A few weeks ago I broke my left elbow.  "Good thing you're not left-handed" my doctor said with a chuckle.  Well, I am left-handed so that's a big help.  Now what? As a true solo practitioner I had a brief moment of panic - how am I going to work with my arm in a sling?  Now, I realize I'm not laying tile or playing the violin for a living but losing the use of my dominant hand for two weeks really slowed me down.  I fou...

[Read the rest of this article...]

I recently attended a luncheon where Nevada's Secretary of State Ross Miller spoke about why Nevada has become an attractive state in which to incorporate. Chief among them is the low tax climate.  Nevada has no state personal income tax; in fact, it's prohibited by our constitution.  Nevada similarly doesn't charge income tax on domestic or foreign corporations.  We also don't have an estate tax or a franchise tax, which can ...

[Read the rest of this article...]

There seems to be a significant difference between what lawyers have been taught to provide and what potential clients expect to get from an initial consultation.  I blame those TV commercials that suggest lawyers can and will solve all your problems in one meeting.  No lawyer can do that and if any lawyer tells you otherwise, call someone else.   An initial consultation serves three basic purposes: 1) for the lawyer to determine ...

[Read the rest of this article...]

A few weeks ago I wrote about the concept of piercing the corporate veil.  I received an e-mail asking what happens when someone breaches a contract he signed that included a personal guaranty.  Short answer - get a lawyer.  Here's the long answer... A personal guaranty is sometimes required for a contract.  Commercial landlords often require one before leasing space, as do banks when issuing lines of credit.  The t...

[Read the rest of this article...]

Virtual offices and executive suites provide a fantastic alternative for business owners who want the trappings of an office without the significant overhead.  As beneficial as these arrangements are, they can leave clients high and dry if the virtual office owner stops paying rent. There are three rungs on this particular ladder: Building Owner Virtual Office/Executive Suite Owner (VOO) Virtual Office/Executive Suite Client (VOC) ...

[Read the rest of this article...]

Yes.  The End. Just kidding.   The IRS, business license bureaus, taxation departments, and sometimes secretary of state offices require an identifying number for your business.  Without an EIN, your social security number is used, which causes identity theft concerns.  Also, obtaining an EIN is another way to distance yourself from your business in the interest of keeping your corporate veil intact. The IRS provides a quic...

[Read the rest of this article...]

Last week I met with a small business owner whose registered agent had access to her business bank accounts.  A short investigation revealed this particular registered agent had formed dozens of corporations and named himself secretary, giving him access to the bank accounts.  We quickly dissolved the corporation and reformed an LLC with no one but the business owner having access to the company's money. Registered agents are requ...

[Read the rest of this article...]

I make spanakopita, a Greek appetizer, every New Year's Eve.  It keeps for a few days, reheats well in a toaster oven, and saves me from having to cook New Year's Day when I just want to sleep in.  This is especially important this year because tonight I am breaking out the margarita machine I got for my birthday. I believe the traditional recipe calls for spinach, which always tastes gritty to me, no matter what kind of spinach is use...

[Read the rest of this article...]