Running a successful business requires tax compliance. Not only does an individual have to pay taxes on what income they earn personally, but they also have to ensure that the organization they operate fulfills its federal income tax obligations. Those obligations may...
Philadelphia Probate Law And Commercial Litigation Blog
Preparing an adult child to take over the family business
Starting, maintaining or growing a family business can be a point of pride for an individual. The company they run helps them support their family. It may also contribute to the local community by offering important goods and services and providing people with...
The importance of strong business contracts and warranties
If you are a business owner in the bustling Philadelphia metro area, you probably know that every detail of your approach matters. Whether you’re running a cozy cafe in Cherry Hill or a thriving tech startup in Center City, the success of your business often hinges on...
Selling a business could result in major tax consequences
Business owners have to consider numerous different issues when planning to sell a company. Securing an appropriate valuation is only the beginning of the process. Negotiating to secure the best price possible, agreeing to provide appropriate transition support and a...
Non-compete agreements should no longer stifle entrepreneurship
Entrepreneurs hoping to start a new business often create contracts as a way of protecting their interests. However, for some people, existing contracts may be the main issue deterring them from starting a new business. People who accept positions with existing...
3 basic considerations for a smooth transition to new business leadership
If someone has started a successful business, they very likely want to see that company continue operating even after their death or retirement. The creation of a succession plan allows a business owner or executive an opportunity to pay the way for the next...
How can trusts help to protect a business?
Business owners often put their company’s interests first. Yet, while they may be hyper-focused on making decisions now, they also need to think about what happens if they pass away. Trusts are one option business owners have to ensure that their business can continue...
3 important inclusions in an owner or executive’s succession plan
Those in leadership positions at successful businesses generally want to see their company thrive. Even after they exit the organization, they may hope that the company continues to grow. Succession planning can help ensure that a business can continue operating even...
What if someone can’t pay their tax debt all at once?
People in a variety of situations may find themselves facing allegations of tax underpayment. Perhaps someone misunderstood what deductions or credits they could apply when filing their taxes. Maybe they failed to calculate their tax obligations using all of their...
3 steps to decrease the conflict in a partnership buyout
Some business partnerships last for decades. Others start to struggle shortly after they begin. While people may have intended to run a company with their business partner for years or even decades, they may eventually need to propose buying out their partner or ask...