You didn't realize that you had made a mistake when calculating your income taxes until you got a letter from the Internal Revenue Service (IRS) informing you of underpayment or of an upcoming audit. Now, the IRS claims that not only do you owe thousands of dollars in...
Philadelphia Probate Law And Commercial Litigation Blog
Has your business’s purpose or operations changed recently?
Entrepreneurs may have to change their strategy several times after coming up with an idea for a new business concept. Frequently, the idea someone has will require some tweaking to turn it into a profitable business model. They may have to scale up or down their...
Will your child be ready to take over the family business?
You may feel strongly about the wish for your child to take over the family business when you retire. Not only do you feel like they can continue fulfilling obligations to your customer base and your employees, but you hope to provide them with a good standard of...
2 important documents for married couples starting businesses
When someone starts a business during their marriage, they may work on developing the company while their spouse works another job. This approach helps a household reduce the risk in an entrepreneurial start-up. There is another stream of income so that the family...
Digital assets could lead to tax audits and even criminal charges
Human lives are increasingly digital. People socialize on the internet and even go online to meet prospective romantic partners. They can file their tax returns online and buy all of their household needs with a few clicks or taps on a smart device. The switchover to...
Why do most family-owned businesses fail?
Even when the family business lasts through the first generation, the vast majority fail by the third generation. Many of them don't even make it through the second generation. This means that, if you start a business and then try to leave it to your children, the...
What should you look for in a business partner?
You want to start your own business, but you're well aware that you don't want to do it on your own. You would like to go into business with a partner and see if the two of you can work together to have success. While many people in your situation may already have a...
Should you sell your business when you retire?
Now that you’re at the stage of your life where you’re looking to retire, one of the things you would like to do is to pass on or close down your business. You haven’t decided if you would like one of your children to take over the business or if you would like to...
3 times specific performance could resolve a contract dispute
Many businesses manage to resolve breach of contract disputes outside of court. However, there are always scenarios in which compromise isn't possible. Perhaps the other party refuses to take responsibility for their failures, and you need a more aggressive solution...
Are you ready for a leadership succession at your small business?
Running a small business means planning not just for daily operations but also the long-term success of the company. That means planning for the future until you leave the company and also what will happen if you retire, die or experience a medical emergency that...