As you are thinking of starting your own business, you’ll need to get clear on a number of issues to ensure both you and your operation are properly positioned for success. Oftentimes, aspiring entrepreneurs jump headfirst into business ownership, with false expectations of what it takes to run a successful business, and they quickly find that the reality of owning a business is not at all like they thought.  As with any serious endeavor, you need to approach your new venture with eyes wide open. With this in mind, here are 8 questions you should ask yourself to get a better idea whether ..read more

On September 13, 2021, Democrats in the House of Representatives released a new $3.5 trillion proposed spending plan that includes a buffet of changes to federal tax laws. Specifically ,some significant tax increases and other changes to fund the plan, including increases to personal income tax rates and the capital gains tax rate (tax on investment income), along with significantly lowering the federal estate and gift tax exclusion and new restrictions on qualified business income (QBI) deductions. The proposed legislation is still being considered and far from being finalized. Seeing as how ..read more

Whether it’s your very first or your fifth company, if you’re looking to start a new business venture, you have two options: 1) build your own from scratch or 2) buy an existing one. And while many entrepreneurs dream of building their own company from the ground up, the reality is, launching a brand-new business can be incredibly difficult. Building a business from scratch can involve years of working long hours for little to no financial reward. In fact, whether your company is ever able to generate a profit or not, starting your own business can consume your life like few other activities ..read more

If you have started to save for your child or grandchild’s college education, it’s worth considering whether to use a 529 plan, an education savings account, or an Irrevocable Trust.  Here’s what we think you should consider as you decide:  First, consider whether you want your offspring to have broader options than just the traditional college experience.  Since the start of the pandemic, college enrollments have declined by over one million students over the past two years, and with college tuition getting more and more expensive, many students are considering alternatives ..read more

If you are thinking about hiring a lawyer to help with your business, you may be wondering why you should work with us, your Family Business Lawyer™ rather than a “traditional” business lawyer. What makes us so different from other lawyers? The best way to explain how Family Business Lawyer™ firms are different requires an explanation of what it’s like to work with most business lawyers. If you’ve already worked with another lawyer to set up your business entity or prepare your entity incorporation documents, this experience will probably sound familiar. The Traditional Business Lawyer Exper ..read more

If you have started to save for your child or grandchild’s college education, it’s worth considering whether to use a 529 plan, an education savings account, or an Irrevocable Trust.  Here’s what we think you should consider as you decide:  First, consider whether you want your offspring to have broader options than just the traditional college experience.  Since the start of the pandemic, college enrollments have declined by over one million students over the past two years, and with college tuition getting more and more expensive, many students are considering alternatives ..read more

Using independent contractors (ICs) can give your company an edge in today’s thriving gig economy, but if you are not careful, contractors can also be a serious liability. In fact, working with ICs comes with a number of unique legal and financial risks that can be potentially ruinous to your business if not handled properly. Beyond getting sued or hit with hefty fines for misclassifying an employee as a contractor, you must also be careful to properly secure ownership of anything an IC creates for you. This is particularly true when it comes to your intellectual property (IP). And whether yo ..read more

If you dream of one day leaving your company to your family, but you haven’t properly included your business in your estate plan, that dream could become a nightmare for your heirs—and for your partners, team members, and clients, too. In fact, properly planning for what would happen to your business upon your death or incapacity is one of the most important things you can do for your company. Without a proper estate plan, the business you worked so hard to build could be in serious jeopardy when something happens to you. Not only that, but since your business is likely your most valuable asse ..read more

There are numerous advantages to running your own business: being your own boss, setting your own hours, and getting to decide who you work with and what you work on. However, business ownership can also be one of the most stressful endeavors you’ll ever undertake in your life. While running your own company will inevitably have its maddening moments no matter what, some of the major stressors can be successfully managed if you know how to effectively deal with them. Here are three of the most unnerving parts of owning your own business and how to handle them like a pro. 1. The Stressor: Lac ..read more

Do you feel obligated to check work emails, texts, and voicemails at all hours? Do you often work evenings, weekends, and holidays, even after you promised yourself you wouldn’t? Do you feel pressured to say yes to pushy clients because it’s easier than saying no? Do you feel resentful of clients for placing unreasonable demands on your time? If you answered yes to any of these questions, you need to check your boundaries. Establishing and enforcing healthy professional boundaries with your clients is critical for all business owners, and especially if you own your own business and work fr ..read more