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Philadelphia probate law and commercial litigation blog

When can your business sue someone else for defamation?

Building a business takes a substantial investment of both time and money. Even if you have experience in the field and connections, it can take months or even years before you have actual income from the business. Most businesses rely on a combination of word-of-mouth recommendations and brand recognition by consumers to build their client or customer base.

Unfortunately, that means that a person or organization with a chip on their shoulder could cause serious issues for your company's financial bottom line. It only takes one person spreading misinformation to damage your reputation and cost you customers. Online review systems like Yelp and social media have made it easier than ever for one person to ignite a firestorm of backlash against a business.

Your estate plan should address your needs first

When you first begin to put together your estate plan, your primary goals may have more to do with leaving something to the ones you love than caring for your own needs. Unfortunately, this can cause major problems if you don't include some important documents about your own personal preferences.

Some estate planning documents deal directly with your end-of-life choices and establishing a plan to care for your needs if you suffer a disability or long-term illness. For your own sake and for the sake of those who love you, be sure to include these documents in your plan, so that you don't waste valuable time and resources if you do suffer a serious injury.

Leaving a legacy when you don't have children

Everyone should consider the legacy they want to leave at the end of their lifetime, whether they have children or not. In fact, having no heirs to leave your estate to can mean that it is even more important to plan out your estate. This is because it can be significantly more challenging to get your affairs in order.

If you do not have children and if you live longer than your spouse, the assets that you have at the end of your life will be difficult to distribute. Additionally, you may be unsure whom you would like to leave your estate to at the end of your lifetime.

Federal government quietly pushing back against abusive bank fees

For many people, banking seems like a necessary evil. They don't relish the idea of needing to store their money outside their home or pay someone to access it, but the security and convenience of a bank account is almost necessary. While it is possible to get by without a bank account, that usually means that you have to pay a lot of money to cash checks and purchase money orders to pay bills.

The fees and costs associated with a standard bank account may seem reasonable compared with the hassle that people have to go through to avoid opening a bank account. In some cases, however, the bank actually has an abusive or inappropriate policy for fees that ends up having a negative effect on customers.

Planning for care at the end of your life should start early

No one enjoys contemplating the end of their life or health as they age. The avoidance of this unpleasant reality is one reason that people give for failing to adequately plan for their needs as they get older.

Many people put off creating an estate plan or last will for far too long, leaving themselves and their loved ones vulnerable if something unexpected happens. Another mistake that people make far too often is the decision to avoid planning for the potential of health issues as they age.

Should you use GAAP or non-GAAP reporting?

Part of owning a business is accounting for income and expenses and there is more than one way to do this. For example, you can follow Generally Accepted Accounting Principles (GAAP) or choose a non-GAAP method such as cash basis accounting. The format you choose is going to affect the net income you report to the Internal Revenue Service (IRS) and the numbers you provide to current and potential investors.

It is important that you choose an accounting method that provides a reasonable level of transparency and reports your business activity in the most accurate way possible. In other words, choosing the wrong accounting method could be misleading. Here are a few things to know about GAAP versus non-GAAP reporting so that you can choose the accounting method that fits your business.

Is planning for extended life expectancy wise?

Right now, no matter when you read this, we are living in the future, a future that is much more complicated than the people trying to envision it even 40 or 50 years ago could imagine.

One of the most significant changes of the modern world is that child mortality has dropped immensely, while life expectancy has increased. This means that more of us are making it to adulthood, and once we do, we are, statistically, living longer lives.

How often should you update your estate plan?

You finally created your estate plan. Sitting down and hashing out all the details was a lot of work, but now that your estate plan is set, you can rest easy knowing you and your family will be taken care of if something should happen.

However, your work is not done yet. While a large part of the work of estate planning is in creating it, you still need to update your plan periodically in order for it to be the most effective.

Are you prepared for the challenges of owning a business?

You have recently started your own business, or you are preparing to start one. You feel excited but nervous for this new chapter in your life. In addition to handling the many day-to-day aspects of establishing a business, you also spend a lot of time worrying about the challenges that your new business may face.

Business ownership is not for the faint of heart. The majority of small businesses will eventually go under, unless the owner is proactive in anticipating the numerous problems that plague small businesses. In this post, we will go over a few of these obstacles and address what you can do to prevent or manage them.

Is it unlawful for employees to hide information?

Over the last few years, the world of banking has had its fair share of controversies. Allegations against the Wells Fargo & Company continue to surface. Red flags went up when some clients started to notice unanticipated fees, credit and debit cards and lines of credit. Investigations uncovered that employees were creating fraudulent savings and checking accounts on behalf of the bank.

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