Recent Articles

Contract Law

Each state is different in the statues generated to define ‘what is a contract’. The Uniform Commercial Code is the governing document used by all 50 states in setting their respective statues.

Booth Rental – Legal and IRS Compliance

01/13/2015

A long standing custom in the hair salon industry is owners of salons leasing out booths to hair stylists.  If not properly documented and exercised appropriately, the owner opens the door for many legal issues.  Booth rental is legal in many [...]

Contract

06/22/2014

A contract is defined as any oral or written agreement between two or more parties that exchange rights and/or duties between the parties.  Every contract has four essential elements.  The first two create ‘mutual assent’ or what is commonly [...]

What are Trusts?

01/03/2013

A trust is an agreement for one party to care for the assets of another party for the benefit of a third party.  In essence, it is a business agreement.  The person creating or the original owner of the assets is referred to as the Grantor.  The [...]

What is a Contract?

12/24/2012

Article 1 of the Uniform Commercial Code copyrighted by the American Law Institute is considered the primary source for the definition of a contract.  All of the 50 states have incorporated all or most of the definition of this code as statue.  A [...]

Use Phase Accounting in Construction – Part II (Trades)

12/21/2012

The most effective form of a financial feedback loop in residential construction is phase accounting.  Phase accounting is a subset of cost accounting and generates accurate information in the world of new home and residential additions for small [...]

How to Find a Good Business Attorney

11/27/2012

In my 17 years of practice as an accountant I have met around 30 or so attorneys.  All the interactions were in reference to business issues for my clients.  Out of the 30 I have dealt with, I would hire two of them. So I’m dedicating this [...]