When an individual or group of individuals decide to incorporate their domestic business, it is then a requirement to annually file IRS Form 1120, the U.S. Corporate Income Tax Return.
If a LLC member is not personally liable for the LLC’s debts, has no authority to contract for the LLC, or does not participate in the LLC’s business for more than 500 hours per year, their income is considered passive, and therefore, not subject to self-employment tax.
A Setback is the distance from the Base Building Line (the officially mapped street line) to the point where a building may be constructed. The City of Miami provides setback requirements for property owners in the Miami 21 Zoning Code.
The Internal Revenue Code provides business owners an income deduction when reporting their qualified trade or business’ income, also known as a qualified business income.
After deciding whether to invest in rental properties, it is important to make an informed decision regarding the kind of business entity your company should become.
Many states have tried providing education to the public to be careful in who they hire to help with their legal problems. Additionally, many states, such as Florida, have established programs to protect the public against harm caused by individuals pretending to be attorneys.
The Act came into effect on January 1, 2019 and was amended on January 30, 2019. The Act was established based on concerns rising from the EU (European Union) Code of Conduct Group for Business Taxation and OECD (Organization for Economic Co-operation and Development) guidance around the economic substance of entities in jurisdictions a very low to zero percent corporate tax.
GRAT, short for Grantor Retained Annuity Trust, is a type of irrevocable trust that alleviates the tax cost of passing assets to your beneficiaries.
Corporations lean on Delaware’s favorable business laws when it is time to incorporate their business. However, what happens when you want to dissolve your Delaware corporation?
Breaching an NDA can have serious consequences (e.g., a lawsuit against the person who is revealing the private information). Normally, the remedies for a breach of an NDA are in the NDA itself. Therefore, it is important to have a detailed NDA, which includes what is covered by the contract and the repercussions for disclosing such information.
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This is a quick legal reference guide covering 16 topics that every business owner needs to have to start a business
