Why Estate Planning for Small Business Owners Is Important Imagine the following scenario: you run and own a small business that has taken years of hard work to make successful. However, the heart and brains of the company exists in a single person or a few key employees. The key employee can be anyone, such …Read More
The Sharing Economy – What Is an Independent Contractor? In the new and emerging sharing economy, where goods and services are exchanged through peer-to-peer networks, many companies have sprung up to help facilitate this peer-to-peer sharing. Despite the advantages of a sharing economy, such as reducing waste, saving money and more choices for consumer, a …Read More
Use Estate Planning and Avoid Probate When a person dies, his or her assets are disbursed in accordance to his or her will or in accordance with the state’s intestate succession laws. Either process can occur through probate, which is essentially the legal process by which a decedent’s (person who has died) assets and debts …Read More
Taxation of Limited Liability Companies (LLCs) A limited liability company (LLC) is a business entity created by state law, the Michigan Limited Liability Company Act of 1993. After forming an LLC you must take certain steps to keep your business in compliance with this law. State LLC taxes and fee Michigan taxes LLC profits the …Read More
Partnerships: Rules and FAQ People or companies that conduct business together, but have not filed any formal organizational documents to obtain a corporation or other state-issued entity may be classified as a partnership, whether they intend to be one or not. Those can raise issues and about partnership transactions and potential liabilities that the participants …Read More
