Do you have certain key employees who help make your family business a success? Keeping those employees may be essential to a successful transition of ownership and management to your children or another new owner when you retire or pass away. A “stay bonus” (also called a retention bonus) is a s...
Thirty-three states and 150 municipalities and counties have enacted “ban-the-box” laws precluding employers from including questions about criminal history on employment applications. In many of these states, ban-the-box statutes apply only to public employers, but 13 states (including some of t...
Information is instantaneously available due to the rise of the internet. Additionally, many services that were not available in the past, including do-it-yourself (DIY) legal forms also exist. As a result, it is tempting to think that the forms provided by these DIY services can be a low-cost su...
The location of your small business is an important factor in whether it succeeds or fails. Accessibility to customers, vendors, and employees, proximity to competitors, and zoning restrictions are just a few of the factors you have likely considered. Once you have determined the best location fo...
Many small business owners contend with collecting, reporting, and paying sales tax. Although there is currently no federal sales tax, 45 states, and many localities, as well as the District of Columbia, have a sales tax. Different taxing authorities have their own regulations, tax rates, exempt...
At the end of September, the Department of Labor issued a new overtime pay rule that will take effect on January 1, 2020. According to the Department of Labor, the new rule will make 1.3 million American workers newly eligible for overtime pay. It is important for small businesses with employees ...
If you are interested in starting a new business, you may be attracted by “out of the box” business opportunities offered by sellers that promise immediate success. Some of these schemes have rightly earned a bad reputation, for example, false promises that you will make thousands of dollars per ...
Tax season is just around the corner, so now is a great time to make sure that you are retaining all the documentation you need to back up the income, deductions, and credits listed on your small business's tax return. Keeping the proper records is not optional—it is required by the Internal Reve...
On December 27, 2020, President Trump signed into law H.R. 133, the Consolidated Appropriations Act, 2021 (the Act). Included among the Act's nearly 5,600 pages are provisions related to COVID-19 pandemic relief. Key tax provisions include: (1) Paycheck Protection Program (PPP) updates, including...
Among those who desire to own their own business, many attempt to build a company from scratch. That, however, is not the only available option. Purchasing a company that is already in existence is a valid alternative. If you are interested in potentially acquiring a business instead of starting ...
After months of anticipation, on December 21, 2020, Congress finally addressed several long awaited unresolved issues surrounding much needed economic relief to workers and businesses. Tucked within the 5,593 page ‘‘Consolidated Appropriations Act, 2021'' Bill, you will find SEC. 276. CLARIFIC...
As baby boomers begin to retire, the burden of making management decisions regarding their retirement assets may seem daunting. This is especially true for those who choose to forego using professional investment advisors and instead self-manage their assets. Despite the challenges, there are ben...
If you are considering expanding your physical business or starting a home-based business, selling your products online is a great way to reach additional customers. Before you begin to sell products online, there are several legal issues you should be aware of to ensure that your business is com...
Data privacy laws requiring businesses to take steps to safeguard customers' and employees' personal information and to notify them if a breach occurs have been on the books for years. Recently, however, a new California privacy law—the California Consumer Privacy Act (CCPA)—was enacted guarantee...
The popular adage says, “sticks and stones may break my bones, but words can never hurt me.” For small businesses, this saying could not be further from the truth. The negative words and opinions of the public can have severe implications for a company's reputation, financial profitability, and l...
For most business owners, employees, vendors, and customers are essential to keeping your business successful. When someone with inside knowledge about your vendors, employees, and customers leaves your company, your business becomes vulnerable to losing these critical assets to competitors. To p...
One of the first decisions to make when starting a business is what type of business entity to form. The limited liability company (LLC) is one of the most popular business structures because it offers a level of flexibility and legal protection that is attractive to many people who are starting ...
As a business owner, you may be considering leveraging social media to enhance your business's engagement and reach. One way to do this is to employ the use of social media influencers. Social media influencers are individuals who have amassed large followings of people on various social media si...
According to Total System Services, Inc., 80 percent of the consumers questioned in a 2018 survey responded that they preferred making payments using credit or debit cards.[1] If you accept credit or debit card payments, you may not know that you are subject to a set of standards created by the P...
If you have decided to start a business and are researching the available business entity types, you may repeatedly come across the terms “limited liability company” and “LLC,” but you might not understand what this type of entity is or whether it is right for you. A limited liability company (LL...
Employment agreements are essential to protect your business and your employees. These agreements create legal obligations and represent the contractual relationships between employers and employees. A word of caution, however: Not all employment agreements are the same. An employment agreement c...
If you own a small business, developing your succession plan is a critical element of business planning. Many business owners fail to appreciate the complexities and time involved in successfully transitioning a business. Entangled in the day-to-day management of their companies, they neglect thi...
Limited liability companies (LLCs) are one of the most popular types of business entities. The LLC's flexible taxation options are one reason it is preferred; LLC members can, for the most part, choose how they would like to be taxed. The LLC enjoys this flexibility because the Internal Revenue S...
Contrary to popular belief, the S corporation is not a distinct entity type. According to the Internal Revenue Service (IRS), an S corporation is a corporation that has elected treatment as a pass-through entity for federal income tax purposes under Subchapter S of the Internal Revenue Code[1]. T...
For most entrepreneurs, handling business taxes is a daunting but necessary task. The complexities of tax preparation often lead business owners to procrastinate or neglect proper record keeping and tax deadlines. Nevertheless, following these basic steps can simplify the process and guide you as...
Creenan & Baczkowski, PC can represent you and your organization in Real Estate/Construction, Estate Planning, Civil Litigation, and Business law issues in Westmoreland and Allegheny Counties, in Pennsylvania. Contact us today to schedule an appointment.
