Qualified Small Business Stock

Qualified Small Business Stock

In recent years, many people forming closely-held entities abandoned the corporate form of entity in favor of the limited liability company form of entity. Less formalities to deal with, no annual renewal fees to be paid to the state (in Arizona) and more flexibility...

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Family Business Succession

Family Business Succession

There are millions and millions of family businesses in the US. A typical scenario is where Mom and/or Dad started a business and through significant dedication, effort, and tax and business planning over a period of time turned their business into a financial...

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Importance of Company Financial Statements

Importance of Company Financial Statements

Over the years, I have seen many business clients pay an excessive amount of attention to the income or profit and loss statement to the detriment of the other financial statements available, such as the balance sheet, the statement of cash flow and statement of owner...

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Letter of Intent: to Bind or Not to Bind

Letter of Intent: to Bind or Not to Bind

What’s the point of a letter of intent if it doesn’t serve as the final binding agreement? Isn’t it just extra work and more legal fees that could have been avoided by just getting to work on the agreement itself? As it turns out, letters of intent serve a valuable...

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Avoiding a Costly Business Divorce

Avoiding a Costly Business Divorce

Starting a business with co-owners is a little bit like getting married. At the front end of the venture, all the owners get along and everyone is happy-just like in a marriage. After a while, some bumps in the road occur, and as things start unraveling, the...

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SECTION 199A—IS THIS A DREAM COME TRUE?

SECTION 199A—IS THIS A DREAM COME TRUE?

At the end of 2017, the Tax Cuts and Jobs Act (TCJA) was signed into law with much fanfare and with an effective date of January 1, 2018. Two income tax provisions in TCJA made big headlines. The tax rate for C corporations was cut to a flat 21% rate. And a new tax...

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