Business Planning FAQ and Resources
What Type of Company Do I Need For My Business?
Corporations and Limited Liability Companies both offer protection from liability to their owners. Both allow you to benefit from tax advantages offered by the IRS.
Limited Liability Companies (LLC) have a more flexible structure. They can be managed by the owners or by a manager. Officers can be appointed, but they are not required. Special provisions can be added to serve a number of different goals or special purposes. If a small number of owners plans to manage a business by themselves, sometimes the simplicity of a Limited Liability Company is preferred.
Corporations are managed by officers and directors. If you have three or more owners (shareholders), then the shareholders must elect at least three directors. The directors must appoint officers, including a President, Treasurer and Secretary. The officers run the day-to-day business of the company. The shareholders and directors meet at least once per year to review the business of the company.
Legal Health Checklist (Free Download)
Are there steps you need to take to ensure that your business is ready for legal issues that may arise? Our Legal Health Checklist will help you assess how well prepared you are, and point out areas where you may be vulnerable.
Download your free Business Legal Health Checklist.
Wills and Trusts FAQ and Resources
Do I Need a Will?
As the video above explains, creating a Will is primarily about leaving peace of mind for family members.
A Will is also a financial planning tool. Your Will provides instructions concerning the division of your property. By leaving directions, you simplify the process. You can lower the cost of administering your property; and if your estate is large, you can reduce taxes.
Having a will can be fun. Watch our video about how to use a Personal Letter to leave sentimental items to friends and family members. It is very simple to use, and it doesn't require visiting an attorney to modify your Personal Letter.
Why Do I Want a Trust?
A trust is a powerful legal tool. Lawyers who do their own estate planning virtually always include a trust.
We provide a standard Family Trust with a Pour-over Will as part of our basic estate-planning package. The Trust requires no management during your lifetime. Instead, the Trust is funded by the provisions of your Will after you pass away. The process minimizes the cost of probate and simplifies the administration of your estate for your family.
