Understanding the New IRS Ruling on Irrevocable Trusts: Preserve Your Stepped-Up in Basis with Expert Guidance from The Private Firm
Navigating the complexities of estate planning has become even more challenging with a new IRS ruling that affects irrevocable trusts. Published in March, the rule alters how the step-up in basis applies to assets held in these trusts. If you want to ensure your estate plan is in compliance with…
EVERY BUSINESS MUST HAVE A MICHIGAN RESIDENT AGENT AND REGISTERED ADDRESS
Why Foreign Businesses Must Have a Michigan-Based Resident Agent and Registered Address The Private Firm: Your Trusted Partner for Meeting Resident Agent and Registered Address Requirements in Michigan. Foreign businesses looking to transact business in the state of Michigan must adhere to specific legal requirements to ensure compliance with the…
TEN SIMPLE STEPS TO PREPARE FOR A RECESSION – A BUSINESS OWNER’S GUIDE
As the US economy heads for a likely recession in 2023, what should business owners do to prepare? Here are 10 simple steps to consider as we head in to a climate where: interest rates will likely continue to rise, competition will increase, lending will become increasingly…
CLASS B SHARES (STOCK OPTIONS) v. WARRANTS (AKA PHANTOM STOCK):
WARRANTS / PHANTOM STOCK:Phantom stock is a contractual agreement between the phantom stock plan participant and theemployer. The agreement gives the participant the right to cash payments at (1) specified timesor (2) specified conditions based on the market value of equivalent shares of the company.Some organizations may use phantom stock…
SEVEN KEY REASONS TO DITCH THE SOLE PROPRIETORSHIP AND START AN LLC
Have you ever wondered why you would ever need a Limited Liability Company (LLC)? Here are seven compelling reasons to hire a local attorney to organize a new LLC: REASON ONE: LLCs offer limited liability and significantly reduce financial and legal exposure for the owners. In other words, LLCs can…
WHAT IS A BUY-SELL AGREEMENT, AND WHY IS IT IMPORTANT?
Introduction A Buy-Sell Agreement is a legally binding contract between a business and its owners that lays out how significant events—such as death, divorce, disability, or departure of a partner— will affect the management and control of the business. A well-drafted agreement anticipates the intent and needs of the owners,…