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Posted on Thursday, April 26, 2012 3:00 PM
 Statistically in the U.S., less than
30% of small businesses keep their doors open into the second generation. A
large cause of this disturbing statistic is the failure in succession planning
by many small businesses. If you are unfamiliar with succession planning for a
small business, a simple way to define it would be to say that succession
planning includes the steps taken by businesses to make sure that they keep
operating when the principal can no longer run the day to day operations.
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Paul Berlin: Posted on Thursday, April 19, 2012 10:49 AM
 A Non-Qualified Deferred Compensation (NQDC) Plan typically is an unfunded and unsecured promise by an employer to pay compensation to one or more of its employees in the future (usually beginning at retirement). The plan is “non-qualified” because it does not meet the requirements of IRC sections 401 to 417 (participation, vesting discrimination, etc) that are satisfied by a qualified pension or profit-sharing plan.
Under a NQDC plan, the employees may voluntarily elect to defer a part of their compensation, or the employer may defer “extra” compensation, or both the employee and employer may make contributions that will lead to distributions to the employee at some specified future date. |
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Posted on Thursday, April 12, 2012 10:03 AM
 If you are considering starting a new business, you have
probably started compiling a list of things and processes you will need to take
care of before you even open your doors. Your list of things to do most likely
includes setting up an office, getting business cards, and evaluating website
options, but have you considered contacting an attorney?
Many small businesses hold off on consulting an attorney
until they run into legal trouble. In many cases, this will be too late and
will result in major repercussions for the business. |
Attorney, DIY Legal, Business, business taxes, contracts, copyright, corporation, Limited liability, LLC, partnership, regulations, taxes, trade secret, Family Business
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Posted on Thursday, April 05, 2012 2:50 PM
 At some point there will come a time when your business will need to bring in help. Maybe your company has grown to the point where the workload is too big for you and your employees to handle, or you just landed a large project which temporarily needs extra attention. It might even be the case where you need to delegate certain tasks and processes to others so that you can concentrate on sales or management. One of the increasingly popular options would be to outsource the work to another company or individual. |
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Posted on Thursday, March 22, 2012 4:50 PM
As small business owners, we are always concerned about how the decisions our elected officials make will effect us and our businesses. As we get closer to Washington’s 2013 fiscal year, which starts in October, we are left to wonder how the President’s new budget will effect us. Regardless of which side of the aisle you prefer, it is important to examine the positives and negatives of the new budget as they relate to us.
As part of the President’s new budget, the payroll tax cut is extended. Though it will decrease the tax burden on employees, the employer will see no change in this tax.
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Nina Stillman: Posted on Monday, March 19, 2012 10:22 AM
 Whether your small business is just starting out of the gate or has already established itself, chances are that you’re always looking for great resources to help you grow your business. We may already be surrounded by quality business acquaintances and have years of experience but we all run into various situations in which we need additional direction and information. A great resource which many savvy business owners tend to overlook is the public library. Other than the usual books and periodicals, many libraries have additional resources specifically added to be at the disposal of small businesses. |
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Nina Stillman: Posted on Wednesday, February 29, 2012 6:09 PM
 Whether you own a business or any other valuable
asset, it is important to have a succession plan to make sure that your assets
live on in safe hands. A Self Cancelling Installment Note (SCIN) can be a very
beneficial and creative way of setting up a succession plan. A SCIN works in a
similar fashion to an installment sale with some key differences. Under such a
succession framework, the party setting up the plan sells an asset to one or
more family members or buyers. The buyers pay for the asset in installments in
the same way that they would under an installment sale, but upon the death of
the seller, the remaining balance is canceled. |
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Nina Stillman: Posted on Wednesday, October 26, 2011 5:06 PM
 The other day I was at my mother's house with my sister and my mom pulled us into her bedroom and sat us down. It was a little scary, but then she pulled out all of her jewelry and said its time to have some fun! She wanted us to tell her which pieces we wanted when she was no longer here and to tell us what she had already set aside for my niece. I reminded her that she also needed to put something aside for my brother even though he was not there with us. It brought her joy to hear the stories that we associated with the jewelry, hear her stories of pieces that had been handed down to her and peace of mind for her to know that her prized jewels were going to be in good hands. |
Attorney, Life Insurance, Business, Business law', business valuation, corporation, exit strategy, sale of business, succession planning, retirement, Family Business
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Nina Stillman: Posted on Thursday, October 13, 2011 1:55 PM
 I have been blogging about business law and estate planning issues for a few months now and one client asked me " I love your posts but why do you do it? Why do you get out of bed and do this work everyday?" I realized that I have not told my story to too many people so here it is... I am the daughter of an entrepreneur/business owner who, while he may not have known it at the time, taught me so much about business and I have always wanted to do something with what I have learned from him. |
Attorney, Estate Planning, tax savings, Business, Business law', business taxes, business valuation, corporation, exit strategy, Limited liability, LLC, partnership, sale of business, succession planning, taxes, trusted advisor, retirement, Trust, compassion
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Paul Berlin: Posted on Thursday, October 06, 2011 4:17 PM
 A formal buy sell agreement is between owners of a business to determine how the ownership of the business shall be disposed of upon the death or other circumstances of exit of one of the owners. The owners commonly use life insurance to fund the value. With two business owners, a cross purchase plan is the preferred method of ownership of the life insurance. This is where partner A owns a policy the life of on Partner B and vice versa. These policies are individually owned, and can be paid for from company money. |
Estate Planning, divorce, married, Life Insurance, tax savings, Business, Business law', business valuation, buy sell agreement, contracts, corporation, dissolution, exit strategy, financing, Limited liability, LLC, LLP, partnership, succession planning, trusted advisor
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