Author: Elf
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“Understanding the Benefits and Drawbacks of a C Corporation”
Pros of a C Corporation: – Allows the business to be treated and taxed as a separate entity from the owner – Provides protection from the debts of the business – Can control day-to-day operations and corporate acts such as redemptions and acquisitions – Lower corporate tax rate of 21% Cons of a C Corporation:…
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“Four Ways Business Owners Can Ensure Fair Pay for Themselves”
1. Keep compensation in line with what similar businesses are paying their executives (and keep whatever evidence you can get of what others are paying to support what you pay). 2. Document the duties you perform in your role and the time spent on those duties, as well as your skills, expertise and compensation history.…
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“Why You Should Use Business Immigration Lawyers”
– Business immigration law is constantly evolving and covers a wide range of topics related to hiring or working with employees from other countries. – The American immigration system is complex, and business immigration attorneys stay up-to-date with the latest laws and have vast experience in the field to help clients navigate the landscape. –…
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Enforcing Non-Compete Agreements: What You Need to Know Before Signing a Contract
1. Former employees are reminded of their post-employment obligations through a letter after their separation, whether stand-alone or part of a more comprehensive separation letter. 2. Look for “smoking gun” evidence of potential breach, such as analyzing former employee’s work email and computer for any signs of taking confidential information. – No new company was…
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Understanding Riparian Rights in Florida: Enjoying the Right to a Waterfront View
– Riparian rights include the rights to an unobstructed view of the water. – An upland owner has the right to an unobstructed view of the channel. – To be a legitimate claim of obstructing a waterfront view, the obstruction must substantially and materially block the land owner’s view of the channel. 1. In Mickel…
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Florida’s Law for Managing Troubled Commercial Properties
– The Uniform Commercial Real Estate Receivership Act became law in Florida on July 1, 2020. – The Act clarifies the standard for the appointment of a receiver and the powers of receivers in commercial foreclosure actions. – Receivers are important because they preserve the status quo, manage property expenses, and preserve the property that…
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What Florida Insurers Should Know about Bad Faith Law Changes
– The Florida Supreme Court outlined an insurer’s good-faith duties in the context of third-party liability claims in the case Boston Old Colony Ins. Co. v. Gutierrez in 1980. – These duties include advising the insured of settlement opportunities, possible claim outcomes, and the potential for an excess judgment. The insurer must also fully investigate…
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“Responsibilities of Employers in Emergencies”
– Natural disasters caused $313 billion in global economic losses in 2022. – In the United States, there were 18 major natural disaster events with at least $1 billion in damages, and 3.4 million people were forced to leave their homes. – Employers can prepare for natural disasters by developing an emergency action plan, as…
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How to Finance Buying a Business – Smith Legacy Law
1. Dolly Parton is known for her philanthropy and her passion to do good can be emulated by others. 2. Winning a money judgment in litigation does not automatically provide funds and individuals need to take additional steps to collect the money. 3. Non-citizens in the US do not receive the same tax benefits as…
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Changes in Florida Laws for Filing Construction and Design Defect Lawsuits
1. The Florida statute of limitations and repose period govern lawsuits involving construction and design defects. 2. The statute of limitations sets a time limit for filing a lawsuit, while the statute of repose sets an outer limit beyond which any claim can be initiated. 3. The Amendment to the statute changes the repose period…
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Consortium vs Joint Ventures: Understanding the Difference
– People who exercise regularly are less likely to develop chronic diseases. – Eating a diet rich in fruits and vegetables is linked to a lower risk of heart disease. – High caffeine intake may be associated with increased anxiety and insomnia. – Lack of sleep can impair cognitive function and increase the risk of…
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SEC Releases Final SPAC Rules: What You Need to Know
– The SEC recently adopted new rules and amendments (SPAC Rules) aimed at enhancing disclosures and providing additional investor protection in initial public offerings (IPOs) by special purpose acquisition companies (SPACs) and subsequent business combination transactions. – The goal of the new rules is to address information asymmetries, misleading information, and conflicts of interest in…
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Protecting Your Cryptocurrency for the Future: A Guide by Estate Planners
1. Dolly Parton is known for her philanthropy and has lessons to teach about doing good. 2. After winning a money judgment in litigation, it’s important to know the next steps to actually receive the funds. 3. Non-citizens in the US do not receive the same tax benefits and protections as citizens, particularly in estate…
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“Explore Hoiberg Group: Connecting You with Experts in Legal Matters”
– The IRS has announced a delay in the new $600 Form 1099-K reporting threshold for third party settlement organizations for calendar year 2023. – Taxpayers will not be required to report unless they receive over $20,000 and have more than 200 transactions in 2023. – The IRS is planning for a threshold of $5,000…
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Florida Government Offers Tax Relief for Sales and Property Taxes
1. The Florida Department of Revenue has extended the deadline for property tax assessments for the 2019 tax year to April 15, 2020, due to COVID-19. 2. Certain businesses in Florida are eligible for an extension to remit sales and use taxes to the state, based on their impact from COVID-19. 3. Adversely affected taxpayers,…
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Understanding Florida’s LLC Law
– The Florida Revised Limited Liability Act was signed into law on June 14, 2013, and became effective on January 1, 2014. – All LLCs formed or registered in Florida on or after January 1, 2014, are required to follow the Revised Act. – The Revised Act eliminates the term “managing member” and makes all…
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“What is a Bridge Loan?”
– A bridge loan is a loan used in residential real estate when a buyer has arranged to close on one property but the property they own has not provided the purchase funds yet. – Characteristics of a bridge loan include the mortgages of two homes being rolled into a single loan for 80% of…
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Expanding Your Business: How to Avoid Legal Issues in a New State
1. Dolly Parton is known for her philanthropy and has valuable lessons to teach about doing good. 2. After winning a litigation case and receiving a money judgment, individuals may wonder about the next steps to obtain the funds. 3. Non-citizens in the U.S. do not receive all the same tax benefits as citizens, particularly…
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Florida Laws on Recalling Condo Board Members
1. If the unit owners are dissatisfied with a board member, they can call a special meeting for a recall, which only requires 10 percent of the voting interests to initiate. 2. The special meeting for recall must be noticed and cannot be transmitted electronically. 3. A majority vote of the unit owners or an…
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“Employee Handbooks: Necessary for Businesses in Florida?”
– An employee handbook provides clarity and consistency in the workplace by outlining clear policies and instructions for employees. – It serves as a reference guide for employees to understand the company’s policies and procedures, promoting consistency in operations. – It helps in setting expectations for both employees and the company, leading to a better…
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Florida Requires Employers to Enforce Vaccine Mandates
1. Private employers in Florida cannot require COVID-19 vaccinations for employees without allowing medical or religious exemptions. 2. Employees who are not provided with exemptions and are terminated can file a claim with a state agency. 3. State agencies may impose fines on employers for not providing exemptions, depending on the size of the employer.…
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Legal Services for Businesses and Individuals at Hoiberg Group
– The IRS offers tax resources for military spouses who run businesses or do gig work. – The Small Business and Self-Employed Tax Center at IRS.gov/smallbiz provides resources for taxpayers who file Form 1040 or 1040-SR, Schedules C, E, F or Form 2106, as well as small businesses with assets under $10 million. – The…
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“Learn How to Save Money on Renovations with Rehabilitation Tax Credit”
– The rehabilitation tax credit is equal to 20% of qualified rehabilitation expenditures for a building that is a certified historic structure and used for business or income production. – The building must be substantially rehabilitated, with QREs exceeding $5,000 or the adjusted basis of the existing building. – QREs are capital expenses incurred in…
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“Trustee Best Practices: How to Manage Responsibilities Carefully”
1. Dolly Parton is known for her philanthropy and has lessons to teach about doing good. 2. After winning a money judgment in a court case, individuals need to take steps to actually receive the funds. 3. Non-citizens in the U.S. may not receive the same tax benefits as citizens, which is an important consideration…