Recent Articles

Partnerships

How are partnerships formed? What are the characteristics that justify this entity status over others?

Joint Venture

01/08/2017

The average person may not realize this, but the most notable joint venture in existence today is the National Football League.   It figuratively owns every Sunday in the fall of each year.  It is an association of 32 clubs agreeing to compete [...]

Forms of Business Ownership

01/04/2017

When an entrepreneur starts out on his long journey of building a legacy with his business; he almost immediately focuses on the legal status of his business.   His thoughts include:  ‘Should I become a limited liability company or an [...]

Aggregate and Entity Theories of Partnership

12/28/2016

A partnership is defined as an association of two or more persons to carry on as co-owners a business for profit.  The premise is built around the notion that the combined power of the partners exceeds the sum of the value the partners [...]

Economic Substance Principle

12/26/2016

The Internal Revenue Service uses an economic substance test to identify sham transactions that exist solely to reduce or eliminate taxes.    In addition,  the courts use this same doctrine to rule on the legitimacy of activity between two or [...]

Business Trusts

12/21/2016

The common law definition of a business is an investment of capital or property by individuals which creates the means to carry on towards the goal of generating a profit.   Every state recognizes different legal formats to conduct business.   [...]

Estimated Tax Payments – Why and How

01/25/2015

In the normal taxpayer relationship with the Internal Revenue Service, the taxpayer is an employee and via withholding, taxes are paid the U.S. Government by the employer.  Basically the employer pays the tax after each payroll run on behalf of all [...]

Real Estate Syndication

01/22/2015

Have you ever wondered how apartment or office complexes are financed?  A typical complex will have 80 to 100 units and the cost of construction will approximate $7,000,000.  So where does this money come from?  Your average person will think it [...]

Limited Liability Company – Step By Step Setup

01/17/2015

There is multi-step process to establish a Limited Liability Company (LLC).  You must first be recognized by the state of origin and then apply to the Internal Revenue Service to identify the particular tax entity arrangement.  Both recognition [...]

People, Process & Product – The Profit

11/20/2014

Marcus Lemonis is the star of a TV series show called ‘The Profit’.  He helps failing business turn around and become successful operations by fixing the three core elements of every business.  He refers to these elements as the 3 P’s: [...]
1 2 3