Archive for llc
Oct
31
Family LLCs: Sharing the Wealth
Posted by: | CommentsFor years promoters have touted the use of Family Limited Partnerships (FLP) as a tool for owning and protecting assets and providing a mechanism for passing them on to the next generation. The FLP has been used so frequently that it could lead one to the impression that the FLP is a separate kind of entity. It isn’t. It is simply a Limited Partnership used for family purposes. Similarly, the LLC is becoming used for family purposes, which has coined the usage of the Family LLC.
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Anna Nicole Smith: A legacy of not planning for the future There is an Associated Press article on Law.com about the mess that Anna Nicole Smith left behind for her estate. In addition to the paternity suits, DNA tests and jurisdictional wars between the Bahamas and the U.S., there is also the highly personal tragedy of an infant daughter who...... -
The Problem with Series LLCs The new, Series LLC abandons the comforts of asset protection precedent, and introduces a new, completely untried and untested concept into which uninformed promoters and unwary business owners are stumbling. The Series LLC is an exciting new development in business entity law that is currently getting a lot of attention......
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Oct
14
Husband & Wife Ownership of LLCs in Community Property States
Posted by: | CommentsI am frequently asked about the impact of a husband and wife owning the membership interest in an LLC in a community property state. It is and interesting issue that is unresolved in many respects.
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Related Posts - What are "Start-Up" costs? To the IRS, qualified start-up costs are those expenses that a business incurs while in the process of determining whether or not to start a new business, and which new business to begin. This is often called the "whether or which test". See IRS Rev. Rul. 99-23, 1999-1 CB 998.......
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11 Ways to Protect Yourself in Business Business is riskier than ever these days. The economy is a mess, credit markets are tight, taxes are high - and likely to go higher, the courts are clogged with frivolous lawsuits, and attorneys seem to rule the world. What can you and I do about it? Fortunately, we......
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