You are living the American Dream. You have built a successful company. You make a great income, have paid for the vacation home and college for the kids and give generously to charities. Unfortunately, there will come a day when you are not around anymore. If you do not plan for it, your dream business may [...]
A corporation is supposed to protect you, the owner and principal officer, against personal liability for corporate activities. That’s what your lawyer tells you.That is the primary reason why the corporation was invented. Before the corporation, the owners of a business were all personally liable for its obligations. In the good old days, you and [...]
There are times in business where you can successfully fly by the seat of your pants. There are business situations where you can crash through like a bull in a china shop, clean up the pieces later and still get a decent outcome. Intellectual property is not one of these. Failure to act proactively to [...]
Your company is on the path to greatness, but how can you get there sooner, rather than later? Organic growth will take too long. Raising money to accelerate growth is hard and costly in terms of diluted ownership and loss of control. You don’t have the money to grow by acquisition. Eureka! You decide to [...]
This column is for those of you who so fear and/or detest health care reform that merely hearing or seeing those words makes you change the channel or turn the page. Since the most basic summaries of health care reform are 10 to 20 pages long, we can’t make you an expert in one column, [...]
Get ready. In February, 2010, the Internal Revenue Service (IRS) launched what one tax expert has called “the most comprehensive set of audits in about 20 years.” The IRS estimates that United States taxpayers fail to pay $345 billion dollars annually in federal taxes. Of that, an estimated $54 billion represents unpaid employment taxes—Social Security, [...]
A company created by two or more individuals is often like a new marriage—the newlyweds look forward to a successful and happy future together until death (or sale of the business and retirement to the Caribbean) do they part. No one wants to think about the possibility of divorce. It is hard to even imagine it happening. But not considering the possibility of divorce can lead to a nightmare that in many cases could have been avoided.
Thanks to Bryan Jeter from Lister, Jeter, & Lloyd CPA’s who schooled us on Tax 101 as part of the Greer Community Chamber Convention. For more information on tax related subjects, be sure to consult with a professional.
A company created by two or more individuals is often like a new marriage—the newlyweds look forward to a successful and happy future together until death (or sale of the business and retirement to the Caribbean) do they part. No one wants to think about the possibility of divorce. It is hard to even imagine it happening. But not considering the possibility of divorce can lead to a nightmare that in many cases could have been avoided.
If you are experienced in selling businesses, you already know this. If you are not, be advised that selling a business without good advisers is like walking through a minefield blindfolded—it is possible to avoid a catastrophe, but the risk is generally not worth it. The basic lineup typically includes a corporate attorney, a tax attorney and/or accountant, a financial accountant and an investment banker.
