Most Recent Attorney’s Blog Posts

  • The Difference between Sub-Contractors and Employees
    This is a very important area of employment law, and far too many business owners cut corners in this area and don’t think it’s a big deal-  IT IS a big deal.  How you classify a ‘worker’ in your business, whether as an employee or sub-contractor, can have far reaching effects to you AND your business. I understand the business owner’s plight.  Many entrepreneurs are wary of the costs and extra paperwork to bring on an ‘employee’ in the business.   Terms such as SUTA, FUTA, FICA and Workers Compensation will often times deter the employer into making the ‘right’ decision, ... read more
    Source: Mark J KohlerPublished on 2017-05-23By Mark J. Kohler
  • What You Should Know about Administering a Family Member’s Estate
    Most of us will, at some point in our lives, be called upon to administer the estate of a departed family member or loved one. While it may seem like an honor to have been entrusted with this responsibility, the reality is often it is a thankless, time consuming job, and even more so if there are disagreements and disputes among the heirs or beneficiaries of the deceased. Being asked to shoulder the responsibility of administering a decedent’s affairs while still mourning their loss can be challenging. The precise rules and procedures that apply will depend on whether the decedent ... read more
    Source: KKOSLawyersPublished on 2017-05-23By Lee Chen
  • How to Fund Your Start-Up with Self-Directed IRA Investors
    There are 25 trillion dollars in retirement plans in the United States. Do you know that these funds can be invested into your business? Yes, it’s true, IRAs and 401(k)s can be used to invest in start-ups, private companies, real estate, and small businesses. Unfortunately, most entrepreneurs and retirement account owners didn’t even know that retirement accounts can invest in private companies but you’ve been able to do it for over 30 years. Think of who owns these funds: It’s everyday Americans, it’s your cousin, friend, running partner, neighbor…it’s you. In fact, for many Americans, their retirement account is their ... read more
    Source: Mat SorensenPublished on 2017-05-16By Mat Sorensen
  • Feds Make Change to Help Entrepreneurs Raise More Money
    Your federal government has modified rules making it easier to raise more money from so-called “unaccredited investors”. Under the updated rule, known as Rule 504, you can raise up to $5 million from unaccredited investors in a 12-month period. Prior to the 2017 update, you could only raise $1 million from unaccredited investors. The updated $5 million cap is available under Rule 504 offerings and should only be used when the offering is a private placement memorandum offering (“PPM”), where you aren’t marketing the offering to the general public but privately to know persons and contacts. The new $5 million ... read more
    Source: KKOSLawyersPublished on 2017-05-09By Jarom Bergeson
  • 5 Point Checklist to Keep Your Solo 401(k) Compliant
    Solo 401(k)s have become a popular retirement plan option for self-employed persons. Unfortunately, many of the plans are not properly maintained and are at the risk of significant penalty and/or plan termination. If you have a Solo 401(k), you need to ensure that the 401(k) is being properly maintained. Here’s a quick checklist to make sure your plan is on track. Is the Plan Up-to-Date? The IRS requires all 401(k) plans, including solo 401(k)s, to be amended at least once every 6 years. If you’ve had your plan over 6 years and you’ve never restated the plan or adopted amendments, it ... read more
    Source: Mat SorensenPublished on 2017-05-02By Mat Sorensen
  • 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
  • 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
  • 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
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