If you have an estate plan, resolve to review the plan with your Maryland estate-planning attorney. If you have no estate plan, resolve to devise an estate plan in 2019 that reflects your wishes and desires for your future and your family.

An LLC may elect how it wants to be taxed: as a sole proprietorship, partnership, S-Corp, or C-Corp. Depending on the situation, electing one income tax structure over another income tax structure for an LLC can provide important tax benefits for the company and the owner. Because tax law can be complicated, it's beneficial to discuss your concerns and needs with a Maryland business tax attorney before electing how your LLC should be treated for tax purposes.

Are you interested in purchasing a franchise? Purchasing a franchise offers several benefits, such as name recognition and an established reputation. However, deciding whether a franchise is a good investment for you can be complicated. Below are seven considerations that you may want to discuss further with a Maryland business attorney before entering a franchise agreement.

Are you ready to start a new company? If so, there are several steps you should take as you prepare to begin a new business. The steps you take now to build a strong foundation for your business can greatly impact whether your business is successful. As a Maryland business attorney, I regularly guide clients through the steps of starting a company.

The Maryland Healthy Working Families Act became effective as of February 11, 2018. Many employers continue to have questions regarding the Act’s requirement for employers to provide employees with ESS time (earned sick and safe leave) to care for themselves or their family members, in accordance withthe requirements of the Act. Consulting with a Maryland business attorney can help ensure you are complying with all provisions of the Act.

Starting a business can be an exciting but nerve-wracking process. Every one of today’s biggest companies started out on the ground floor, and they were often led by people who were unsure about their future prospects.

Are you searching for a way to lower your taxes for 2018 and beyond? If you are married, you might be able to create a partnership with your spouse to put more money in your pocket instead of Uncle Sam’s pockets. Don’t worry if you and your spouse do not work well together because your spouse can be more of a silent investor than a participating partner.

A corporation may be formed in any state while conducting business and being physically located in the business owner’s state of residence. A DC business attorney guides business owners in choosing the state for the formation of a business that offers the business the best advantages of incorporation.

There are many different structures your business can have in Virginia, and each form has advantages and disadvantages. One of the factors people consider when deciding which type of business entity to form is the amount of protection they will have from creditors. With that in mind, when are you liable for your Virginia business debts?

Although corporations and LLCs are similar, they have some critical differences. Choosing the right entity can mean a significant difference in tax treatment, for example. The membership structure is comparable, but there may be some restrictions that apply to corporations that do not apply to LLCs, and vice versa. Learning about the major differences between these two business structures is vital to choosing the right business structure for your company.

Choosing the right business entity is an important phase in business formation. Each type of business entity has certain advantages and disadvantages for the partners. The type of business, the partners’ goals, and state laws factor into your decision whether to form an LLP or an LP. An experienced business formation attorney can help you determine whether an LP or an LLP is best for your needs and goals.

The decisions made during the formation and registration of a business can have a substantial and long-term impact on the success of the business, including the ease of operation. A business formation attorney provides advice and guidance during each phase of a business startup, including selecting your business structure, assessing liability, and drafting necessary business documents.

If you accumulate a lot of business expenses to earn a living, your filing status can make the difference between getting to deduct those costs on your tax return or not. If you cannot offset your earnings by the costs required to generate that income, you will have to pay higher income taxes. The dust is just beginning to settle on the new Tax Cuts and Jobs Act ("TCJA"), and taxpayers are trying to wrap their heads around how the tax changes will affect their bottom line.

One of the biggest questions a lot of business owners have concerns the future of their company if they happen to pass away. What happens to a business after the death of the owner depends on the structure of the business.

Businesses use non-compete clauses in order to protect themselves from having employees leave or quit to work at a rival company. The rising value of trade secrets has prompted employers to issue more non-compete contracts. Estimates are that about 20% of the American workforce is subject to a non-compete contract and that 37% have signed one at some point in their career. If you have been approached to sign a non-compete agreement or are contemplating making non-compete clauses a part of your employment practice, you may want to talk with an experienced business transaction lawyer before you move forward.

By signing a contract, a business creates a legally enforceable set of rights and obligations. Therefore, when a business chooses to enter into a contract, it is imperative that it fully understands the terms of the agreement and their consequences. Usually draped in confusing and complex legal terminology, any business contract should be reviewed by a competent and knowledgeable business transactions attorney. There are, however, a few parts that anyone entering into a business contract should look out for.

For most, the basic purpose of owning and operating a business is to make a profit. Not only is selling a business an opportunity to maximize your profits, it can sometimes be the most the most profitable business decision. Whether you are planning on selling your business within its first few years, first few decades, or never at all – it is always a good idea to have a comprehensive exit strategy, so the taxpaying business can plan for any situation that may arise down the road.

The sweeping tax reform bill known as the Tax Cuts and Jobs Act will overhaul the way the tax code treats businesses – whether small businesses or large multinational corporations. While it is not possible to gauge the exact ways different provisions will impact small businesses, it is very likely that the overall tax burden will be reduced for the majority of small businesses.

You came up with a great idea for a business. You might even have drafted a business plan.

Before you can move forward, one of the key questions that you need to decide, especially if you need to raise start-up capital, is what business entity to choose. Before you set up a structure, you must decide, what business entity is right for your company. A good business transaction lawyer can assist you in determining the right business entity before you make a costly mistake. Before you take that step, take a look at the pros and cons of some of the most common business entities out there.

With the Tax Cuts and Jobs Act (TCJA) expected to save taxpayers over $1.5 trillion in the next decade, the massive overhaul will likely reduce the tax burden for most American and businesses. However, in any sweeping overhaul, there are certain aspects of the tax code that will be changed to either reduce a tax burden or increase tax revenue. Maryland taxation attorney, Steve Thienel talks about the pros and cons of the new tax bill and how it may affect you and your family.