When your child turns 18, they're legally considered an adult even though they have a lot more growing to do (though they may not think so!). Just like any other adult, their health and financial information is protected by privacy laws. But unlike any other adult, that's still your child and you...

When you are first starting a business, operating it as a sole proprietorship may make a lot of sense. Sole proprietorships are simple and inexpensive to set up and maintain: they are operated by a single taxpayer and are the most common form of business organization. From a tax and legal perspe...

As the world and its laws continue to evolve, everyone needs to keep their estate plans up to date. An estate plan is a set of documents, such as a will or trust, that dictate how assets will be distributed upon death or incapacity. An individual's current legal and financial situation should be ...

Congratulations! You have decided to form a limited liability company (LLC) to run your business. Aftercompleting your state formation process, your LLC needs to have the right documentation in place. Anoperating agreement, sometimes called a company agreement, is a legal document that describes ...

If you're a father, you've undoubtedly done your best to provide for your family, ensuring their well-being and securing their future. However, even the most well-intentioned plans can falter if you overlook the complexities of estate planning. So this Father's Day, let's celebrate all of you dad...

Whether you are an entrepreneur starting a new business or are running a well-established business, your success often depends on safeguarding innovative ideas and information that give you an edge over competing businesses. If you have spent years perfecting a secret recipe for the doughnuts tha...

A distribution from a limited liability company (LLC) is a payment of cash or property made by an LLC to the LLC's owners, also known as members. Although state law sets forth certain default rules, LLC members can specify in the LLC's operating agreement when and how profits are allocated, distr...

In the digital age, online scams and cyber attacks are becoming more frequent, posing risks to not only everyday users but also to lawyers who manage clients' sensitive information.  There are steps you can take to keep your data safe. You should also know what actions your lawyer is taking to pr...

Under the final Noncompete Rule, the Federal Trade Commission adopts a comprehensive ban on new noncompetes with all workers, including senior executives. The final rule provides that it is an unfair method of competition—and therefore a violation of Section 5—for employers to enter in...

When that extra bit of money from your tax refund lands in your bank account, (kinda feels like Christmas, doesn't it?)  it's easy to start dreaming about all the ways you can use it. Financial experts may tell you that it's a chance to pay off debts, tuck away savings for an emergency, or add to...

When you die, what happens to your online life? Each social media platform has its own rules for dealing with the accounts of deceased users, ranging from permanent deletion to transforming accounts into places for mourning and memory. Understanding these options is essential for managing digita...

What is Cryptocurrency, Exactly? Cryptocurrency, which folks also call “crypto” is, in essence, virtual money that can be used to buy goods and services. It can also be traded for profit, much like stocks. However, unlike the dollars in your wallet, crypto exists only in the digital world. The c...

Do-it-yourself Wills and Trusts are all over the internet, with promises of saving you money and protecting your loved ones after you're gone. But don't be fooled! They're often way more trouble than they're worth.  If you've been traveling around the sun for a while, you've no doubt heard of a ...

The limited liability company (LLC) has only been around since the first LLC statute was enacted in 1977. Within a few decades, it has become the most popular legal entity formed by new US businesses due to its ease of formation, flexibility, low start-up costs, and limited liability for members....

Starting a business requires a great deal of planning and execution. Exiting from your small business should entail a similar level of forethought and preparation. Nevertheless, some surveys indicate that nearly half of business owners have no exit strategy.[1] After years of expanding your busi...

The decision to hire family members for your business is a delicate balancing act that involves both personal and professional considerations. Working with loved ones can create a sense of trust and unity within the workplace and has been shown to increase business resiliency. However, mixing fa...

America is in the midst of a retirement savings crisis. Many people are not saving enough to replace their income in retirement, and some have no money saved for retirement. Employer-sponsored retirement plans enable people to save for retirement, but many private-sector workers do not have acces...

All registered corporations are required by law to hold an annual meeting. Limited liability companies (LLCs), although not subject to the same statutory requirement, should hold regular meetings in accordance with their governing documents. What Is the Purpose of a Corporation's Annual Meeting?...

Assets, liabilities, and equity, oh my! These are accounting terms that every small business owner should be familiar with. They are included on a business's balance sheet, providing a snapshot of financial health. A balance sheet shows a company's assets and liabilities at a given time and how ...

Over time, your business can undergo significant changes. What may have started as a humble, one-person operation can grow into a more complex company, with multiple owners, employees, an evolving mission statement, and increasing risks. As the scope and goals of your business shift, an accompan...

Due diligence is the process of obtaining and verifying information about a company or person in preparation for a business transaction, such as an acquisition, merger, or potential new business partner. Generally, due diligence provides information about the company being considered for purchas...

I frequently encounter the question, "how much should my estate plan cost?" It's a valid inquiry, and I want to provide a clear answer. However, it's crucial to acknowledge that there is no one-size-fits-all solution for every individual or family. Beware of any lawyer who quotes a plan's cost vi...

Here's why you may not want to “shop around” for an estate plan, and how you can ensure you get the most efficient and affordable plan possible for your family without shopping for an estate planning lawyer the way you may think. First and foremost, getting estimates assumes you understand exact...

What Every Business Owner Should Know Cash flow measures how much cash is flowing in and out of a business. A positive cash flow is one of the strongest determinants of a business's success. It shows that a company can fund its debts and pay for immediate needs such as equipment and staffing, an...

The limited liability company (LLC) is a popular entity structure among small business owners that provides governance and taxation flexibility and shields personal assets from business liabilities. To enjoy the benefits and legal protections of an LLC, however, owners must register their compan...