Most Recent Attorney’s Blog Posts

  • Owner’s Liability After Your LLC is Closed or Dissolved?
    Many business owners wonder whether their LLC will protect them from claims and liabilities after their LLC is closed. Does the limited liability protection of the LLC still apply? Does it only apply for claims when the LLC was active? What about after the LLC is closed or dissolved? What if the claim is about something that arose when the LLC was in good standing but was something you never knew and filed after the LLC is dissolved? Here are a five tips that answer these questions and that will help you decide when to dissolve your LLC. First, when ... read more
    Source: KKOSLawyersPublished on 2017-04-25By Kevin Kennedy
  • The Perils of Investing with Friends, Neighbors and Church Members
    Every week our firm gets call from clients around the country who have lost money by investing with friends, family or neighbors they trusted—but who were not licensed to sell securities or did not properly document the relationship as a partnership. Many of these new clients have given someone a short-term, high-interest loan with a promissory note that has not been repaid. Others have invested money with someone who claimed to be achieving spectacular returns from investing in real estate, commodities, or foreign currency. Some invested into these ‘projects’ directly out of their retirement plan and wonder if now ‘all ... read more
    Source: Mark J KohlerPublished on 2017-04-24By Mark J. Kohler
  • What Being Dragged Off a United can Flight Teach Us about Contract Law?
    Unless you’ve been in a coma for the past week or so, you’ve probably seen the cell phone camera footage of airport police dragging a kicking and screaming Dr. David Dao off a United Airlines flight at Chicago’s O’Hare Airport last week. At this point, the story is well known.  United needed to get four additional flight crew employees on Dr. Dao’s flight, so they asked paying customers to give up their seats voluntarily, for increasing levels of compensation.  When there were no takers, United selected four passengers “at random” for involuntary removal from the flight.  Dr. Dao was one ... read more
    Source: KKOSLawyersPublished on 2017-04-18By Jarom Bergeson
  • Self-Directed IRA Valuations: Why Does My Self-Directed IRA Custodian Ask for a Valuation Update Every Year?
    If you have a self-directed IRA with non-publicly traded assets like real estate, private stock, or an LLC interest, you’ve definitely been asked for an annual fair market valuation for the assets in your account. Why does your IRA custodian ask for this every year? Because they have to. An IRA must report its fair market value to the IRS annually. Fair market value is reported to the IRS by your IRA custodian via IRS Form 5498. For standard IRAs holding stocks or mutual funds, those account values are automatically determined as they simply take the stock or fund price ... read more
    Source: Mat SorensenPublished on 2017-04-11By Mat Sorensen
  • How much Money should I send in with My Personal Extension?
    Not your favorite topic… I know.  But I’m SO PROUD of you for reviewing this article. No one wants to pay extra penalties for not making a deposit with the IRS.  So I want to give you a few tips to make sure you understand the rules when it comes to filing a personal extension. Remember an Extension is NOT an “extension” to pay any taxes you may owe, but an “extension” to file. Now some of you may say…”well, I’m not going to send in any $$ so I’ll just forget the extension all together”.  NOT GOOD!!  The Extension ... read more
    Source: Mark J KohlerPublished on 2017-04-10By Mark J. Kohler
  • What Do I Need to Know About Title Insurance
    We all know that title insurance is a necessity when purchasing real estate, but many do not have a sufficient understanding of what title insurance is really for and steps we can take to deal with title insurance companies to prevent being embroiled in a title dispute. Litigating title disputes can often be long, expensive, and often difficult to predict the outcome with any certainty. For that reason, having a solid grasp of what title insurance can do and cannot do is important for any would be purchaser of real estate. The condition of title is one of the most ... read more
    Source: KKOSLawyersPublished on 2017-04-04By Lee Chen
  • Business Succession: When Corporate Governance and Estate Planning Converge: Are You Setup Properly?
    You may have heard in the news recently that there’s been some fighting among the ownership team of the Los Angeles Lakers. When Dr. Jerry Buss, the majority owner, died in 2012, his ownership passed to his six children via a trust, with each child receiving an equal vote/share. His succession plan had his daughter Jeanie take over his position as the Lakers’ governor as well as its team representative at NBA Board of Governors meetings. This last month, there’s been a fight between her and certain of her brothers that has become a power struggle filled with plenty of contention ... read more
    Source: KKOSLawyersPublished on 2017-03-28By Kevin Kennedy
  • IRA Contribution Deadlines: Two Out of Three IRA Types Can be Extended
    You have until April 18, 2017 to make 2016 IRA contributions for Roth and Traditional IRAs.  If you’re self-employed and using a SEP, your deadline is determined by your company’s tax filing deadline (e.g. s-corp, partnership, or sole prop). So, if you were an s-corp or partnership in 2016, then your filing deadline was March 15, 2017. II you are a sole prop then the deadline is April 18, 2017. If you extended your company return though that extension will also apply to your SEP IRA contributions. The table below breaks down the deadlines and extension options for Traditional, Roth, and ... read more
    Source: Mat SorensenPublished on 2017-03-28By Mat Sorensen
  • Eight Spring Cleaning Ideas for Your Business
    Don’t ask me why, but my seven year-old daughter is obsessed with the cheesy early 1990’s goodness that is Full House.  Nick at Nite has scheduled a two-hour block of Danny Tanner, Uncle Jesse, Joey and the Tanner girls from 7-9 p.m. most weeknights, and my daughter begs to watch at least one episode every night before she goes to bed. Because there are much worse things she could be asking to watch, we typically oblige.  As such, over the past year or two I’ve endured more than my fair share of Full House catchphrases (think: “Have mercy!” “How rude!” ... read more
    Source: KKOSLawyersPublished on 2017-03-14By Jarom Bergeson
  • Alternatives for Securing Your Loans or Investments
    We often advise clients who want to loan money or participate in an investment to “get adequate security” for their investment. The purpose of getting additional security for your loan is so that you have something else that you can go after if the loan goes south. Ordinarily, if your loan is “unsecured,” it generally means that if the investment tanks, then your only remedy would be to sue the debtor and go through the potentially expensive process of litigation in hopes that you can get a judgment against the debtor, and perhaps most importantly, that the debtor will then ... read more
    Source: KKOSLawyersPublished on 2017-03-07By Lee Chen
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