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The IRS is Cracking Down on Trust Promoters

The IRS is Cracking Down on Trust Promoters

By: Ted Sutton, Esq. There are some promoters out there who claim that they have a trust strategy whereby the trust avoids paying income taxes. But recent IRS rulings have started to crack down on this practice.   The most recent ruling came from Chief Counsel...

The Difference Between Certificated And Uncertificated Securities

The Difference Between Certificated And Uncertificated Securities

By: Ted Sutton, Esq. A security refers to an ownership interest in a business or a financial instrument. These ownership interests can be in a private LLC, or corporation, or in a publicly traded stock or bond. There are two choices for holding ownership interests in...

New York LLC Transparency Act

New York LLC Transparency Act

By: Ted Sutton, Esq. Marissa was an aspiring barista who lived in New York City. After she graduated high school, she started her own coffee shop in Brooklyn. She properly formed a New York LLC. However, she forgot to report her beneficial ownership information to...

Real Property and Personal Property Insurance

If you own the building you’re working out of, it is in your best interest to insure it. If you’re a tenant renting space, you may be listed on your landlord’s insurance agreement. Even so, it’s probably a good idea to have your own renter’s insurance policy rather than worrying about whether your landlord is keeping his or hers up to date, and how much of your property it protects.

If you’re working out of your home, make sure your insurance agent knows it, because if it’s not noted in the policy that some of your personal property is part of your business, the policy may exclude it, either intentionally or unintentionally.

You’ll need to work with your insurance agent to determine what policy is going to work best for you. Ideally, when it comes to real property you should have enough coverage to handle replacing the building to meet your current needs. This may be easier said than done.

Putting together a policy where you’re paying the lowest possible premiums may not be in your best interest. If you value your building and personal property at less than their replacement cost in order to pay lower premiums, the insurance company will reimburse you based on the lower valuation, leaving you to make up the difference while trying to pull your business back together after a disaster.

Valuation of real property will increase over the years, so work with your agent to make sure you understand how the insurance company determines increased valuation and what that means to your premiums. Some companies use actual value adjustment, and others calculate value based on the inflation factor. The language of insurance coverage can be confusing. Work with your agent to know exactly how your assets are being valued.

The IRS is Cracking Down on Trust Promoters

The IRS is Cracking Down on Trust Promoters

By: Ted Sutton, Esq. There are some promoters out there who claim that they have a trust strategy whereby the trust avoids paying income taxes. But recent IRS rulings have started to crack down on this practice.   The most recent ruling came from Chief Counsel...

The Difference Between Certificated And Uncertificated Securities

The Difference Between Certificated And Uncertificated Securities

By: Ted Sutton, Esq. A security refers to an ownership interest in a business or a financial instrument. These ownership interests can be in a private LLC, or corporation, or in a publicly traded stock or bond. There are two choices for holding ownership interests in...