Protecting assets is a commonsense goal for most business owners. The first step to ensuring your business is properly protected is to understand what is considered an “asset” under the law. An asset is some type of resource that has economic value that the owner expects will provide a future…
Author: Comiter Singer
Mark Brown and Chris Weeg will be speaking at the Estate Planning Council of Greater Miami’s 10th Annual Estate Planning Symposium on February 8, 2022. Their presentation will cover recent tax and estate planning developments, including a federal and Florida legislative update, a discussion of the recent Smaldino Tax Court…
A formal definition of a “close” corporation reads a “corporation [that] does not exceed a statutorily defined number of shareholders and is not a public corporation… The main benefit of a close corporation is that it will be exempt from a number of the formal rules which usually govern corporations.”…
The first thing to understand about corporations is that they are separate legal entities, apart from their shareholders, who are the owners. Because of this, corporations have “perpetual existence.” A corporation’s existence goes on after a shareholder, even a majority shareholder, dies or otherwise leaves the company. If your corporation…
An S-Corp is a type of corporation that allows shareholders to enjoy the typical benefits of incorporation along with the benefits of “pass-through” taxation, which means that the corporation itself is not taxed, and shareholders are instead taxed at the personal income level. In other words, the shareholders are not…