As the owner of a small business, you cannot control everything. Most owners should anticipate at least one lawsuit over the life of their business. However, with careful planning, you might be able to beat the odds by taking steps to minimize risks. At the very least, a lawsuit mitigation plan can help your business avoid a legal threat. For help with your lawsuit risk mitigation strategy, please contact us.
A lot has changed since last summer, but the same federal and state laws still apply to employers that hire seasonal employees. If your business is considering bringing on summer help to handle an increased workload, you may need a refresher on navigating benefits, taxes, overtime, pay, and employment of teenage workers.
In today’s competitive job market, giving gifts and other fringe benefits to employees can be an effective way for employers to show appreciation. But generous employers should understand that most gifts and bonuses—even small ones—have tax implications.
An asset purchase agreement (APA) is a contract that specifies the terms and conditions for the sale and purchase of a business or certain business assets. If you are buying or selling a business read this.
Learn about franchising a business. Investing in a franchise can be a great business opportunity. But before you sign a franchise agreement and invest any money, you should closely review all documents with help from a qualified business lawyer.
Owning a business can impact every area of a person’s life. The impact is uniquely felt within a marriage. Married business owners must consider the ways in which their marriage may impact their business and vice versa.
Meeting Minutes: What They Are and Why Every Business Needs Them Jesse Bifulco, Attorney, Camden Maine When starting a business, many entrepreneurs jump immediately into day-to-day operations. They often struggle to make time to develop systems for documenting how...
Corporate bylaws are one of the most critical documents to have in place. Bylaws lay the corporation’s foundations and include important information that your directors will use to run and govern your business.
Stay Bonus Agreements: What They Are and How to Use Them Jesse Bifulco, Attorney, Camden Maine A stay bonus agreement, also referred to as a retention bonus agreement, is a written agreement between a company and a key employee to induce the employee to stay with the...
Understand the Internal Revenue Service (IRS) Form 1099 and determine when it is necessary to file one if you are a LLC.
Five Reasons Business Owners Need Estate Plans Jesse Bifulco, Attorney, Camden Maine Business owners are notorious for engrossing themselves in the day-to-day management and functions of their businesses. As a business owner, you are likely the heart and soul of the...
Employers may be required to pay nonexempt employees for work completed at home, even if the work was completed without the employers’ knowledge. Here’s why you should track remote employee’s time.
Most elements of business branding—name, logo, design—are readily available online, making it easier for people to knowingly or unknowingly use the intellectual property of others. As a business owner, you must prioritize both protecting your own trademarks and avoiding infringement of others’ marks.
Obtaining Loan Forgiveness through the Payment Protection Program Jesse Bifulco, Attorney, Camden Maine One of the major provisions of the CARES Act is the Payment Protection Program (PPP), a loan program created to incentivize the retention of employees in small...
How to Reopen Your Business After COVID-19 Jesse Bifulco, Attorney, Camden Maine Despite the uncertainty that has accompanied the COVID-19 pandemic and that still lies ahead, one thing remains certain: Most businesses will eventually reopen. On April 16, 2020,...
The federal government has earmarked $377 million to help small businesses avoid failure and encourage them to retain their workforces. Here are the most important things for small business owners in MidCoast Maine need to know about the CARES Act.
To help answer common questions about the 2020 tax season, we’ve created a tax “cheat sheet.
Contrary to popular belief, the S corporation is not a distinct entity type. According to the Internal Revenue Service (IRS), an S corporation is a corporation that has elected treatment as a pass-through entity for federal income tax purposes under Subchapter S of the Internal Revenue Code.
Limited liability companies (LLCs) are one of the most popular types of business entities. The LLC’s flexible taxation options are one reason it is preferred; LLC members can, for the most part, choose how they would like to be taxed. The LLC enjoys this flexibility because the Internal Revenue Service (IRS) does not recognize it as a distinct entity for federal tax purposes
For most entrepreneurs, handling business taxes is a daunting but necessary task. The complexities of tax preparation often lead business owners to procrastinate or neglect proper record keeping and tax deadlines.
Learn how to protect the content you created for your business, clients and website. Learn about CopyRight.
If you are one of the many owners of a home-based small business, you should consider whether your home office meets the IRS requirements for the home office deduction, which is a sometimes overlooked way to reduce taxes.
The IRS does not require a specific type of record keeping system. Rather, you must simply use one that clearly shows your income and expenses.
Figuring out a business’s responsibility for collecting and remitting sales tax can be quite confusing for many business owners, especially those who are just starting a new business. If you make a mistake or fail to remit sales tax on time, your business could be subject to large fines or even lose the right to do business in a state.
You have invested a lot in making your business a success, and it is hard to think about relinquishing ownership or control of it. Nevertheless, planning is critical in creating a lasting legacy for your family. We can help you put a plan in place that helps you successfully pass your business on to the next generation and ensures that you have a financially secure retirement
We will help ensure that your business meets all the applicable deadlines for taxes, state-mandated reports, and licenses and permits. Learn the upcoming deadlines for your Maine business.
If your small Maine business has suffered losses because of bad debts, and you are wondering if you may be entitled to write them off, we can help you navigate the applicable tax rules to minimize your tax liability, as well as provide guidance about steps you can take to avoid losses from bad debts.
As your small business expands and evolves, it may make sense to consider changing its structure. Many small businesses start out as sole proprietorships or partnerships, with only one or two owners and no employees. Over time, as your business grows and changes.
Lenders are likely to include terms in loans provided to Maine Small Businesses to extensive personal liability. It is essential to seek legal counsel to explain the full ramifications of a personal guarantee before you sign on the dotted line.
The factors discussed in this blog post are only a few of the important considerations relevant to choosing the right structure for your business. The decision about which type of business entity to form is a complex one that will depend on your particular circumstances and the goals you seek to achieve.