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A partnership is created when two or more people go into business together. Preferably, the arrangement is created formally and legally under the guidance of a small business litigation lawyer in the form of a general or limited partnership or perhaps a limited liability company. Sometimes, however, a partnership is created without a clear understanding…

Just as partnerships, LLCs, S-Corps, and corporations are formed by starting a business, so too must these entities be dissolved through a process when it becomes clear the business entity can no longer effectively conduct business operations. Each business entity possesses its own set of rules for a proper dissolution. Partnership There are three steps…

One of the most significant tax advantages to owning a home comes at the back end of ownership, when you decide to sell it for a profit. A homeowner can exclude up to $250,000 of such profit from the federal capital gains tax. For married couples filing a joint tax return, the exclusion jumps to…

“Eminent domain” is the power of the federal, state, or local governments (and, in some limited circumstances, private parties, such as utilities and railroads) to take, or to authorize the taking of, private property for a public use without the owner’s consent and upon payment of just compensation. That right to compensation is rooted in…

A power of appointment is the power given to someone to allow that person to designate who will receive property or an interest in property. The creator of the power is called the donor, the individual having the power is the power holder, and the possible recipients of the property are permissible appointees. Powers of…

Both heart and mind must be working well if the owners of a new small business are to experience success. While it is only human nature—not to mention fun—to indulge one’s imagination about what a new business started from scratch could be like, would‑be entrepreneurs need to engage in some cold, hard thinking and planning…

Small business owners are easy prey for the IRS. “Ignorance is no excuse” is the rule of thumb for owners of small enterprises; unfortunately many individuals jump into the world of business ownership without having a clear understanding of the complexities and nuances of tax codes. Common Tax Penalties A mistake small business owners often…

With a view toward getting a full measure of justice for debtors who may have been wronged by a violation of the federal Fair Credit Reporting Act (FCRA), attorneys often will add to their pleadings claims under state law arising under the common law (court-made law) or state statutes. Any time there is such a…

One of the main issues in starting a business is raising capital. Forming a business can be very costly, and many financial advisors suggest simply acquiring an existing business. Building/modifying facilities, developing an inventory, hiring staff, and the myriad other components that go into starting a new business can be both challenging and expensive. It…

Some say the world is divided between dog lovers and cat lovers. Jan is the latter. She has seven cats of her own that live with her in her modest California home. But Jan also puts her modest financial means where her mouth is. As a volunteer for a local IRS-approved charity, she has taken…