As we enter 2020, it's certainly no secret at this point that adult Millennials and Generation Z have needed to rely on their parents for financial stability. According to this article from Consumer Reports, as many as 7 out of 10 parents give more money to their adult children than they do to their own savings or retirement plans. Although this article is largely concerned with the effect this pattern of gifting has on retirement and the younger generation's independence, we'd like to look at the way these gifts affect estate planning.
Craft your business plan with your audience in mind
If you are about to launch a new venture, your business plan is going to be a highly important tool to help you reach your goals.
You may want several versions of the plan because you will want to target different audiences for different reasons. That said, here are five points to include in every version.
Business formation types that limit personal liability
Unless you are careful when you initially set up your new business, you run the risk of exposing yourself to potential liability. The type of business structure you create ultimately determines everything from how you pay your business's taxes to the type of paperwork you need to file to stay compliant. Thus, while there are many variables involved in picking the structure that may best fit your needs, there are two specific types you may want to consider if limiting liability is a primary objective.
More specifically, two business types that limit personal liability and protect your personal assets include the limited liability company and the S corporation. In other words, if someone sues your business and you used one of these formation types when creating it, your home, car, savings accounts and other assets will typically remain safe.
The importance of proper employee classifications
Employee support is the lifeblood of many businesses. Therefore, it is quite beneficial for employers to have protocols in place that help to support their employees.
Along with them being beneficial for productivity, having necessary business protocols in place aids in keeping the business out of litigation. Particularly in regards to employees, there are a few important aspects for determining employee classifications.
UNDERREPORTING BUSINESS INCOME CAN BACKFIRE IN SELLING YOUR BUSINESS
As a business attorney, I've represented several clients who have sold or bought existing businesses. Sometimes the seller of the business will intimate, or even outright admit, that they have underreported their income on the business tax returns.
A Loved One's Incapacity - What Do You Need To Manage Their Affairs?
When someone you love has become too ill to make their own decisions, the natural impulse is to step in to help. However, the law requires that you obtain the authority to make legal, financial, or medical decisions for someone. There are essentially two different ways to obtain that authority, through a power of attorney document signed by the loved one while they were well, or through the courts.
An employment contract contains mutually beneficial elements
More detailed than a basic employment agreement, an employment contract should clearly state employee benefits and employer expectations.
If written correctly with clarity and focus, the contract should serve the interests of both parties well. Here are five elements to include.
Paying Hourly Employees: What Counts as "Hours Worked" Colorado?
As small business attorneys, our clients often ask about laws that mandate how and when employees must be paid.
Many small businesses employ workers who are considered non-exempt under the Fair Labor Standards Act (FLSA). The employer must pay those employees at least minimum wage for all "hours worked." Overtime requirements to are determined by this standard of "hours worked."
For some employers, however, the activities that qualify as "hours worked" may be more complicated than first appears. A few of the examples below have been classified by the U.S. Department of Labor as work and therefore must be compensated as hours worked.
What to Consider Before Buying a Business
Entrepreneurship is part of the spirit of America, the land of opportunity. Many have worked hard from the ground up to build successful companies. Perhaps you want to take part in the American dream but do not want to start completely from scratch.
An alternative action is to buy an existing business. Many owners want to sell, and not just because the company may be in financial hot water. The person may simply be ready to move on to a different phase of life or start another business and give full attention to that one. If looking to buy, remember to consider these important factors.
Which Bank Deserves Your Money
A father who lived in Colorado named his son, who lives out of state, as personal representative of his will. The father had a safe deposit box in Colorado, and after his death the bank insisted that the son was the only person who could access the safe deposit box, and that he must travel across the country to do so. The bank would not allow the son to authorize his sister, who lived in Colorado, to access the account. The paperwork that the bank demanded showed their ignorance of both the situation and Colorado law, and eventually the son had to hire Karen to correct the miscommunication with the bank.
