CORPORATE FRUGALITY AND FINANCIAL SUCCESS

September 13, 2022 Spiegel & Utrera, P.A.

CORPORATE FRUGALITY AND FINANCIAL SUCCESS

Frugality in business may be the most meaningful but largely undocumented characteristic of companies. Financial success is determined by how much you keep, not necessarily how much you made. Frugality in business is considered as a corporate trait of consistent and disciplined management of spending to achieve long-term strategic objectives and sustainable profits. This differs from budgetary control since companies control cost differently and make greater use of a broad range of cost management practices. Regardless of current economic challenges some choose to manage strict cost discipline and avoid waste as the standard in doing business; treating the assets with a sense of responsibility and stewardship throughout the business’s history and expansion.

One consideration when researching how to implement frugal practices in your enterprise is to consider investing in services over products. Services may provide resources beyond your capabilities taking your level to the next tier and will begin a history of professional relationships and networking that may provide an ROI through word-of-mouth and complimentary, rather than competitive, exposure. Products on the other hand often loose a large percentage of their value as soon as taken off the shelf or driven off the lot. The savings made and reinvested today has the potential to grow with compound interest to a sum that rivals the business’s profits in the future.

Visit AmeriLawyer’s YouTube Channel to get valuable information on starting a business, business model development, building business credit, marketing and lead generation plan.

Learn more by reading some of our Entrepreneurial Posts or Business Posts on Spiegel & Utrera, P.A.’s blog.

GET VALUABLE INSIGHTS ON HOW TO BUILD AND GET MORE OUT OF YOUR BUSINESS
Lawrence J. Spiegel is the author of Detours and Contradictions: The Challenge of Being an Entrepreneur. A nuts and bolts resource for the boot strapping entrepreneur who wants to start or grow a business. Lawrence J. Spiegel is also the author of Charlie’s Entrepreneurial Journey: A Guide to Success Through Entrepreneurship. His latest book provides 416 pages of insight into the world of an aspiring entrepreneur named Charlie. Charlie’s journey leads him through topics never discussed in business books but essential to success. Pick up your copy here.

General Counsel Club Members can call (800) 734-9900 to get unlimited access to legal and strategic business advice over the phone.

IMPORTANT CONSIDERATIONS IN BUSINESS BANKING

August 22, 2022 Spiegel & Utrera, P.A.

IMPORTANT CONSIDERATIONS IN BUSINESS BANKING

One of the most over looked and undervalued steps in the venture of a new enterprise is establishing a solid financial ground and reputation for your business. A detailed business plan will set the foundation for the types of transactions and financial requirements your business will deal with regularly. Using those considerations in comparison to the following banking services and features available today, take the time to research with whom you’ll be taking your business to. Setting up the right account early will provide the opportunity to build credit, successfully apply for loans in the future, and provide necessary professionally prepared financial statements.

No Monthly Fees
Most banks will waive the monthly fees entirely if you meet certain requirements such as minimum balance, direct deposit, automatic bill pay, etc.

Signup Bonuses
New business require several purchases to get started, many banks will offer Cash back Rewards or introductory signup bonuses if you utilize the account frequently within the first days.

Online Banking Options
A must for doing business in the modern era. Double check that your selected bank is associated with any digital payment platforms you may use or wish to accept.

Credit and Investment Options
When expansion is part of your plan, consider utilizing banks that provide business lines of credit or money market accounts for larger purchases such as company vehicles or future initiatives and investments.

Visit AmeriLawyer’s YouTube Channel to get valuable information on starting a business, business model development, building business credit, marketing and lead generation plan.

Learn more by reading some of our Entrepreneurial Posts or Business Posts on Spiegel & Utrera, P.A.’s blog.

General Counsel Club Members can call (800) 734-9900 to get unlimited access to legal and strategic business advice over the phone.

5 STEPS TO A SUCCESSFUL BUSINESS IN 2023

July 21, 2022 Spiegel & Utrera, P.A.

Spiegel & Utrera, P.A. is aware that being a successful entrepreneur is not an easy task. Within the first year of opening your business, 18.4% of private sector businesses in the U.S. fail and after five years, 49.7% have faltered.

Click on the 5 steps below to increase the chances of your business succeeding long term.

Step 1. Get Educated On Everything To Do With Your Industry

Step 2. Make A Business Plan

Step 3. Consider Efficiency And Specificity In All You Do

Step 4. The Secret To Surmounting Competition: Customization And Innovation

Step 5. Steady Growth – Don’t Over Do It!

STEP 1. GET EDUCATED ON EVERYTHING TO DO WITH YOUR INDUSTRY BACK TO TOP
Many businesses begin as a personal passion project without much consideration for current market trends. Is your business’s service or product something that only you need, want and derive satisfaction from, or does it have a much larger demand online or in your local community? This is the time to do a side-by-side comparison of your entrepreneurial desires vs. the economy, the market and the community. Take the time to reach out to your preferred customer base to consider, ask, and analyze their needs, questions and concerns. It is much easier to satisfy an existing need rather than create one and convince people to spend money on it. The first step to any successful business is research; research the current market, your competitors, the level of demand and saturation, and who and where your target audience are. Expand your inquiry beyond your specific domain to the larger industry in order to set yourself ahead of upcoming trends and innovations. As the saying goes “measure twice, cut once.” Take the time to collect your data in a specific and measurable format. This information will not only assist you in developing a business plan but support the development of you company down the road.

STEP 2. MAKE A BUSINESS PLAN BACK TO TOP
The goal is to make it as detailed and thought through as possible, so that once the work begins, your business is set on that pre-planned, professionally organized trajectory. A thorough business plan should contain the following (a) an outline of achievable goals for your business (b) how your business can meet these goals, including possible problems and solutions (c) quantifiable demand of business/service based on research and surveys (d) costs and inputs needed for the business (e) outline of strategies and timeline for short-term and long-term implementations for the company.
If you’re overwhelmed as to where to begin or what to consider, you may want to consider our General Counsel Club service. The service provides unlimited legal and business advice from an attorney over the phone. If you are currently a member, call (800) 734-9900 to get advice on having a successful business.
STEP 3. CONSIDER EFFICIENCY AND SPECIFICITY IN ALL YOU DO BACK TO TOP
Reduce expenses, losses and “busy-work” by targeting your business to the right customers in the right way. Businesses with predominant sales online aught to invest in updated servers and professionally designed websites to create a positive impression upon the customers. Businesses which rely on foot traffic should consider if they are in an ideal location for the type of customers sought. Consider in all ways where your target market is and how they would search or come across your service. Market and advertise your services through the medium your audience is most captivated by. Few businesses can grow or survive on word of mouth and referrals alone in the progressive and transitional markets of today. Technology, social media, and a professional digital media presence are a requirement for any business. Active and up-to date digital store-fronts provide customers with a sense of professionalism and security in doing business with you. Additionally, clients are offered a level of transparency and familiarity into the brand, services and current events of your business.

STEP 4. THE SECRET TO SURMOUNTING COMPETITION: CUSTOMIZATION AND INNOVATION BACK TO TOP
In a saturated and competitive market, a new business can gain notoriety and market share by customization and innovation. Customize the way you do business in comparison to your competitors in a mode that is an improvement and one of a kind. Moreover, new businesses who imitate established businesses – with their corporate funding, years of R&D and teams of specialists- will struggle to produce an equally competitive and curated product or service. Find an opening in the market by fulfilling an unmet need and innovate a new service or product that your competitors don’t have. This will give your business a reason to stand out from the rest. Innovation reduces competition!

STEP 5. STEADY GROWTH – DON’T OVER DO IT! BACK TO TOP
A thorough market analysis and detailed business plan will lay a solid foundation for a company to begin successfully. With customization and innovation companies do not necessarily need to compete with competitors but can focus on forging their own path and market share. Enormous energy and resources are devoted to beginning a company and expansion is no different. Growth exposes a business to new scopes and focuses that may not be fully understood. Planning for steady growth includes further research into untapped areas and markets of the business, building a larger team of professionals and resources, and assessing your finances. When a business expands too fast and doesn’t take care with research, strategy and planning, the financial drain of the overexerted business can sink the whole enterprise.

There’s more!

Visit AmeriLawyer’s YouTube Channel to get valuable information on starting a business, business model development, building business credit, marketing and lead generation plan.

Learn more by reading some of our Entrepreneurial Posts or Business Posts on Spiegel & Utrera, P.A.’s blog.

General Counsel Club Members can call (800) 734-9900 to get unlimited access to legal and strategic business advice over the phone.

Get your SBA Loan Amount Reconsidered

August 18, 2021 Spiegel & Utrera, P.A.

GETTING FROM THE SBA $1,000,000 FOR OUR CLIENT

Get your SBA Loan Amount Reconsidered with Spiegel & Utrera, P.A.

Spiegel & Utrera, P.A. was able to increase an initial Economic Injury Disaster SBA Loan amount from $24,000 to $324,000 for a client in the bar and restaurant industry! We are confident that we may be able to secure an additional sum of $600,000 for their other two locations, which would bring the total amount to nearly $1,000,000.

HOW TO GET THE SBA TO RECONSIDER YOUR LOAN

In the beginning of the pandemic, our client applied for the Small Business Administration’s Covid-19 Economic Injury Disaster Loan (EIDL). The loan provides economic relief to small businesses and nonprofit organizations experiencing a temporary loss of revenue due to the pandemic.

At the time, the loan only required a simple online application. The U.S. Treasury wanted the money to be quickly distributed to businesses that needed it, so loans were being applied for and money given out with little oversight.

The application process was simple but did not gather enough details to get the financial help our client needed. The initial loan amount was $24,000 for one restaurant and $6,000 for each of the other two locations. To say the least, our client was frustrated. A program designed to assist businesses affected by the pandemic only awarded a loan amount that would not cover a single month’s expenses.

At this point, the client felt helpless. They knew the loans granted by the SBA would not be enough to get their business through the pandemic, so they turned to Spiegel & Utrera, P.A. to get someone to fight for them.

Under our representation, our client was able to stop taking time away from his business while we focused our time on getting them more money.

We quickly noticed that our application was not being handled diligently. The case was being assigned to several officers who were unable to coordinate their information with each other, further prolonging and complicating an already difficult process. To rectify the issue, our firm filed a complaint with the SBA Public Affairs Office, and we were eventually able to work with a single loan officer. We also made sure to submit more information for our client, such as their tax returns and transcripts, as well as their profits, losses, and balance sheets, which were critical to ensuring we could get them the best loan possible.

Initially, we sought the allowed loan limit of $150,000. However, during the reconsideration process, the SBA increased the loan limit for the COVID-19 EIDL program from 6-months of economic injury with a maximum loan amount of $150,000 to up to 24-months of economic injury with a maximum loan amount of $500,000. We promptly submitted changes to our reconsideration and requested a new loan amount of $500,000.

Working with the SBA, Spiegel & Utrera, P.A. managed to increase the first loan from $24,000 to $324,000, and one $6,000 loan is soon to possibly receive the same amount. The second $6,000 loan is currently pending reconsideration, and we are confident we will get similar results!

To be in a position to receive a sizable business loan, we strongly advise all our clients to keep detailed and accurate business records. Keep complete records of your expenses and revenue, pay your quarterly or yearly taxes, and hire an accountant or install an accounting software such as QuickBooks. Most importantly, be sure to file your taxes. If you do not file your taxes, you will not have a tax transcript from the IRS and therefore will not be able to receive a loan.

Additionally, be sure to maintain an active entity status by filing your required annual reports, and prepare the notice and minutes for your company meetings. The minutes can show proof that the entity has authorized an officer to apply for the business loan and get the process started quickly.

Most importantly, if you need a loan or need a loan reconsidered for a higher amount, contact us at ClubAssist@AmeriLawyer.com or give us a call at (800) 603-3900 ext. 219 and ask to speak with Larry Spiegel.

SUBMIT DETAILS HERE TO GET YOUR LOAN RECONSIDERED

Submit contact details for immediate assistance:

* Please give our attorneys up to 4 business hours to contact you. Thank you.

Client Testimonial: Roger Davis

★★★★★

My attorney for 30 years. They really do more than just set up corporations. I needed somebody to help me out of a serious legal matter they were able to take on the case for less than 1/2 of what the other attorney was charging me. Become a member of their Club it's like a hundred forty bucks a year and you get all the free legal advice you want. What a cheap insurance policy. I am so glad that I have them on my side.

Protect Your Business From a Whistleblower – AmeriLawyer.com

September 27, 2019 Spiegel & Utrera, P.A.

Protect Your Business From a Whistleblower

What is a whistleblower?

A whistleblower is a person who exposes a private or public organization’s confidential information or activity that is considered illegal, unethical, or incorrect. Whistleblowers report organizations that break the law, engage in fraud or corruption, or pose a threat to public interest or national security—but also, violations of company rules and policies as stated in legal documents such as corporate bylaws or LLC regulations may constitute grounds for whistleblower allegations. Laws are in place to protect whistleblowers from facing legal, criminal, and social repercussions, regardless of whistleblowing classification as public or private. Laws are in place to protect whistleblowers from facing legal, criminal, and social repercussions, regardless of whistleblowing classification as public or private.

HOW TO PROTECT YOUR BUSINESS FROM A WHISTLEBLOWER

Companies cannot use any clause, term, or provision that prohibits whistleblowers from reporting any illegal, unethical, or incorrect information, practices, or activities; confidentiality agreements do not trump a whistleblower’s rights. The best way to protect your company from a whistleblower is to be aware of and follow constitutional, criminal, and employment laws—among others that pertain to your business and legal jurisdiction. Certain industries have more potential risk for whistleblower claims than others; healthcare businesses, non-profits, and government contractors. A proactive method of protecting yourself against whistleblowing is to implement a complaint policy that outlines how matters will get handled. Make it easy for them—even incentivize transparency for them to come forward about their concerns with you instead of a third party.

Get Legal Advice

If you have a whistleblower case on your hands, do not fire or demote that person, don’t ignore, reprimand, deny, or exclude an employee; don’t treat him or her any differently from the rest of your employees. Remember, the best way to protect your company from a whistleblower is to know the law. If you are a member of our General Counsel Club, you can call (800) 734-9900 for unlimited legal, business, credit, and tax advice; legal knowledge is one of the best insurance policies you can get.

Learn More

Submit contact details for immediate assistance:

* Please give our attorneys up to 4 business hours to contact you. Thank you.

Client Testimonial: Roger Davis

★★★★★

Attorney Registered Agent Service | Includes Legal Advice

December 7, 2018 Spiegel & Utrera, P.A.

Registered Agent Service with Attorney-client Privilege and Legal Advice

A Registered Agent—also known as a statutory agent or agent for service of process—is a third-party entity or person appointed to receive important state and court correspondences like Annual State Filings, Biennial State Filings, Tax Notices, Court Notices; among other official documentation. The Registered Agent will collect the official mail or notifications, then process and communicate them accordingly to the business owner.

Call our law firm at (800) 603-3900 to order Registered Agent Service by phone.

Order Registered Agent Service

SUBMIT DETAILS AND GET OUR ATTORNEYS TO CALL YOU

* Please give our attorneys up to 4 business hours to call your phone. Thank you.

Role of a Registered Agent

The state government requires you to provide someone as a point of contact for your business at all times to accept documents on your behalf. A registered agent is particularly important if you don’t have a physical location in that state since P.O boxes don’t fulfill this requirement. You can’t afford to miss critical information on tax payments or lawsuits concerning your business, either. It is the registered agent’s job to forward court, state, and other official documents to the business entity and notify them immediately.

The Benefits of a Registered Agent:

Dodge Fines and Penalties; ensuring you receive official letters in a timely manner.
Freedom to be away or unavailable during normal business hours.
Privacy and anonymity; public records show the registered agent’s address instead of yours.
Peace of mind; not having to be responsible for receiving official mail, staying at business location, or receiving lawsuit or tax documents in front of others.
You can change locations without having to file a change of address with the state government.

On the other hand, if you don’t have a registered agent (which is required by most states), it might cause you to drop out of “good standing” with the state, which may result in the loss of your business license, among other fines and penalties.

Requirements of a Registered Agent Service

The registered agent of your choice must have a physical street address (no P.O. boxes) and availability at that address during normal business hours. Ideally, you want a registered agent solution that is reputable and responsible for getting documents into your hands promptly to avoid state and court sanctions, default lawsuits, and judgments, among other fines and penalties.

Attorney Registered Agent Services

At Spiegel & Utrera, P.A., we provide Registered Agent Solutions with Attorney Client Privilege. You know that Spiegel & Utrera, P.A. offers complete business formation services, years of experience that can’t be matched by many and of course the best price out there! But maybe the most important reason is, the Attorney-Client Privilege in effect:

This means that if you receive a subpoena to produce information about your corporation, LLC, Partnership or Trust because of alimony, child support, bankruptcy, debt collection, foreclosure, IRS, tax collection, government enforcement action, criminal matter or anything else, Spiegel & Utrera, P.A. is duty-bound NOT TO DISCLOSE any information contained in any client communications whether oral or written. This is a powerful legal precedent to have to work for you and you can only obtain it from a lawyer. A non-lawyer Registered Agent or Registered Office service does not offer this valuable confidentiality protection.

How Hard Would It Be to Purchase a Business?

July 24, 2018 Spiegel & Utrera, P.A.

Where Should You Start?

Before you purchase a business, you have to ask your self the following questions:
How do I find out what a business is worth?
How can the sellers client list benefit you?
Can I get a line of credit to help me with the business?

Lets explore some of these questions, and hopefully get you into your business with a great deal of confidence and a very large profit. Spiegel & Utrera can help guide you with the purchase and Start Your Business Today.

How do I find out what the business is worth?

So, what is a business worth? That question is only answerable by you. A business should be work a year’s profit. Can you operate that business and make that income? What are your abilities to either sell the yearly estimated profit or perhaps more? You would actually have to do some investigating to find out how the seller has been operating their business. Does the business come with a client list? Does the purchase include the equipment in the business? The equipment is a good asset, but it has to be usable What is it worth today?

How can the sellers client list benefit you?

If the seller has a client list, this can be valuable. The client list will enable you to reach out to each client ans assure them that their level of service will continue and get better. This client list has many familiar users who can also spread the word about the new owner and help promote your business by word-of-mouth.

How can I get a line of credit toward the business?

Purchasing a business and registering it as yours can potentially open the floor for a business line of credit. With a healthy client list, business model and hard work it should be easy enough to obtain the line of credit for your new business

ARE YOU READY TO START YOUR BUSINESS?
INCORPORATE TODAY AT WWW.AMERILAWYER.COM
Not Ready? Have More Questions?
If you are a member of Spiegel & Utrera, P.A.’s General Counsel Club and have business related questions, call (800) 734-9900 or ClubAssist@AmeriLawyer.com for assistance. Remember, as a member of the General Counsel Club, you receive unlimited legal, business, credit and tax advice all year long.

Spiegel & Utrera, P.A. is a corporate law firm with its main offices located in Miami, Florida with offices throughout the United States. As a law firm, we do more than just help you form your business entity. We stand ready to help with the maintenance of your legal business entity! We will assist you with Incorporation Service, Trademarks, Copyrights, Estate Planning, Legal Counsel, Wills,Trusts, Agreements & Leases, Corporate & Company

Recover From The Loss Of A Business Partner

June 12, 2018 Spiegel & Utrera, P.A.

The death of a business partner is devastating. After the memorials have been completed and funeral held, the time has come to think about what is left in his aftermath. It is pretty common, that when dealing with a partnership, one of the partners specializes in one area while you specialize in another. How do we move on from such a difficult time? In this segment, we are going to discuss restructuring a business, what is the business worth, going through property in probate to determine who the business will be passed on to, and continuing to make the business prosper.

Business Must Go On! What Do You Do Now?

As you leave the office of the lawyer, you have been informed that your partner left a will. His son was given his share of the business. The restaurant, Smokey’s Ribs and Burgers, is now in limbo. Fortunately, his son is willing to sell his share of the business to you. After going through probate, you sit with the son and determine what he expects to receive from his share of the business. How much is he asking for it?

Purchasing a business

In conversation, you both agree that you will purchase his part of the business, but what is it worth? One of the best ways to determine the worth of a business is to investigate it. You should find out how is business conducted and how is it reported? First, carefully review all paperwork related to the business and its finances. This will assist you with evaluating the value of the business. You can also study the business in person to see how the seller runs their business. Also, you may want to study its demographics as well.

Once you agree on the price, you and the decedents son must make a contract to sell the business to you. Moving forward, the next decision is how does the business operate moving forward? Do you find a new partner? Do you change the type of business to a S- Corp? Each situation is different, but it may be wise to go see an attorney to determine which entity is better for your situation.

Adding A Vehicle To the Business

The restaurant does well on its own, but with the rise in food trucks you decide to venture out into this uncharted territory. At this time, you meet a young man who has agreed to cook for you on the food truck. His past experience with your competition is a great asset to the business. You have a few questions, Is it legal to have his past patrons follow him to this truck? The answer is yes. If your new employee happened to have personal contact with these clients or is able to advertise on his own social media, there is no wrong doing in this.

** Building a business is difficult, but recovering after a loss, can be devastating for a business. It is important to remember to keep your head up and reach for the moon. Even if you come up short, you will still be among the stars.

Visit our YouTube channel for more information.

ARE YOU READY TO START YOUR BUSINESS?
INCORPORATE TODAY AT WWW.AMERILAWYER.COM
Not Ready? Have More Questions?
If you are a member of Spiegel & Utrera, P.A.’s General Counsel Club and have business related questions, call (800) 734-9900 or ClubAssist@AmeriLawyer.com for assistance. Remember, as a member of the General Counsel Club, you receive unlimited legal, business, credit and tax advice all year long.

Business Expenses and Building Business Credit

June 6, 2018 Spiegel & Utrera, P.A.

Creating a business is an American dream. Hard work and dedication may not be enough when starting your business. you must keep your eye on the big picture. There are many moving parts. Monitoring business expenses, protecting your work with copyrights or a trademark, securing your ownership of an item, and purchasing equipment for your business, how to keep track of business expenses and building business credit are just a few topics we cover below.

You Made It! How Do You Keep It?

Copy right your intellectual work

Opening day of the hip hop world championship has arrived. For over 10 years you and your crew of 8 guys have been practicing 8 hours a day for this moment right here. You know that these guys love you, but business is business. If they win this competition, it means touring and public recognition. What does that mean for you? Are you just the choreographer and nothing more? Why should they get all the fame? What can you do to make sure that you are securely the sole representative and director of this crew? After all, you need to make money too.

First and foremost, you need to make a contract with the crew. This contract should indicate that you own the copyrights to the dance performance that they are demonstrating on stage. In order to do that, you have to register your original authorship with the federal copyright. The contract should also state that anytime that the dance is performed in this manner, you would receive royalties from it as well as each member of the dance crew.

That’s My Move!

What if someone is already performing my moves? The move is authentic, and it even is referred to as the “cut and dry.” The “cut and dry” is eligible to be copyrighted as soon as the original dance move had been created in fixed form, and then registered with the federal courts. if it is being used after it has been registered, you may sue the person in federal court. However, it is much better to register the copyright, because it creates a public notice that you own the rights and enables you to sue in federal court if someone uses your choreography without your permission.

We’re Going On Tour

To take the crew on tour, is going to be a huge expense. There may be more than just the dancers to bring across the states with you. You need somewhere to place the props for the many new dance routines. You already own one bus, that actually belongs to you, but it looks like you need additional capacity. Each situation is different, but for this situation it is best for you to invest in the second bus from another LLC that has no relation to the crew and lease the bus to that crew’s LLC. This leasing strategy is a great way to build your business credit as well. Another point for leasing the bus to the crew, rather than purchasing it, could be an insurance issue. If the bus is involved in an accident, and the now famous dance crew is the owner of the bus, you may be liable for damages.

Wait! Can I Claim This As A Business Expense?

Another question that has come up is: If the crew decides to go to Disney after one of their shows during their break, does that take away the ability to claim the trip as a business expense? The answer is no. A business trip is a trip taken while conducting business during the eight-hour day. What the crew does on its off time is not going to be questioned. As long as the trip its self was for a business purpose. When a business expenses are claimed however, it is important to only claim the time that was utilized for business.

Visit our YouTube Channel for more information on building business credit and tracking business expenses.

ARE YOU READY TO START YOUR BUSINESS?
INCORPORATE TODAY AT WWW.AMERILAWYER.COM

Not Ready? Have More Questions?

If you are a member of Spiegel & Utrera, P.A.’s General Counsel Club and have business related questions, call (800) 734-9900 or ClubAssist@AmeriLawyer.com for assistance. Remember, as a member of the General Counsel Club, you receive unlimited legal, business, credit and tax advice all year long.

Business Succession Planning

December 4, 2017 Spiegel & Utrera, P.A.

BUSINESS SUCCESSION PLANNING

Ineffective business succession planning is one of the leading reasons why family businesses do not survive into the second generation. In the same way that a person would draft a last will and testament, business owners also need to create a succession plan because this ensures that their business survives unscathed. A succession plan gives owners control over their company. This control will prevents fights after the owners becomes deceased. Such advance planning also prevents the Internal Revenue Service from claiming more than is necessary during the transition.

Even though every succession plan is different, here are a few basic rules of thumb:

Start the planning early because planning affords business owners more options. Especially when it comes to mitigating tax liability by transferring ownership to children. This will minimize the size of the tax bill after the death of the owners;
Be objective, determine what the business requires to survive and grow;
Seek the help of accountants and attorneys. Business owners can work toward reducing the family’s tax obligations. Also avoiding possible legal complications between partners and family.
Consider the vested interests of company officers and loyal employees. Business owners can retain talent and they’re best customers.
Lastly, communicate clearly and openly with family members. The business succession plan will best serve the second generation.

If you are a member of Spiegel & Utrera, P.A.’s General Counsel Club and have business related questions, call (800) 734-9900 or clubassist@amerilawyer.com for assistance. General Counsel Club members have access to unlimited legal, business, credit and tax advice.

Spiegel & Utrera, P.A. is a corporate law firm with its main offices located in Miami, Florida with offices throughout the United States. As a law firm, we do more than just help you form your business entity. We stand ready to help with the maintenance of your legal business entity! Spiegel & Utrera, P.A. will assist you with Incorporation Service, Trademarks, Copyrights, Estate Planning, Legal Counsel, Wills,Trusts, Agreements & Leases, Corporate & Company

Posts categoriezed as Business

Protect Your Business From a Whistleblower – AmeriLawyer.com

Protect Your Business From a Whistleblower

What is a whistleblower?