Buying a business with co-owners? Then you need to set up a buy-sell agreement. And fast. Why? Because a well drafted agreement can… Transform your business ownership interest into a more liquid asset Prevent unwanted ownership changes Save taxes and avoid hassles with the IRS If you want to find out how buy-sell agreements work and how they can keep you out … [Read more...]
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Don’t miss these tax-free fringe benefits!
The IRS has some good news for you. You read that right. Some good news from the IRS and here it is… Under the “de minimis” fringe-benefit rules, your business can deduct the cost of giving you and/or your employees, flowers, fruit, books, or similar property. And recipients get these gifts tax free! Want to learn more about the regulations that govern these de minimis … [Read more...]
Buying a business? Due diligence is critical
Buying a new business can be extremely risky. That’s why, before you sign on the dotted line, you should conduct an in-depth due diligence review. Whether you’re going to arrange for an asset purchase or an ownership interest purchase, a careful due diligence review can help you avoid exposure to liabilities, known and unknown. Want to avoid after-the-purchase … [Read more...]
Here’s what every LLC owner needs!
Your LLC provides you with two important benefits: Limited liability Favorable tax treatment But be aware that your state’s LLC default rules and regulations govern your business as well as your members’ rights and responsibilities. Sometimes these rules are onerous, but don’t lose heart. Luckily, your state’s default rules can be overridden by an operating … [Read more...]
Tax planning & noncompete agreements
When you buy a business, you don’t want the seller to turn around, create a similar new business, and start competing with you. Okay. That’s obvious, and you already know you’ll need a noncompete agreement. What you may not know is that noncompete agreements have very real tax consequences. Want to learn how the IRS treats your tax deductions as the buyer of a business … [Read more...]