting issue that most closely-held businesses, often family-owned, face in some way or another: how to maintain control over a business. The problem is not a small one, because failure to properly plan can create a situation where ownership of the business falls into the hands of individuals who aren't right for the job. More >
What are my tax obligations in business dissolution?
Closing a business can be a big undertaking from a financial and legal perspective. Not only must a business reach an agreement among owners that the company should be dissolved, it must also take stock of its assets, obtain a valuation, manage contacts and other obligations, cancel contracts, dispose of assets, pay off debts, and file the proper papers with the state. More >
Mergers and acquisitions not always successful, so plan wisely
Mergers and acquisitions are in the news a lot nowadays, as readers may have noticed. In fact, merger and acquisition activity has been quite significant this year, with global mergers having exceeded a value of $3 trillion through the end of November, according to a recent New York Times article citing data from Thomson Reuters. The assumption, to those who aren't experienced in the area, is that all these business deals are probably really helping companies out. More >
Business sales: getting an accurate valuation, P.2
In our last post, we began discussing the topic of business valuation, which is an important issue for those in business to have a grasp of when they approach the issue of selling their company or passing it on. As we noted, experts in the field identify several different approaches to business valuation. We’ve already briefly discussed the approach of the business’ assets or its income. More >
Asset Purchase: Initial Considerations
A recent post discussed a few generalities on stock purchases and asset purchases. In a basic sense, the characteristics of a stock purchase and of an asset purchase will guide the parties in the earliest stages of negotiation over whether to structure the transaction as a stock or asset deal. This post and posts to follow will expand on certain aspects of both types of deals that the parties may face as negotiations progress, beginning with a few initial considerations for parties negotiating an asset purchase. More >
Tax-Exempt Organizations: Excess Benefit Transactions vs. Private Inurement
In the past several years, tax-exempt organizations (hereinafter "Organizations") have faced greater scrutiny and attention from the IRS. As a result, Organizations must adhere to stricter compliance and administrative requirements to maintain their tax-exempt status. More >
Business sales: getting an accurate valuation, P.1
When it comes to selling or buying a closely held company, business valuation is an important issue. For sellers, the concern should be to ensure that one is able to receive a return on one’s investment, if possible. And buyers, of course, usually want to get a deal. Business valuation would be easier if it could be determined by a set formula, but as a recent article in The Lane Report notes, there is both a science and an art to business valuation. More >
How can small business owners prepare for business succession?
Business succession planning is something every business owner needs to think about at some point, and the earlier the better. The need to come up with a viable plan to pass on one’s business is particularly important for small business owners who are alone responsible for passing on their business. Unfortunately, too many small business owners fail to take steps to come up with a transition plan, or do so too late. More >
What is Cyber Liability Insurance?
Last week, I discussed statistics from a recent survey conducted by the Ponemon Institute. The study found, among other things, that a staggering 43% of companies have experienced a data breach in the past year. With statistics like this one, it is no surprise that insurance companies are now protecting businesses from the losses sustained in a breach by offering cyber liability insurance. The financial burdens, reporting obligations, and need to update or secure a system after a breach can be devastating for a business. Cyber liability policies can be integrated into current risk management programs to address what could be a potentially crippling cyber liability claim. More >
Setting up a business in Kentucky
When it comes to setting up a business, it is important to put careful thought into the particular form the business will take. The business form one chooses affects various aspects of the business, including the personal liability of the business owners for company liabilities, the way the business and its owners are taxed, and how ownership works. More >
