What is Personal Injury Law?

What is Personal Injury Law? Personal injury law, or sometimes referred to as tort law, covers cases where a person is hurt or injured, as a result of someone else’s negligence. This is a form of civil law, which means one private party is suing another, unlike criminal law where the government prosecutes someone. In these suits the injury may …

IRS Now Using Private Debt Collectors

IRS Now Using Private Debt Collectors Be Aware Remember those warnings about scammers posing as debt collectors for the IRS? Starting this month, some of those debt collection letters will not be a scam. The IRS authorized and hired four debt collection firms to discuss longstanding tax balances and available payment options. In 2015, Congress authorized the use of contracted …

Brief Overview of Entities

Brief Overview of Entities Entity Selection One of the fundamental initial decisions a new business owner faces is choosing the form of organization for the business. Generally speaking, a person should consider himself or herself to be “in business” once they have begun the operation of an activity for which they expect to be paid. This is true whether that …

Startup Financing and Operation of the Business

Startup Financing and Operation of the Business The Beginning of a Business A startup business, regardless of form, generally will find it difficult to obtain outside financing. The statistical failure rate for new businesses is high, and many lenders view financing the startup business venture as extremely risky. Banks and other creditors generally will require a significant capital investment by …

Distribution of Profits and Losses

Distribution of Profits and Losses Profits and Losses Sole Proprietorship The sole proprietor receives all the profits from the business, and bears all the losses, which may exceed the proprietor’s investment in the business. Partnership In the general partnership, the limited liability partnership, the limited liability limited partnership and the limited partnership, profits and losses are passed through to the …

Non-Tax Factors in Choosing the Correct Entity

Non-Tax Factors in Choosing the Correct Entity Selecting the Entity that is Right for You In choosing the most appropriate form of organization, the business owner will want to consider a variety of factors, including: complexity and expense of organizing the business; liability of the business owner; distribution of profits and losses; management control and decision making; financing startup and …