The primary reason people choose S Corporations rather than Limited Liability Companies is to save money on employment taxes. If you organize your business as an S-corporation, you can classify some of your income as salary and some as a distribution. You'll still be liable for self-employment taxes on the salary portion of your income, but you'll just pay ordinary income tax on the distribution portion. Depending on how you divide your income, you could save a substantial a
Lester Kaney has once again been chosen to be recognized the 23rd Edition of The Best Lawyers in America for his high caliber of work in the practice of Employment Law - Management. Inclusion in Best Lawyers is based on a rigorous peer-review survey comprising more than 7.3 million confidential evaluations by top attorneys. There is no fee and payment to participate is not allowed. This is truly an honor! #BestLawyers #LesterKaney #EmploymentLaw #Honor
A QTIP Trust may sound like piece of cotton, but in reality it stands for a "Qualified Terminable Interest Property" trust. If you die first but want to determine who receives the trust property after your spouse dies, consider using a QTIP Trust. A QTIP trust operates much the same as a marital deduction trust, with one important exception: You, not your spouse, specify who receives the remaining property in the trust after your spouse dies. [Because a QTIP trust makes us
Since January 1, 2015, all Limited Liability Companies in Florida are subject to Chapter 605 ("New Act") The legislature made significant changes to the statute (formerly Chapter 608 - "Old Act"), which are summarized below. 17 UNENFORCEABLE PROVISIONS Certain provisions in an existing LLC operating agreement may be unenforceable. Whereas the Old Act contained only six non-aivable provisions for LLC operating agreements, the New LLC Act contains 17 such provisions. Operatin
This web site is designed for general information only. The information presented at this site should not be construed to be either formal legal advice or the formation of a lawyer/client relationship.