Tag Archives: corporate law

Business vs. Hobby: Factors the IRS Considers

A hobby is an activity that someone pursues because they enjoy it without any intention of making a profit. A business, on the other hand, is operated to make a profit.

  How can you tell the difference between the two? Here are the factors the IRS considers:  
  • Does the time and effort put into the...
Read more

Including a Right of First Refusal on Property in Your Estate Plan

Client have occasionally asked us whether their estate plan can include a right of first refusal (ROFR) on assets in their estate.

To illustrate this issue, here’s a hypothetical scenario: The Family Farm Brad and Nancy have owned and operated a farm for decades. As they’ve gotten older, their youngest son, John, has helped them manage the...
Read more

What You Need to Know About Business License and Permit Requirements

If you are starting a new business, there are so many things to consider and think about.

But it’s important, in the midst of all of this, not to overlook federal, state, and local business license and permit requirements. Almost every business, even one that is home-based, is required to obtain some form of license or...
Read more

12 Things You Need to Know About Buying or Selling a Small Business

When buying or selling a business there are many issues to consider and ultimately resolve in order to ensure that both parties receive what they have bargained for.

Every transaction is unique and will require the assistance of your attorney, CPA and other trusted advisors, but at a minimum, the following should be considered:
Confidentiality/Non-Disclosure Agreement When entering...
Read more