Estate Planning in the Digital Age

Estate planning traditionally focused on physical assets and paper documents, but the digital age has reshaped inheritance. Today, our digital lives extend far beyond the physical realm, surrounding various digital assets that require careful consideration in estate planning.
Recognizing the significance of incorporating our digital assets into estate planning is essential. From memories captured in digital photos and videos to the world of cryptocurrencies, our digital footprint holds both sentimental and financial value that must be safeguarded for the benefit of future generations.

Social media accounts, for instance, have become depositories of our life stories, containing memories, interactions, and connections with loved ones. While these accounts may seem intangible, they hold immense sentimental value for our heirs, serving as digital archives of our lives. Moreover, failing to address social media accounts in estate planning can lead to complications, such as disputes over access or privacy concerns.

Similarly, email accounts often contain valuable information, including financial statements, legal documents, and communications with family members. Proper planning allows these accounts to be made available and noticed, avoiding the risk of losing critical information or assets.
Furthermore, the rise of cryptocurrencies has introduced a new dimension to estate planning, presenting unique challenges and opportunities. Unlike traditional assets, cryptocurrencies are decentralized and stored in digital wallets, making them vulnerable to loss if not properly managed. Without clear instructions for accessing and managing these assets, inheritors may struggle to recover or identify cryptocurrency holdings, leading to potential loss or disputes.

To work through the complexities of estate planning in the digital age, individuals should take proactive steps to ensure the transfer of digital assets to future generations:

  1. Inventory and Document: Create a comprehensive inventory of your digital assets, including social media accounts, email accounts, digital files, and cryptocurrency holdings—document relevant information such as login credentials, account numbers, and instructions for accessing each asset.
  2. Appoint a Digital Executor: Consider designating a trusted individual as your digital executor to oversee the management and distribution of your digital assets. Your digital executor should possess the technical expertise to navigate digital platforms and adhere to your wishes outlined in your estate plan.
  3. Establish Digital Estate Planning Tools: Explore digital estate planning tools and services designed to facilitate the management and transfer of digital assets. These tools often provide secure storage for digital asset information, encryption for sensitive data, and mechanisms for transferring access to designated individuals upon incapacity or death.
  4. Review and Update Regularly: Estate planning is not a one-time event but a continuous process that should be revisited and updated regularly. Please review and adjust your estate plan as your digital footprint evolves, incorporating new assets or accounts.

By proactively addressing digital assets in estate planning, individuals can ensure that their digital legacies are preserved and passed on to future generations. Whether it’s treasured memories stored in social media accounts or valuable assets held in cryptocurrency wallets, planning for the disposition of digital assets can provide peace of mind and clarity for the individual and their heirs.

In conclusion, estate planning in the digital age requires an approach that surrounds traditional and digital assets. By recognizing the significance of digital assets and implementing proactive strategies for their management and transfer, individuals can safeguard their legacies and leave a lasting impact on future generations.

Lessons from Aretha Franklin’s Will: Ensuring a Smooth Estate Transition

When it comes to estate planning, even the most iconic and talented individuals can encounter challenges if their wishes aren’t properly documented. The recent case of the late Aretha Franklin’s will and the disputes that followed, highlight the importance of meticulous estate planning. At The Markarian Group, we specialize in handling Wills, Estate Planning, and Trust Litigation, and we’re here to dissect the lessons that can be learned from this case.

The Aretha Franklin Case: A Brief Overview

The passing of the legendary “Queen of Soul,” Aretha Franklin, left behind a legacy that extended beyond her music. Unfortunately, her death was also followed by a legal battle surrounding her estate. The primary issue revolved around the lack of a clear and valid will. Franklin’s handwritten documents, including a will found under couch cushions, raised questions about its legitimacy and proper execution. This situation underscores the need for everyone, regardless of their status, to have a well-drafted and legally sound will in place.

Key Lessons for Effective Estate Planning

Professional Guidance is Crucial: Aretha Franklin’s case exemplifies the potential complications that can arise when individuals attempt to navigate estate planning without professional assistance. Engaging an experienced attorney ensures that your will is legally valid and comprehensive, reducing the chances of disputes down the road.

Clarity and Precision: A handwritten will, though unique, can lead to ambiguity and disagreements. The language used in estate planning documents must be clear, specific, and unambiguous, leaving no room for misinterpretation.

Regular Updates: Life is ever-changing, and so are your circumstances. Regularly updating your will to reflect changes in your assets, family structure, and preferences is essential. Failing to account for new developments can result in unintended consequences.

Trust and Estate Litigation Preparedness: Trust litigation can be emotionally taxing for family members. To minimize the potential for such litigation, consult with an attorney who specializes in estate planning and trust litigation. They can guide you on how to structure your estate plan to mitigate the risk of disputes.

The Markarian Group: Your Partner in Estate Planning

At The Markarian Group, we understand the intricacies of estate planning and trust litigation. Our team of experienced attorneys is dedicated to ensuring that your wishes are respected and that your loved ones face minimal legal complexities during an already challenging time.

Whether you’re an accomplished artist like Aretha Franklin or an individual looking to secure the future for your family, our expertise in Wills, Estate Planning, and Trust Litigation is at your service. Don’t leave your legacy to chance – contact us today to begin the journey toward a comprehensive and well-structured estate plan.

The case of Aretha Franklin’s estate planning challenges serves as a reminder that even those with anextraordinary legacy of achievements can fall prey to insufficient or unclear wills. The lessons derived from her experience underscore the importance of engaging professionals, maintaining precision, and regularly updating your estate plan. With The Markarian Group by your side, you can ensure that your legacy is honored, your loved ones are protected, and potential conflicts are minimized. Secure your future by making informed and strategic estate planning decisions today.

Leadership Palm Beach County Engage Program

We are Proud to Announce that David Glickman is Accepted into the Leadership Palm Beach County Engage Program.

Glickman is one of 55 professionals selected for the esteemed program Attorney and mediator David Glickman is accepted into the 2023-24 Leadership Engage Program, Leadership Palm Beach County’s flagship program. Leadership Engage, presented by iTHINK Financial, is a highly selective 10-month program which unites community leaders and offers participants a transformative learning experience and a powerful network, with the intent to better Palm Beach County.

Participants, who come from diverse industries and backgrounds, will gain a deeper understanding of their own leadership styles as well as understand the ways in which they can make significant improvements in the community.

The 55 class members were selected for their leadership and service in their professional and civic lives. They will meet each month from September through May to explore program topics such as agriculture, education, public safety, and healthcare. Class members will also divide into smaller groups and work on their chosen “Engage Forward” projects, the Leadership Palm Beach County civic engagement initiative benefiting local non-profits and aimed at tackling challenges facing the region.

Public service is an integral part of the leadership provided by the ladies and gentlemen of The Markarian Group. In addition to our dedication to Leadership Palm Beach County, we support Habitat for Humanity, a number of our community Chambers of Commerce, the Economic Council of Palm Beach County, and a variety of education-based initiatives.

Small Businesses get Caught Up in the Global Transparency Movement

As the world becomes more engrained as a global marketplace, transparency reporting to governmental authorities is a common theme. As set forth below, small companies, unless exempt, will be required to report certain ownership information to the federal government. Congress is concerned about money laundering and other illegal activities that are more easily accomplished with a small entity versus a large publicly traded company.

The Financial Crimes Enforcement Network (“FinCEN”), a bureau of the Treasury Department, was established by Congress. It is the government agency charged with enforcing the Bank Secrecy Act and Anti-Money Laundering. On January 1, 2021, Congress enacted the Corporate Transparency Act (“CTA”) as part of the FY2021 National Defense Authorization Act.

After the statute’s enactment in January 2021, FinCEN released proposed regulations on December 7, 2021. Final rules were issued on September 29, 2022, and will go into effect on January 1, 2024. FinCEN expects that these regulations will help address the lack of beneficial ownership information (“BOI”), and that the majority of reporting companies are those with simple management and ownership structures.

The reporting will center around a beneficial owner which is defined as “an individual who, directly or indirectly, through any contract, arrangement, understanding, relationship, or otherwise (i) exercises substantial control over the entity; or (ii) owns or controls not less than 25 percent of the ownership interests of the entity.”

Like the proposed rules, the final rules bifurcate reporting entities into two broad categories: domestic and foreign. Any corporation, limited liability company, or any other entity created by the filing of a document with a secretary of state or similar office under the law of a state or Indian tribe is a domestic reporting company. FinCEN expects these definitions to mean that a reporting company includes limited liability partnerships, business trusts and most limited partnerships. When the proposed rules were issued in 2022, there was concern that trusts used for estate tax and asset protection planning may be a reporting entity. The final rules clarify that a trust is generally excluded to the extent that it is not created by the filing of a document with the secretary of state. As such, the typical living trust or irrevocable trust used for estate tax or asset protection planning will not have a reporting requirement.

Any foreign reporting company would also include a corporation, limited liability company, or other entity formed under the law of a foreign country that is registered to do business in any state or tribal jurisdiction.

CTA exempts 23 types of entities from the definition of “reporting company” particularly those that are subject to regulatory reporting like a bank or insurance company. Exempt entities also include “large operating companies,” which are companies that 1) employ more than 20 employees on a full-time basis in the U.S., 2) “filed in the previous year Federal income tax returns in the United States demonstrating more than $5,000,000.00 in gross receipts or sales in the aggregate,” and 3) have an “operating presence at a physical office within the United States.”
For any entity that is required to report to FinCEN, the entity must disclose four pieces of information about each of its beneficial owners and company applicants: 1) full legal name, 2) date of birth, 3) current address and 4) a unique identifying number from an acceptable identification document. The reporting company itself must also report four pieces of information: 1) full legal name, 2) address, 3) jurisdiction of formation or registration, and 4) its taxpayer identification number.

When is the report due? The due date depends on (1) when a reporting company was created or registered, and (2) whether the report at issue is an initial report, an updated report providing new information, or a corrected report (i.e., correcting erroneous information in a previous report). However, please note that FinCEN will not begin accepting reports until January 1, 2024.

  • Domestic reporting companies that were established prior to January 1, 2024 will have to file their report no later than 1 year after the effective date of the final rule. Since the effective date of the final rule is January 1, 2024, reports are due January 1, 2025 for reporting companies created or registered with a state prior to January 1, 2024. A foreign reporting company would also have to report no later than 1 year after the effective date of the final rules. FinCEN estimates that the initial BOI reports to be filed in the first year will total approximately 32.6 million.
  • Both domestic and foreign reporting companies that were either created (domestic) or registered (foreign) after January 1, 2024 will be required to file their report within 30 days of the date of their formation or registration. This requires that the incorporator has processes in place to make sure that the reporting is timely made.
  • If a reporting company must update the previously filed reports, such update is due 30 days after the date on which there is any change.
  • Finally, to correct a report, the reporting company has 30 days to correct an inaccurate report after they discover, or have reason to know, that the report information was inaccurate.

To enforce reporting, there are both civil and criminal penalties for violating the reporting obligations. The civil penalty is up to $500 for each day that a violation continues or has not been remedied, and the penalty for criminal violation is up to $10,000 or imprisonment for up to 2 years, or both.

On December 15, 2022, FinCEN issued proposed regulations to implement the BOI access and safeguard provisions of the CTA. The proposed regulations would establish who may request BOI reported to FinCEN, who may receive the information, how it can be used, how it must be secured, and associated penalties for failure to follow the applicable requirements. The objective of the proposed rule reflects FinCEN’s commitment to establishing a useful database of authorized BOI recipients while simultaneously protecting the sensitive information gathered by FinCEN from unauthorized disclosure.

There are five categories of authorized recipients of BOI:

  1. U.S. Federal, state, local, and Tribal government agencies requesting BOI for specified purposes;
  2. Foreign law enforcement agencies, judges, prosecutors, central authorities, and competent authorities;
  3. Financial institutions using BOI to facilitate compliance with customer due diligence (CDD) requirements under applicable law;
  4. Federal functional regulators and other appropriate regulatory agencies acting in a supervisory capacity assessing FIs for compliance with CDD requirements; and
  5. The Department of the Treasury.

These rules are a significant development for our clients and carry the potential for excessive penalties for failure to comply. Please contact us for more information and how we can help you comply with these rules.

1. 31 U.S.C. § 310; “The mission of the Financial Crimes Enforcement Network is to safeguard the financial system from illicit use, combat money laundering and its related crimes including terrorism, and promote national security through the strategic use of financial authorities and the collection, analysis, and dissemination of financial intelligence.”

2. “The rule will enhance the ability of FinCEN and other agencies to protect U.S. national security and the U.S. financial system from illicit use and provide essential information to national security, intelligence, and law enforcement agencies; state, local, and Tribal officials; and financial institutions to help prevent drug traffickers, fraudsters, corrupt actors such as oligarchs, and proliferators from laundering or hiding money and other assets in the United States.” https://www.fincen.gov/beneficial-ownership-information-reporting-rule-fact-sheet

3. 31 U.S. Code § 5336(a)(3).

4. The list of exempt entities includes securities issuers, domestic governmental authorities, banks, domestic credit unions, depository institution holding companies, money transmitting businesses, brokers or dealers in securities, securities exchange or clearing agencies, other Securities Exchange Act of 1934 entities, registered investment companies and advisers, venture capital fund advisers, insurance companies, state licensed insurance producers, Commodity Exchange Act registered entities, registered accounting firms, public utilities, financial market utilities, pooled investment vehicles, tax exempt entities, entities assisting tax exempt entities, large operating companies, subsidiaries of certain exempt entities and inactive businesses. See 31 U.S.C. § 5336(a)(11)(B)(i)-(xxiii).

5. See § 31 U.S.C. § 5336(a)(11)(B)(xxi).

Defamation Law: Understanding the Differences Between Libel and Slander

What is libel or slander?

Libel and slander are two forms of defamation. Libel is a written statement in which someone publishes false or damaging information about someone else. Slander is a spoken statement in which a person spreads false or damaging information about someone. The statements must result in harm to the person’s reputation.

However, there are some exceptions to these laws that allow people to speak openly and honestly about someone else without being liable for libel or slander. For example, speaking the truth is an absolute defense against defamation claims; as such, if what is said can be proven true, then a person cannot be held liable for libel or slander. Additionally, certain types of speech are protected under freedom of speech laws, depending on the context in which it is spoken and the type of audience to which it is directed to.

Understanding the differences between libel and slander can help protect you from getting involved in a legal dispute. It is important to be aware of the laws in your state or country when making any kind of statement about someone else, as the consequences can be serious. If you are ever unsure, it is always best to seek legal advice before proceeding. This will ensure that you stay within the law and protect yourself from potential claims.

What are the consequences?

The consequences of libel or slander can be severe. Depending on the circumstances, a person found to have committed libel or slander may be liable for damages to the victim’s reputation and emotional distress, as well as punitive damages in some cases. It is always wise to consult with a lawyer if you feel that you have been wronged by libel or slander, as there may be legal remedies available.

In either case, it is illegal to publicly or maliciously make false statements about someone else without any legal justification. Depending on the jurisdiction, a person may face jail time or hefty fines if they are found guilty of making false statements with malicious intent. It is important to understand that even though certain types of speech are protected under freedom of speech laws, malicious lies are not. Libel and slander can result in civil liability as well as criminal penalties. If someone suffers financial losses or emotional distress due to libelous or slanderous remarks, they may be able to sue for damages.

Overall, it is important to be aware of the consequences of libel or slander before speaking about someone else in any kind of public setting. Respect for others’ reputations and understanding the laws around defamation can go a long way toward protecting both your own reputation and that of others.

When should you see a lawyer about libel or slander causing injury to reputation?

If you believe that someone has made a false and damaging statement about you that has harmed your reputation, you should consider consulting with a lawyer. A lawyer can help assess the situation and advise you on whether or not it is worth pursuing legal action. Depending on the circumstances, there may be multiple avenues of recourse available.

A lawyer can also help protect you from potential defamation claims by making sure that any statements you make are within the boundaries of the law. Understanding the laws and consequences surrounding libel or slander can go a long way toward protecting both your own reputation and that of others.

If you are worried that you are a victim of libel or slander or have committed either, you should contact us at The Markarian Group.

Protect Your Business With the Right Regulatory Guidance

If you are a business owner, then you know that staying compliant with government regulations can be difficult. There are so many rules and regulations to keep track of, and it can be hard to know which ones apply to your business. This is where law firms specializing in regulatory guidance & administrative law can help. By working with an experienced law firm, you can rest assured that your business is in compliance with all applicable laws and regulations.

What is Regulatory Guidance & Administrative Law?

Regulatory guidance & administrative law encompasses a wide variety of legal issues including, but not limited to banking and finance, competition law, consumer protection, data privacy, environmental protection and energy regulation. These laws were created to protect businesses from unfair practices and harm to the public. Working with a law firm specializing in this area can help you better understand the complexities of these laws and develop strategies to remain compliant.

What Can a Law Firm Do to Help?

When working with an experienced law firm can assure a review of all applicable regulations and provide guidance on how best to operate within their scope. We can also advise your business on potential risks associated with particular activities, such as regulatory sanctions or fines, so that you can take appropriate steps to avoid them. Additionally, we can represent your interests if any issues arise related to non-compliance. With the right legal counsel on your side, you can rest assured knowing that your business is protected from costly fines. We will help you understand the rules and regulations that apply to your particular business, as well as advise you on how best to comply with them.

As a law firm specializing in regulatory guidance & administrative law, our attorneys are highly knowledgeable and have extensive experience navigating the complexities of these laws. We will use our expertise to provide clear advice and assist you in developing effective compliance strategies. Our team takes a proactive approach when it comes to ensuring your business is compliant with applicable laws and regulations. By monitoring changing regulations, we can also help ensure that your business remains compliant with existing rules as well as any new ones that may arise. Additionally, we can help you navigate the legal and administrative process when it comes to filing for permits or applications for government funding.

Regulatory Compliance is Essential

No matter what industry you’re in or what type of business you own, regulatory compliance is essential for protecting your bottom line. By having knowledgeable attorneys on hand to help you navigate this complex area of law, you will be able to make sure your business is compliant with all applicable regulations.

Our team of experienced attorneys is here to assist you every step of the way through understanding and complying with government regulations. We provide personalized attention and legal counsel to businesses across a wide range of industries, from healthcare providers to technology companies. Get in touch with us today—we’ll work together to ensure compliance for your business now and well into the future.

The First Steps

We meet some of our new clients during times of extreme stress, where the risks are high and time frames and patience are short. In such an environment, an initial visit with a law firm can be challenging, and we try to make this process as straightforward and stress-free as possible.

The First Steps

During a typical consultation with a new client, our team reviews the matter at hand to guide and advise the best possible course of action to take; among various options. We might suggest a gentle approach in some instances, or an aggressive approach in others. We also always try to gather the documents that really matter for our review, we contemplate legal costs associated with the process and answer any questions or concerns that might arise.

We also like to examine and evaluate any details or evidence that could be important in the proceedings. We believe that a new client should leave our offices with a plan they are confident in.

A Strategic Approach

Our goal is to work with a new client to develop a strategic approach that is tailored to their specific situation. We understand that every case is unique and requires an individualized approach. Our goal is to provide our clients with the best advice and guidance to ensure that their concern resolve in a timely and successful manner. We believe in being very collaborative with our clients, so that they are confident and assured in their decision throughout the process.

That collaboration allows us to use our experience to develop a well thought out strategic plan that is tailored to a client’s specific needs. We consider and explain the potential outcomes and pitfalls of different legal strategies and provide our professional opinion on which option is best suited for any given situation.

We strive to provide our clients with the highest quality legal representation and always keep their best interests in mind. Our team works hard to ensure that our cases are handled effectively and successfully. We are confident that the strategic approach will help achieve the best possible outcome.

Our “Whatever it takes to win” Attitude

We have a “whatever it takes to win” attitude. That means we will leave no stone unturned to ensure that we achieve the best possible outcome. We have a track record of success and are passionate about helping our clients achieve the results they deserve. Our team has an unwavering dedication to justice and fairness, combined with an absolute commitment to winning. We stand behind our promise of providing reliable and effective legal advice while always keeping our client’s interests at heart.

We value transparency and communication and believe in offering our clients high-quality service. We are knowledgeable in many areas of the law, and we have the experience to provide you with sound advice that is tailored to your specific needs.

We honor our commitments here and we honor the trust that our clients put in us. We are here to provide the best legal representation and advice possible. We take pride in it. We are committed to helping our clients achieve their goals.

Honoring Martin Luther King Jr.

Our office will be closed on Monday January 16th in observation of the holiday celebrating the life of Dr. Martin Luther King.

I was only seven years old when his soul left the earth, and while I was unable to fully understand the impact he had upon our country as a small child, I did feel the immense loss of his passing. My later study of his life left me in awe of his ability to lead a fractured nation during difficult times. His example in conducting himself with dignity in the quest to ensure equality, was a lesson for us all. As he taught: “We must learn to live together as brothers or perish together as fools.”

Few have had a greater impact on our society, and I’m proud that we set aside a day in his honor, to reflect upon his leadership and what he meant to us all. As he advised in his noted “Letter from a Birmingham Jail, penned on April 16, 1963, “Injustice anywhere is a threat to justice everywhere.” We at the Markarian Group have dedicated ourselves to ensuring that we stamp out injustice wherever it exists, and we often represent individuals and causes, pro bono, because of that commitment. We believe in his conclusion that “…the arc of the moral universe is long, but it bends toward justice.”

What a great American!

When and Why You Should Consider Changing Your Business Entity From a Sole Proprietorship

Since no formal filing needs to be completed to operate a sole proprietorship, it often is the default business structure for many new businesses. There are a few reasons why we see so many sole proprietorships. Sometimes, a sole proprietor has no intention of starting a business but just starts selling a product or service. Some people don’t want to go through the hassle or financial burden of incorporating. Other times they don’t think their business is risky enough to need that extra layer of protection. It is important to know when to consider registering a legal entity to obtain the advantages of limited liability and otherwise. Consider these instances where registering a legal entity might be a good fit:

Reduce Your Personal Liability

As previously explained in our recent blog, Which Business Structure Best Suits Your Business, sole proprietorships offer zero division between your business and personal assets, increasing your personal liability at risk. As a business grows, so can your personal risk. If you notice your business is growing quicker than expected it may be smart to consider converting to an LLC or corporation, where personal liability is limited.

Seeking Tax Flexibility

Paying taxes is inevitable but choosing the right structure can alleviate some of your personal financial burdens. As a sole proprietor, you must file self-employed or personal tax forms. You are responsible for paying taxes on all profits and revenue earned from the business and filing it as personal revenue. Converting to a corporation or LLC will allow you to only pay taxes on the profits you make from the business, and provide additional flexibility. We recommend converting at the beginning of the year to avoid filing two different tax forms for the business. Always seek the guidance of your CPA or tax professional when making tax decisions.

Seeking Investors

If you intend to have a business that seeks investors, funding, or any sort of capital, having a sole proprietorship will often make raising capital more difficult. Banks have more comfort and confidence in providing more established business structures with loans and investors typically seek some sort of ownership piece or partnership structure in return for their investment when deciding to fund a business. Considering an LLC or a corporation in this scenario will facilitate more financing options and provide the business owner with additional flexibility in raising capital.

Before making these types of business decisions, call us today to schedule a consultation so we can help you determine which business structure is right for you.

Which Business Structure Best Suits Your Business?

When beginning a business, an important early decision is to determine the optimal form of business structure you want to establish for your business. The right decision can help ensure a business’s success and better protects personal assets and property. As a new business owner, it is important to understand your options before you register your business through the state of your business location.

Determining the most appropriate business structure is among the most crucial decision you can make, affecting every facet of your business, including the day-to-day operations, agreed-upon management structure, administrative requirements, tax consequences, and so much more.

MOST COMMON BUSINESS STRUCTURES

Sole Proprietorship – this type of business structure is one of the easiest to set up and gives you complete control of your business. This structure is suited for a sole owner of a business. In many instances, the legal requirements and hurdles are minimal. You may not have to legally go through the process of setting up a sole proprietorship. In this format, you file self-employed or personal tax forms. A sole proprietor setup combines your personal and business assets, creating no divide between the two and putting you at potential risk, and not fully insulating you from liability, as well as other options.

Partnership – there are two types of partnership structures available: limited partnerships (LP) and limited liability partnerships (LLP). If you’re starting a business with two or more people, this could be a wise format to pursue. In partnership structures, it is necessary to execute partnership agreements, to eliminate any misunderstanding on how the partnership will operate. LPs and LLPs determine what is shared equally and when one partner has control of certain aspects of operations and how the other individuals will contribute and receive parts of the profits. Depending on a partner’s asset profile and the corporate structures selected, a partner may have to file self-employed or personal taxes. Be wary of the type of liability you retain.

Limited Liability Company (LLC) – if you’re seeking a business structure that divides your personal assets and liability from your business, then an LLC could be a good choice. An LLC can protect your personal liability in some important ways. Keep in mind, LLCs are state-specific and could have different regulations and obligations. This structure can involve one or more owners (members), requiring each owner to file self-employed/personal taxes.

Corporation – unlike any other structure previously mentioned, corporations protect your personal liability effectively, maintaining independence between your personal assets and your business. As an owner of a corporation, you do not need to file taxes on business earrings through your personal taxes but rather just on your individual earnings. Corporations file corporate taxes, can make a profit, obtain stocks, and can have one or more owners.

Nonprofit Corporation – nonprofits are unique as they benefit the public and are tax-exempt if filled through the IRS properly. As previously mentioned, all business structures have different regulations and rules. For example, nonprofits are exempt from distributing profit to members and political campaigns. And like standard corporations, owners are not personally liable and can be owned by one or more people.

Knowing the importance of this step for business owners, we have a team dedicated to discussing your options, providing counsel, and assisting with the filling process – we invite you to contact us for a free consultation.