The future is uncertain. You can’t predict it, you can’t control it, but you can plan for it. Our mission is to help you plan: for the security of your family, for the continued success of your business. We help you to identify your needs, clarify your goals, and make sure that your wishes are honored.
The future is uncertain. You can’t predict it, you can’t control it, but you can plan for it. Our mission is to help you plan: for the security of your family, for the continued success of your business. We help you to identify your needs, clarify your goals, and make sure that your wishes are honored.
We work with clients at all stages of life, including families with young children, to make sure a plan is in place for their support and protection should disaster strike. It’s never too soon to plan, but if you put it off, someday it will be too late. Let us lift the burden of uncertainty and replace it with peace of mind.
The type of business entity you choose will depend on how many owners the business has, potential exposure to liability, and how you want to pay taxes on the business. Available business entities include C corporations, S corporations, partnerships, limited partnerships, and limited liability companies. If you own the business by yourself, you can run it as a sole proprietorship.
It’s best to discuss the pros and cons of each type of business entity with a business law attorney who understands your circumstances and goals and can direct you to the form that is right for you (as well as preparing the documents needed to establish your business and register it with the state).
You may be able to avoid getting an employer identification number (EIN) for your business if you have a sole proprietorship or a single-member limited liability company (LLC), but most businesses need to have an EIN, which functions as a tax identification number with the IRS. Your business uses this number to file tax returns, open business bank accounts, and apply for various licenses. If you are not required to have an EIN, you may be able to use your Social Security number, but this may expose you to identity theft. It’s better to obtain an EIN for your business; your attorney can help you with the process.
Whether someone who does work for your business is an employee or an independent contractor depends on the level of control your business exercises over the relationship. For instance, can your business control what the worker does and how they do their job? Does your business reimburse the worker’s expenses, or provide tools and supplies? Does your business offer the worker a retirement plan, vacation pay, insurance, or other benefits? Does the worker perform similar work for other businesses, or only for your business?
Whether a worker is an employee or an independent contractor makes a difference from a legal and tax standpoint. Employment and labor laws do not apply to a worker who is an independent contractor, and no taxes are withheld from an independent contractor’s pay. Employees, on the other hand, have Social Security, Medicare, and income taxes withheld from their pay.
Yes, you do! Planning for a business after the death or retirement of an owner is called succession planning, and it is essential to making sure the business is successful after a smooth transition to the new owner. If you have put a lot of effort and resources into building your business, don’t let it all go to waste by failing to plan—especially if you want the business to keep providing for your family after you’re gone.
Contact us to discuss your legal issue and learn how we can accomplish your goals and protect your interests.
© 2021 Bashirah Martin Attorney at Law PLLC
Legal Disclaimer | Privacy Policy
Law Firm Website Design by The Modern Firm