HK® Bobby Pen & The Pen Pals® FE8A5C COMPRESSED All LLC Are Not Created Equal

All Operating Agreements Are Not Created Equal

It has been stated that the limited liability company has become more popular than the corporation as the basic form of entity to do business in the United States. A critical document with any limited liability company is the operating agreement. When an operating agreement for a limited liability company fails to fully cover the six key issues described here in accordance with the understandings of the limited liability company’s members and managers and applicable law, such operating agreement is a poorly-drafted, inadequate operating agreement.

HK® Bobby Pen & The Pen Pals® Real estate, Wealth, Health

The SLAT – A Possible New Estate Tax Planning Technique for Married Couples

Effective estate tax planning often involves two competing objectives. On one hand, there is an objective to remove assets from a person’s taxable estate, so that estate tax liability can be reduced on such person’s death. On the other hand, there is an objective to retain the income and principal from a person’s assets, so that such person’s activities are not disrupted during such person’s lifetime.

Private Foundations – Know the Advantages and Benefits But Understand the Possible Penalties

Charitable activities are favored under the Internal Revenue Code. The income of a charitable entity can be subject to favorable income taxation, and transfers to a charitable entity can realize income tax and estate tax deductions. One type of charitable entity is a private foundation. This letter refers to the “private non-operating foundation.”

How to Avoid FinCEN Reporting

There are two types of reporting companies – “domestic reporting companies” and “foreign reporting companies.” It is important to remember that reporting companies that were formed or registered to do business in the United States on or before December 31, 2023 are required to comply with applicable “FinCEN” reporting by January 1, 2025 and reporting companies that were formed or registered to do business in the United States during 2024 are required to comply with applicable “FinCEN” reporting within 90 calendar days after receiving notice of such formation or registration.

Connelly v. United States – An Important Supreme Court Estate Tax Valuation Case

“Buy sell” agreements often are funded by life insurance policies. Life insurance proceeds can affect the “estate tax” valuation of a deceased business owner’s ownership interest. And can have material implications for the terms of “buy-sell” agreements, business valuations, and other estate tax liability and estate planning issues.

Moore v. United States – Wealth Taxation Is Still Possible

Relative to its decisions concerning other areas of the law, the United States Supreme Court generally does not issue many decisions concerning tax law. Thus, when the Supreme Court does issue a tax decision, it definitely is noteworthy and deserves attention.

« Older Articles