The prospect of launching a new business can be thrilling, yet daunting, as you bring your ideas to life. Understanding what you need to do before you open your doors to the public can make the difference between a flourishing enterprise and an avoidable failure.  For example, understanding your target market by conducting comprehensive research can inform the development of a robust business plan. This plan may detail your business idea, target market, competitive analysis, marketing strategy, financial projections and operational plans, which can bring focus and a detail-oriented mindse ..read more

If you’re divorcing this year, you and your spouse will likely be filing a joint income tax return for the last time. It’s not too early, however, to start thinking about Tax Year 2024 and next year, when you’ll be filing your returns separately (assuming your divorce is final by year-end). It’s wise to discuss some elements of your income taxes as you divorce – particularly if you’re going to be co-parenting. This will help you avoid unnecessary issues when you each file your taxes moving forward. Your filing status If your divorce is final by Dec. 31 of this year (and you haven’t remarried ..read more

Some couples that are preparing for divorce in Pennsylvania have very little negotiation to do. They already have a marital agreement that outlines how they should divide their debts and assets. However, those without a written agreement will need to negotiate with their spouses to divide their property. Pennsylvania is an equitable distribution state. The goal during property division proceedings is to find a fair way to share assets and financial responsibilities between two spouses. Property valuation often plays an integral role in asset division during a Pennsylvania divorce. What does pr ..read more

Probate is a legal process that occurs after someone passes away, and it involves the distribution of their assets and the settlement of their debts. In Pennsylvania, probate can seem like a complex and daunting procedure. However, understanding the basics of how probate works can help demystify the process. Initiation of probate Probate typically begins when the executor, named in the deceased person’s will, files a petition with the Register of Wills in the county where the deceased person lived. Notification of heirs and creditors Once probate starts, the court will notify all interested pa ..read more

A trust can serve as a powerful tool to manage and preserve your assets. This legal arrangement allows you to transfer your assets to a trustee, who manages and distributes them according to your wishes and instructions. Trusts offer several benefits and advantages that can contribute to your long-term financial goals. 1. Asset protection and privacy By transferring ownership of your assets to a trust, they become separate entities shielded from personal liabilities. It is a way to protect them from potential creditors, financial threats and lawsuits. Additionally, since trusts do not become p ..read more

Deciding to pursue your dreams and start a Pennsylvania business is a monumental step and can be exciting and stressful. While you may have 101 things on your to-do list, determining your business structure is a decision you should not take lightly. Here are some pros and cons of forming your business as a limited liability company. Benefits of an LLC As the name suggests, an LLC provides limited liability for its owners, also known as members. In times of financial or legal trouble, your and other members’ personal assets are safe from debtors because the business stands as its own entity. An ..read more

As a business owner, you frequently enter into business contracts with an array of people and other businesses. Any time that contract gets breached, it means a loss of some kind. After verifying the other party has broken the contract, take action quickly. 1. Discuss the breach Once discovered, have a discussion with the other party. In some instances, a vendor or contractor has misinterpreted the contract or simply made an honest error. Oftentimes, approaching the matter face to face leads to a suitable solution. If it does not, you have other courses to take. 2. Weigh your resolution option ..read more

Divorce involves many financial adjustments. One of the biggest is child support. In Pennsylvania, both parents have a responsibility to bear the costs of rearing a child. This legal mechanism makes sure the needs of dependents are continually met. Many factors help divorce courts determine how much the noncustodial parent owes. Calculating child support in Pennsylvania A judge has the final say over how much a divorcing parent must disburse. This courtroom representative has a wide ability to make such determinations within the scope of the law. Subsequently, monthly figures vary greatly. The ..read more

The legal and financial repercussions of divorce can be immense. One of the biggest is what happens to a business. A frightening possibility is an ex-spouse affecting yours. Even if your marriage is going great, know how to protect your operation in the event of a split. A bit of foreknowledge can yield significant peace of mind. What can happen to your business One potential outcome is that you wind up in a corporate partnership with your former life partner. Community property states demand the equitable distribution of assets in a divorce. If you live in one, you might have to share your co ..read more

Divorce is never easy, but couples who split after the age of 50 must deal with various challenges they would not have faced at a younger age. The spotlight is on a secure financial future and how best to manage the divorce in order to meet that goal. An overview Someone going through what is sometimes called a “gray divorce” does not have as much time for financial recovery as a younger person. For example, a man who divorces in his thirties likely still has a career and can plan for retirement. An older retiree who divorces faces equitable distribution in the state of Pennsylvania, which inc ..read more