Obviously, paying your taxes plays a large role in avoiding tax problems. I’ve seen this as an International Tax Attorney, but I also know that you may be in a situation where you can’t pay your taxes. We can help you with that. However, making tax payments isn’t always as simple as writing a check. In addition to basics on how to pay your taxes, below, you’ll find resources on getting an extension of time to pay and working out an installment agreement with the IRS if you cannot pay all that you owe at one time. There are more ways to pay your taxes now than ever before. You can address your tax liability by filing and paying electronically or by sending a check or money order made out to “United States Treasury.” You can pay in full or seek a repayment plan, sending payment in whatever amount you are able and can agree upon with the Internal Revenue Service (IRS.) In some circumstances it can be advisable to pay your tax liability in full by taking a loan, such as a home equity loan from a financial institute or by paying with a credit card. This may be wise since unpaid taxes are subject to interest that is compounded daily, as well as incurring a monthly late payment penalty. This means paying in full can minimize the amount of interest and penalties that accrue and reduce the overall expense. Interest rates charged by banks are usually lower than the combination of interest and penalties charged by the IRS. Where an installment agreement is necessary you can choose to make installment payments by direct debit from your bank account, by payroll deduction from your employer, or by a regular installment agreement. Payment amounts are based on your ability to pay and should be an amount that can be maintained over the lifetime of the installment agreement. What About Penalties and Interest?When a taxpayer owes money to the IRS and cannot pay immediately there are significant penalties and interest that apply to the amounts owed. The interest rate owed on unpaid taxes varies from 4-9% generally, which may be lower than some bank interest rates, but the penalty for filing taxes late is generally 5% per month up to 25% of the total tax liability. Late payments incur a penalty of 1/2 of 1% per month, up to 25% of the unpaid amount due. There are some exceptions to these penalties and if the taxpayer can demonstrate that one of several conditions exists the IRS may waive some or all of the penalties. Exceptions may be made where a serious illness, death in the family, or loss of records due to a natural disaster frustrate a taxpayer’s ability to pay in a timely fashion. Can You Appeal?The IRS has an appeals system for taxpayers who don’t agree with the results of their tax return or other adjustments made to their tax liability. If you have dealt with an IRS employee and disagree with their findings you can request a meeting with their supervisor. If this meeting does not produce a satisfactory agreement or if the examination was conducted through correspondence you may then request a conference with an appeals officer. Appeals conferences are informal meetings. You may represent yourself or seek the assistance of an attorney, a certified public accountant, or an individual enrolled to practice before the IRS. If you don’t reach an agreement with the appeals officer some actions can be appealed in the courts. Free Consultation with a Utah Tax AttorneyIf you are here, you probably have a tax law issue you need help with, call Ascent Law for your free tax law consultation (801) 676-5506. We want to help you.
Ascent Law LLC
8833 S. Redwood Road, Suite C West Jordan, Utah 84088 United States Telephone: (801) 676-5506
Ascent Law LLC
4.9 stars – based on 67 reviews
Can You Go To Jail For Not Paying Your Taxes? via Michael Anderson https://www.ascentlawfirm.com/paying-your-taxes/
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To patent an invention, an applicant must complete and file a patent application with the U.S. Patent and Trademark Office (USPTO). The USPTO examines applications, and administers and keeps a record patents and trademarks it has issued. Before filing for a patent, the applicant should conduct a preliminary patent search to determine whether “prior art” — similar developments related to the invention — will disqualify the claim. Because patent applications are complex, the assistance of a patent attorney may be necessary. Non-provisional patent applications include the following documents:The specification is a full, clear, concise, and exact written description of the invention and the process of creating and using it. The description should enable a skilled person in the field of the invention to make and use the invention without the need to conduct extensive experimentation. A specification should not be vague or keep certain aspects of the invention a secret. If the invention improves upon an existing invention, the specification should only describe the specific improvement to the invention, unless a certain aspect of the previous invention relates to the improvement. The specification section includes the following parts:Title of the Invention: The title of the invention should be short, specific, and accurate. Background of the Invention: This section should include a description of the field in which the invention is part of and references to prior inventions and any problems with the other inventions. Brief Summary of the Invention: This summary should include a descriptive overview of the invention, advantages of the invention, and a description of how the invention solves a previous problem. Brief Description of the Several Views of the Drawing: This section should list the figures by number and should include a very brief description of each. Common terms used to describe the view of the drawing include perspective, sectional, cut-away, detail, exploded, and elevation. The claim or claims section identifies the scope of protection the patent will receive. Ultimately, the claim or claims will define a patent holder’s right to exclude others from using, making, or selling the item. Therefore, the wording in the claim or claims should be distinct and clear enough to define the extent of protection. Remember You Need Patent DrawingsAn application must include drawings if they are necessary to explain the invention. Drawings will provide a detailed understanding of the invention and must illustrate each feature of the invention as specified in the claims. The failure to include drawings may result in an incomplete application. The USPTO allows applicants to file applications by mail or electronically. The USPTO also allows applicants to submit documents online through the EFS-Web. Applicants, therefore, can submit an application from anywhere an Internet connection is available. Prior to submission, the applicant must convert the documents into standard PDF format. Upon completion, the system generates an electronic receipt. After the USPTO receives a patent application, an examiner will evaluate the application. The examiner will determine whether the invention is patentable and whether the application uses the proper format and language. In most cases, a patent application is not approved based on its initial filings. More commonly, the patent examiner and the applicant will engage in written and verbal communication about the scope of the patent. If the examiner rejects the patent application, the applicant can amend and resubmit the application. A final rejection, however, will limit the applicants reply. The process takes between one to three years. Free Consultation with an IP LawyerIf you are here, you probably have an IP issue you need help with, call Ascent Law for your free intellectual property law consultation (801) 676-5506. We want to help you.
Ascent Law LLC
8833 S. Redwood Road, Suite C West Jordan, Utah 84088 United States Telephone: (801) 676-5506
Ascent Law LLC
4.9 stars – based on 67 reviews
Basics of Adoption and Same Sex Couples via Michael Anderson https://www.ascentlawfirm.com/patent-applications/ The short answer is yes – you can. You may not though – it really depends on the situation and what happened. Let’s say you forgot to pay your taxes one year. Then one year turned into several years. You don’t have the money to pay what you owe, and now you’re wondering if you can go to jail for not paying taxes. You can go to jail for not filing your taxes. You can go to jail for lying on your return. But you can’t go to jail for not having enough money to pay your taxes. To better understand these distinctions, let’s take a closer look at when you risk jail time for failing to pay your taxes. Making an honest mistake on your tax return will not land you in prison. For that matter, most tax liability is civil not criminal. If you’re audited and it turns out you owe, a civil judgment is placed against you to collect the remaining money. You can only go to jail if criminal charges are filed against you, and you are prosecuted and sentenced in a criminal proceeding. The most common tax crimes are tax fraud and tax evasion. Tax evasion occurs when you use illegal methods to avoid taxes. Claiming more children than you have is an example of a fraudulent action. Tax fraud involves an intentionally trying to deceive the IRS. This is different than a taxpayer being confused by the tax form and placing numbers in the wrong line. What Leads to JailThe IRS is much more forgiving with people who can’t pay as opposed to non-filers who don’t pay. So late filing penalties are much higher than late payment penalties. The IRS will not put you in jail for not being able to pay your taxes if you file your return. The following actions will land you in jail for one to three years: • Tax Evasion: Any action taken to evade the assessment of a tax, such as filing a fraudulent return, can land you in prison for 5 years. • Failure to File a Return: Failing to file a return can land you in jail for one year, for each year you didn’t file. • Helping Someone Evade Taxes: Helping someone else get out of paying their taxes can carry a three to 5 year prison sentence depending on what action is alleged. Statute of LimitationsIf the government is going to file criminal charges against you for failing to pay your taxes, it needs to act fast. Depending on the exact nature of the alleged wrongdoing, criminal charges must be brought within three to six years of the violation. Remember, the clock doesn’t start running until you file your return. For example, if you owe the IRS money on a 10-year past due return you never filed, you can still be criminally charged with tax evasion. However, if you filed a return 10-years ago but never paid the associated taxes, you cannot be criminally charged. Get a Payment PlanIf you owe more in taxes than you can afford to pay, you have better options than simply not paying. We can help you with this. • Individual Installment Agreement: If you owe less than $50,000 in tax, interest and penalties combined, you can set up a plan that allows you to pay down over time, with regular monthly payments. If you owe more than $50,000, you can still arrange an installment agreement, there’s just more paperwork involved. You’ll need to provide the IRS with detailed information on your assets, such as real estate and investment accounts, as well as household expenses. • Offer In Compromise: This is an agreement between you and the IRS to settle your tax liability for less than the full amount owed. It’s generally not an option when the IRS thinks you are able to pay down your debt through a payment plan. This analysis is known as establishing your reasonable collection potential. Free Initial Consultation with a Tax LawyerWhen you need help with a tax matter – even if it’s a criminal tax matter – call Ascent Law for your free consultation (801) 676-5506. We want to help you.
Ascent Law LLC
8833 S. Redwood Road, Suite C West Jordan, Utah 84088 United States Telephone: (801) 676-5506
Ascent Law LLC
4.9 stars – based on 67 reviews
Fraudulent Prenuptial Agreement via Michael Anderson https://www.ascentlawfirm.com/can-you-go-to-jail-for-not-paying-your-taxes/ Sampling music is the act of reusing a portion of another sound recording. Whether unique percussion combinations or distinguishable guitar riffs, many musicians sample other’s music. Even though many peole know that I am an MLM Lawyer, I also enjoy helping people with music and producing music. Without obtaining permission from the original musician or owner of the rights to the music, many of these musicians face legal trouble, such as injunctions to not use the sample or even money damages. Obtaining permission for music sampling can be tedious, but will save you from legal action you could face if you sample without permission. Here are some tips to obtain permission before sampling music. Sample Clearance“Sample clearance” refers to the process of getting permission from the owners of the copyrighted music. Sampling music requires two sample clearances: Find the PublisherIn order to get these sample clearances, you will first need to find the copyright owners of the song and master recording. The music publisher is typically the easiest to find; so, start there. Performing rights organizations, like Broadcast Music Incorporated (BMI) or the American Society of Composers, Authors, and Publishers (ASCAP), collect money for public performances of artists’ music. Therefore, these organizations are a good place to locate the publisher. Once you’re on these websites, use the search database to find the source song of the music you are sampling. If you are unable to find the song on the websites, try calling the individual organizations and ask for the song indexing department. Then, once you have the source, contact that source to ask for clearance for sampling the source music. Keep in mind that some publishers have policies against granting sampling permission. Find the OwnerAfter you have obtained sample clearance from the music publisher, you must obtain sample clearance from the owner of the master recording. Here are some tips to help you find that owner: Finding the master recording owner can be difficult. Once you think you’re on the right track, you may find that the record company sold their copyright to someone else, or that the rights to the song have reverted back to the original artist. There are sampling consultants that you can pay to help you through the sample clearance process, should you have trouble. Although experienced sampling consultants can be expensive, in the end, they can save you time and money. These consultants are familiar with the procedures, costs, and the people at the publishing companies who grant license rights. It is important to plan ahead and leave yourself alternatives in case your sample clearance is rejected. Obtaining permission for sampling can be a very long process, taking months or more. Don’t forget that a lot of copyright owners have a no-sampling policy. If the music you were planning on sampling has a no-sampling policy, there will be no way to get permission to sample. It is wise to plan ahead and have alternatives in mind, in case your clearance is denied and you can’t use it. Recreate the Music SampleMany artists re-record the music they want to use, instead of using the pre-recorded master. This means that the artist actually plays and records the music to sound exactly like the original one they want to sample. According to copyright law, infringement only occurs when the original master recording is used, but not when the sound is mimicked and re-recorded. This is a great solution if you cannot obtain sample clearance from the owner of the master recording. You still need permission from the music publisher, because the song itself is copyrighted. However, you do not need clearance from the owner of the master recording. Some copyright owners want their music to be sampled; so, they encourage music sampling. These are good samples to find and use, since the process will be less tedious and surely fruitful. If the artist still has some control over what sampling is cleared, you may have better luck contacting the artist directly. This is especially true when the copyright owners of the master recording and the publisher are not helpful. Free Consultation with a Utah Trademark LawyerIf you are here, you probably have a trademark issue you need help with, call Ascent Law for your free intellectual property law consultation (801) 676-5506. We want to help you.
Ascent Law LLC
8833 S. Redwood Road, Suite C West Jordan, Utah 84088 United States Telephone: (801) 676-5506
Ascent Law LLC
4.9 stars – based on 67 reviews
via Michael Anderson https://www.ascentlawfirm.com/sampling-music/ The first step in filing your taxes is determining your tax filing status. Generally, your marital status on the last day of the year determines your status for the entire year. If you’re unmarried, or legally separated from your spouse under a divorce or separate maintenance decree and you don’t qualify for another status, your filing status is single. However, your status isn’t just limited to whether you’re married. After all, the IRS allows the following five statuses: Marriage Filing StatusIf you’re married by the last day of the year, you and your spouse may file joint or separate returns. However, if you’re legally separated from your spouse on the last day of the year, even though married for the rest of the year, you’re still considered single for tax purposes. If you experienced the unfortunate death of your spouse in the current tax year, you can still file a joint return with that spouse, so long as you haven’t remarried before the end of the year. However, the current year would be the last year for which you may file a joint return with that spouse. When it comes to determining your marriage status, the IRS relies on the laws of your state governing marriage and separation or divorce. Do You Have a Dependent Child?If your spouse died during the previous two years, you may be able to file as a qualifying widow or widower. To do this, you must meet all four of the following requirements: More detailed information on each filing status can be found in IRS Publication 501, Exemptions, Standard Deduction, and Filing Information. To qualify for head of household status, you typically must be unmarried and not entitled to file as a qualifying widow or widower with a dependent child. You must also have provided more than half the cost of maintaining your home as the main household for a qualifying person. You may also qualify for head of household status if you, though married, file a separate return, your spouse has not lived in your home during the last six months of the tax year, and you provided more than half the cost of maintaining your home as the main household for a qualifying child for more than one half of the tax year. Free Consultation with a Tax LawyerWhen you need legal help with a tax matter, call Ascent Law for your free tax law consultation (801) 676-5506. We want to help you.
Ascent Law LLC
8833 S. Redwood Road, Suite C West Jordan, Utah 84088 United States Telephone: (801) 676-5506 via Michael Anderson https://www.ascentlawfirm.com/tax-filing-status/ In an uncommon ruling, the Supreme Court of the State of Utah affirmed a lower court ruling to set aside a prenuptial agreement entered into between a couple not living in Utah. The ruling allowed the plaintiff to pursue divorce relief without the stipulated protections offered by the prenuptial agreement. For many reasons, a prenuptial agreement is a good idea. Our firm provides guidance and experienced legal support drafting tight but fair prenuptial agreements for clients. Prenuptial agreements identify assets considered separate property and provide structure for future discussion if the marriage relationship breaks down. Such agreements address other points as well, including: (1) Identification of debt, alimony and tax liabilities; (2) Protection of your business assets; (3) protection and preservation of assets for children of a previous marriage; and (4) agreed upon care for parents or other dependents. In the case of Petrakis v Petrakis, Peter Petrakis presented his bride-to-be with a prenuptial agreement six weeks prior to their wedding in 1998. The agreement stated Mr. Petrakis would retain all assets acquired during the marriage. Ms. Petrakis would be paid $25,000 for each year they were married. Until four days before the wedding Ms. Petrakis refused to sign the prenuptial agreement. In the shadow of the altar, Mr. Petrakis reportedly stated he would tear up the agreement if the couple had children, after which the agreement was signed. When the couple had children, Mr. Petrakis reneged on his oral promise to destroy the document. Now worth approximately $20 million, the Supreme Court ruled Mr. Petrakis fraudulently induced Ms. Petrakis to execute the agreement and ruled in her favor. The quality of a prenuptial agreement is clear when it is challenged in court. If interested in creating a solid prenuptial agreement, talk to my firm for experienced legal help. Tell Your Kids The Truth During DivorceWhen it comes to approaching the issue of divorce with your children, honesty is always the best policy. Of course, there are some caveats to mention, but you should never feel as though you must lie to your kids about what is happening during the divorce process. In fact, doing so could cause trust issues that will last a long time. Instead, the following are a few tips that will help you to maintain good, open communication with your children as your divorce proceeds: • Avoid sharing any inappropriate information: Just because you should be honest with your children does not mean you need to tell them anything inappropriate or that they don’t need to know. They either will not understand what you are telling them or it will cause them to resent you. It’s better to keep the grisly details of your divorce to yourself. • Make sure your kids know they are not to blame: Your children should know they have no blame at all in the divorce. You can be honest (to an extent) about the reasons why you and your spouse are getting a divorce. Telling them that you “grew apart” or “no longer love each other” is appropriate and may be true, even when there’s lot more to the divorce. • Avoid venting to your children: Again, honesty is not the same as sharing everything. You should not vent to your children or attempt to use them as your therapist — this is unhealthy and places a burden on them they are not prepared to handle. Save your complaints and your venting for your attorney, your actual therapist or your trusted friends and relatives. Prenuptial Agreement Lawyer Free ConsultationWhen you need legal help on a prenuptial agreement, call Ascent Law at (801) 676-5506. We will help you.
Ascent Law LLC
8833 S. Redwood Road, Suite C West Jordan, Utah 84088 United States Telephone: (801) 676-5506
Ascent Law LLC
4.9 stars – based on 67 reviews
Divorce vs. Legal Separation in Utah via Michael Anderson https://www.ascentlawfirm.com/fraudulent-prenuptial-agreement/ If filing taxes wasn’t tolling enough, taxpayers also face the possibility of an income tax audit by the Internal Revenue Service (IRS). While certain tax returns may be chosen for an audit because they raise red flags, are randomly selected, part of a target group (and thus subject to more scrutiny), , or a combination of the above; that is not true for all cases. In fact, there does not seem to be definitive advice, that if heeded, would guarantee taxpayers that they will not face an income tax audit. While there’s no guarantee against an IRS audit, there are strategies you can employ to “play the odds” and reduce your chances of receiving the dreaded Notice of Audit. Some are obvious, others less so, but what they all have in common is to be honest about what you put on your tax return and how you submit it and to avoid fraud. Some common mistakes and red flags which attract IRS attention for an income tax audit include: Math errors–one of the most common errors is also the easiest to fix. Don’t expect the IRS to reason that the reason you think you don’t owe taxes is because you simply made a math mistake. Double and triple check your figures. Automated tax return programs such as TurboTax are useful in avoiding such errors. Omitting income–another simple error that points the IRS in your direction. Even omitting a small amount may trigger IRS interest, so be sure to collect all your documentation from stocks, bonds, interest bearing accounts, etc. This is especially true for those making over $100,000–the IRS has been targeting those making over this amount in the past several years. Claiming false business expenses–people will often use business funds to pay for personal purposes. But if you characterize the use as a business expense, then the IRS may view it as failing to report additional income. Target groups–the IRS looks for incongruent returns from the self employed, small businesses, and those who make over $100,000. The IRS also targets tax returns that are disproportionate to returns from others with a similar income, location, profession, and/or family size. For example, if you claim a family of six and live in a home in Beverly Hills, but only claim income of $25,000, the IRS will likely investigate the claim. In addition to avoiding the above mistakes and red flags, wherever possible you should hire a bookkeeper to make sure receivables, credits, and debits are all in order. This is especially true for small businesses. Another tip is to prepare your taxes on a computer. The IRS favors computer processed returns, and they are clear and easy to read. If you can’t use a computer, print carefully. You might want to make two copies–one a first draft where you can cross things off and make corrections, and a second final draft where you carefully write down your final tabulations. There’s nothing like a sloppily written return to draw attention to your return. Notice of an Income Tax AuditIf you do happen to be audited, don’t panic. If you have all your documentation and make the proper calculations, deductions, and write-offs, you’ll be fine and the IRS will end its investigation. An audit is simply the IRS asking you to prove the numbers on your return. There are three types of income tax audits–correspondence, field, and in-office. A correspondence audit is the most common type and generally the most simple to deal with. It usually involves the IRS taking note of a correction (their gentle word for, “error”) on your return with a notice to either pay more or clarify by providing them with more information. A field audit typically happens for businesses and not individuals and involves a team of IRS auditors going on-site to the business and inspecting their books and documentation. An in-office audit is conducted in the IRS office and requires the business or individual to prove their tax return is true and correct. For anything other than a correspondence audit, you should consult a tax attorney who can guide you through the process and prepare you for the audit. Of course, you can also retain a professional for a correspondence audit as well, but as stated, they are generally more straightforward. For field and in-office audits, think of the income tax audit as a trial–you always want someone representing you. Get a professional to assist your case. Tax Lawyer Free ConsultationWhen you need help with a tax matter, call Ascent Law for your free consultation (801) 676-5506. We want to help you.
Ascent Law LLC
8833 S. Redwood Road, Suite C West Jordan, Utah 84088 United States Telephone: (801) 676-5506
Ascent Law LLC
4.9 stars – based on 67 reviews
Firing an Employee with a Contract via Michael Anderson https://www.ascentlawfirm.com/how-to-avoid-an-income-tax-audit/ If you receive income from a trust fund, you probably don’t want to share it with your spouse after your divorce. Fortunately, if you have lived in Utah long enough to file for divorce here, your trust fund is probably safe. However, under limited circumstances, your ex might have a claim to support from your trust fund. The first question to ask is whether your trust income is property and, if so, whether it’s separate property. If your income comes from a revocable trust, the grantor has the power to change the terms of the trust at any time, including naming a new beneficiary. Therefore, you don’t have a property interest in the trust funds because you have no control over whether you continue to receive income. Similarly, if your trust income is subject to conditions or up to the discretion of a trustee, you have no property interest because you cannot demand payment notwithstanding the trustee’s decision. However, if the trust is irrevocable and you have an enforceable income interest, the court may consider the trust property. Perhaps the only situation you have to worry about in Utah is where you anticipate paying or receiving alimony or paying child support. The court considers your trust income along with your other earnings. If you’re in a position to pay spousal support or child support, you can anticipate paying your ex just a little bit more out of your trust income. Successfully Negotiate a Divorce SettlementDivorce can cause a lot of turbulence, both emotionally and financially, in a person’s life. Because of this, it’s important to act with great care during settlement negotiations, being assertive enough to look out for your own interests, but also amicable enough to avoid making the situation more contentious than it needs to be. The following are a few tips that can help as you go through divorce settlement negotiations: • Control your emotions. This is easier said than done, of course. Getting angry and shouting might feel great in the moment, but it also severely damages your chances of avoiding litigation, which means more time and expense. Remove anger and hard feelings from your negotiations as much as possible. • Stay on top of your business. You need to get (and stay) organized, which means collecting relevant paperwork and ensuring you are meeting all of your deadlines. Have all of the information you need in organized files so you can quickly and easily access it when necessary. • Get help. Simply put, you cannot get through divorce negotiations without the help of a professional. An experienced divorce attorney takes care of the most complicated legal business for you, and also helps you to stay grounded and at ease throughout the process. • Don’t get greedy. In the vast majority of divorce cases, those involved do not come away with everything they want in the settlement. You must accept this reality if you wish to avoid drawing the process out much longer than it needs to last. Your divorce lawyer can help you set realistic goals and expectations, allowing the process to move forward efficiently. Divorce Lawyer Free ConsultationIf you have a question about divorce law or if you need to start or defend against a divorce case in Utah call Ascent Law at (801) 676-5506. We will help you.
Ascent Law LLC
8833 S. Redwood Road, Suite C West Jordan, Utah 84088 United States Telephone: (801) 676-5506 via Michael Anderson https://www.ascentlawfirm.com/income-from-trusts-in-divorce/ A limited liability company (also known as an “LLC”) is a structural organization that many businesses choose to use as it combines the simplicity of pass-through taxation with the limited liability that comes with corporations. I’ve heard of LLCs, but how exactly does pass-through taxation work? The pass-through taxation works as though the profits and losses of the LLC pass directly through to the owners of the LLC. Unlike a corporation, an LLC is not a separate tax entity, meaning that the owners pay the taxes for the LLC. Are there a minimum number of people needed to form an LLC? No, there are not a minimum number of people needed to form an LLC. If you decide to form an LLC with yourself as the sole owner, however, you must be careful in your actions and documentation to keep your LLC from being considered a sole proprietorship. Who are LLCs best for? Organizing your business as a corporation or an LLC makes sense in two situations.
Are there any businesses that can’t form an LLC? Businesses that are engaged in banking, trust and insurance are sometimes prohibited from forming as an LLC. Additionally, some states disallow certain professionals (architects, doctors, lawyers, accountants) from coming together to form an LLC. How do I go about forming an LLC? In most states, you will be able to form an LLC by following four (or fewer) simple steps.
Do I need an operating agreement? Although many states do not require every LLC to be run by an operating agreement, here are some reasons why having one is a great idea:
How will my LLC be taxed? Unlike corporations, LLCs are not considered to be a separate tax entity, meaning that the taxes pass-through to the owners of the business (like sole proprietorships and partnerships). The LLC, in general, does not pay income taxes for itself. However, the owners of the LLC must pay taxes on their share of the profits from the LLC on their personal tax returns. LLCs may elect to be taxed like corporations, meaning that the LLC would pay taxes on its profits, instead of passing the taxes through to the owners. What securities laws impact LLCs? By definition, a security is an investment in a profit-making enterprise that is not run or controlled by the investor. Therefore, if you are planning on having more than one owner (member) in your LLC, then you may have to worry about securities laws. If ownership interests in your business will be considered securities by the SEC, you must ensure that you qualify for an exemption before you take money from investors. If you cannot qualify for the exemption, you must register the sale of the interest in your LLC with the state and the federal SEC. LLC Attorney Free ConsultationWhen you need legal help from an LLC attorney, please call Ascent Law for your free consultation (801) 676-5506. We want to help you.
Ascent Law LLC
8833 S. Redwood Road, Suite C West Jordan, Utah 84088 United States Telephone: (801) 676-5506
Ascent Law LLC
4.9 stars – based on 67 reviews
Good and Bad of Prenuptial Agreements via Michael Anderson https://www.ascentlawfirm.com/limited-liability-company/ This is about employment contract law and is set in general terms. You should always speak with a licensed attorney before taking action regarding the firing of an employee if there is a contract. employment contract, chances are that the contract says something about how the employee can and can’t be fired. Most employment contracts only allow an employee to be fired for “good cause,” which can seriously limit an employer’s ability to deal with a troublesome employee. If the employee has an express written contract, then staying on the right side of the law is fairly simple — just abide by the terms of the contract. Employment contracts come in many other flavors, however, and knowing whether you’re complying with them or not can be difficult. Can You Have an Oral Employment Contract?Yes. Yes you can. Agreements or contracts don’t have to be in writing to be valid under the law. If you promise an employee during the interview that you won’t fire them “unless there’s a good reason”, you’ve probably established an oral employment contract. Even a casual conversation can be the basis for an oral employment contract, which means that employers have to be very careful what they say. Courts are willing to uphold oral contracts, even ones based on limited conversations. For example (1) During an interview, if an employer promises that the applicant will only be fired if he or she doesn’t do the job well, then an oral employment contract is created. (2) During an evaluation, if a supervisor gives the employee feedback that “we expect you’ll have a long career here if you keep up the good work”, then an oral employment contract is created. Implied contracts overlap with oral contracts, where a conversation can be the basis for an implied contract. Implied contracts, as their name suggests, aren’t express contracts, but rather come about through implication and suggestion. Does the employee handbook state that once employees have worked at the company for 3 months, they become “permanent” employees? If so, this may create an implied employment contract. What about the employer almost never fires employees unless they simply aren’t doing their job well? An employee relies on this established practice and honestly believes that he’ll only be fired for not doing his job. This may create an implied employment contract. Implied contracts without some sort of oral promise however, are less likely to be found by a court. As long as you don’t promise your employees job security, it is unlikely a court will find an implied employment contract without some further effort on the employer’s part. Make Sure You Have Good Cause and You Have It DocumentedIf an employee does have an employment contract, express, implied, oral or written, then generally you must have “good cause” to fire the employee. Good cause generally means that the reason for firing the employee is based on purely business needs. Here are some of things the may constitute “good cause” – • Low productivity In addition to good cause, employment contracts generally require the employer to act in good faith and deal fairly with the employee. This requirement is generally referred to as the covenant of good faith and fair dealing. To breach this covenant however, an employer generally has to be a pretty bad apple for a court to find a breach of the covenant. Does the employer fire an employee to avoid paying them retirement benefits? Does the employer fire an employee to avoid paying a sales commission? Does the employer fabricate evidence of an employee’s performance to justify firing the employee? In other words, an employer has to be blatantly dishonest before courts will find a breach to the covenant of good faith and fair dealing. Employer Lawyer Free ConsultationWhen you need help with firing or contract review for your business, please call Ascent Law for your free consultation (801) 676-5506. We want to help you.
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