Ask Cari: What You Need to Know about Buy-Sell Agreements

Rincker LawBusiness/Commercial Law Leave a Comment

If you are a business owner, you probably worry about your bottom line, employee retention, and health insurance premiums, but have you also considered what will happen to your business if you are in an accident? What if your business partner gets divorced and your partner’s ex-spouse is awarded part ownership of the business and wants to make decisions affecting …

Share this Article

Ask Cari: Limited Liability Companies and Form 1099 Reporting

Rincker LawBusiness/Commercial Law Leave a Comment

Business owners typically dislike dealing with the tax reporting, filing, and payment requirements associated with running a business. It can be tedious and require attention to numerous details. For businesses that have made payments to vendors and independent contractors, the type of tax reporting required and the form it should take are often overlooked and confusing. Specifically, it requires understanding  …

Share this Article

What You Need to Know about Severance Packages

Rincker LawBusiness/Commercial Law, Employment and Labor Law Leave a Comment

Business owners agree that people are the lifeline of a company. The people you hire can make or break your business. Yet as an employer, it is essential to recognize that things change. There are instances when you may have to terminate an employee. Developing a severance package is one effective strategy for dealing with exiting employees. A severance package …

Share this Article

Understanding Corporate Management: Who Is Really in Charge?

Rincker LawBusiness/Commercial Law Leave a Comment

When you decide to form a business, one legal entity type you can choose is the corporation. The corporation is one of the more complex but also one of the most trusted legal business forms. A key consideration is the way a corporation is managed: it has an intricate structure, built-in oversight, and a somewhat flexible ownership scheme. Corporate structure …

Share this Article

Five Reasons Business Owners Need Estate Plans

Rincker LawBusiness/Commercial Law, Estate Planning Leave a Comment

Business owners are notorious for engrossing themselves in the day-to-day management and functions of their businesses. As a business owner, you are likely the heart and soul of the company you lead. Your clients love you, and you have built unique relationships with your contractors and suppliers. Suppose, however, that tragedy strikes: You, as the business owner, are in a …

Share this Article

Five Considerations Before You Use a Payment Demand Letter

Rincker LawBusiness/Commercial Law Leave a Comment

As a business owner, it is almost guaranteed that you will encounter some variation of the following scenario: You engaged a client and completed fantastic work. The products the client desired were delivered on time with practically no issues. To request the money the client agreed to pay you, you send an invoice or a bill. Unfortunately, your invoice is …

Share this Article

Why You Need an Employer Identification Number

Rincker LawBusiness/Commercial Law Leave a Comment

There are many essential tasks to complete if you are thinking of forming a new business. An important but often overlooked step is obtaining an Employer Identification Number (EIN). An EIN is a nine-digit federal tax identification number obtained from the Internal Revenue Service (IRS). It uniquely identifies a business entity and serves many purposes for a new company. The …

Share this Article

Considerations for Forming a Limited Liability Company for Real Estate

Rincker LawBusiness/Commercial Law, Food & Ag Law, Property Law, Real Estate Transactions Leave a Comment

For individuals who own real estate, it is important to consider the best way to structure your ownership. When you are just starting out as an investor in real estate, you may hold title to the real estate personally, but that may not be the most advantageous method of ownership. Another option is to create a limited liability company (LLC) …

Share this Article

Why Your LLC Needs an Operating Agreement

Rincker LawBusiness/Commercial Law Leave a Comment

Congratulations! You have decided to form a limited liability company (LLC) to run your business. After completing your state formation process, your LLC needs to have the right documentation in place. An operating agreement, sometimes called a company agreement, is a legal document that describes and outlines how an LLC will run, and is an essential document for owning and …

Share this Article

Risky Business: Piercing the Veil and How It Puts Your Business at Risk

Rincker LawBusiness/Commercial Law Leave a Comment

When you create a limited liability company (LLC) or a corporation, the concept of limited liability is one of the key rationales for those entity choices. Limited liability is typically available when you create distinct legal entities that separate your personal assets from your business assets, thereby limiting exposure to liability on both fronts. Even though this is a foundational …

Share this Article

Good News for PPP Recipients of $50,000 or Less: Simplified PPP Forgiveness Process

Rincker LawBusiness/Commercial Law Leave a Comment

Following the first surge of COVID-19 cases in the United States, many businesses financially impacted by the pandemic have applied for federal funds through the federal government’s Paycheck Protection Program (PPP). One key element of the PPP is loan forgiveness, but business owners who received PPP funds must apply for loan forgiveness. If you received funds and are in the …

Share this Article

What You Need to Know about Elections and Your Business

Rincker LawBusiness/Commercial Law Leave a Comment

With early voting already underway in some states and November 3 just around the corner, you may be wondering about your obligations as an employer to provide your employees the opportunity to vote. These questions are particularly important in light of the current pandemic and the high political tensions at play during this election. Here are three steps you can …

Share this Article