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LLC and S-Corp. 101

ID:LLART024,

 Published on Mar 31, 2014 by

Bill Bernard

Both the LLC and S corporation are well-liked among accountants and small businesses because of their “pass-through” tax treatment. Unlike a C corporation, both of these structures do not pay taxes on business profits; rather profits are passed along to the owner(s) and reported on their individual tax returns. Moreover, both structures separate the owners from the business and provide liability protection. 

However, there are some differences between the two. For example, an LLC is typically much easier to run from an administrative standpoint. There are fewer state filings and forms, lower start-up costs, fewer formal meetings and documentation than there are with a C or S corporation. This conceivably could be advantageous to small business owners who don’t want to be bothered with excess paperwork. 

The LLC also offers more flexibility in how owners can allocate a percentage of profits and losses among its owners. Example:  you start a business with a friend and you each own 50 percent of the business. One year, your friend has something come up in her personal life and doesn’t spend as much time on the business as you have. You both ultimately decide that the fair thing to do would be to give you 60 percent of the profits for the year. If you had formed an S corporation, you would both still be taxed based on the percentage of your ownership (i.e. you would be taxed on 50 percent of the profits; your fellow shareholder on 50 percent, even though you might have agreed to a different “arrangement”). Conversely, the LLC does give you the flexibility to determine how you want to allocate your business’ profits so that each owner canl be taxed accordingly. 

Nevertheless, there is a critical advantage of an S corporation with regard to taxes. The S corporation gives you more flexibility in how earnings are paid to the owners. Example: with an LLC, the entire net earnings are passed along to the owner(s) in the form of self-employment income and are consequently subject to self-employment tax for Social Security and Medicare. However, with the S corporation, you have the option of dividing up earnings into wages/salaries versus passive income in the form of distributions. Only the wages/salaries are subject to the FICA tax for Social Security and Medicare. The “passive” distributions are not. IMPORTANT NOTE: keep in mind that as an owner working in your business, you must pay yourself a reasonable salary for the job you do. You cannot get away with giving yourself a $40,000 annual salary and taking $175,000 in distributions, for example. 

Get Help with Landlord Tenant Law i...

ID:LLART022,

 Published on Mar 26, 2014 by

Aaron Resnick

Tenancy is a complicated issue and Florida is no exception. Miami has a strong law for both tenant and landlord that guide their rights and liabilities. The laws are made for the protection of interest of both parties and it is known as Landlord/ tenant law. There are laws through which a landlord can end the tenancy contract, and a tenant can charge the landlord for violating the rules and regulations and interfering with their rights.

 

How does the tenancy law support a landlord?

 

The tenancy law supports a landlord when a tenant violates the clauses in the agreement that was made between the two parties during the time of giving possession. The tenant eviction process is another situation where the law guides the landlord. A tenant is never allowed to stop paying the landlord just because he is not happy with the condition of the property, or he is not happy with the facilities he is receiving from the landlord. The landlord can take help of the lawyer and file a case against the tenant under all such conditions, and required paperwork has to be done properly in order to ensure that the case is in favor of the landlord.

How does the tenancy law support a tenant?

 

During the time of eviction, in many cases the landlord becomes violent and takes wrong action against the tenant. He cannot by law possess or destroy any personal property of the tenant or evict the tenant by force. He cannot prevent the tenant from entering the property by locking the property with a different lock. Legal eviction has to be filed by the landlord, and the tenant can support his own side by hiring a professional lawyer. The lawyer can help the tenant understand his rights and do all the paperwork that is required for filing a case. In case, the landlord breaches a contract and the tenant incur some losses due to the same, the landlord is liable to make the payment.

 

Though the law of Miami is quite strong as far as a relation between the tenant and the landlord is concerned, the paperwork has much to do in deciding the fate of the case. In such a case, it is always advantageous to contact the experienced lawyers who have dealt with such situations. You can always check out the websites of the law firms in Miami in order to find the best lawyers and ask them for consultation.

 

About The Author:

The Law Offices of Aaron Resnick, P.A. help you understand your rights and defend you against foreclosure and is dedicated to assist both businesses and individuals throughout the state of Florida. The Law Offices of Aaron Resnick, P.A help educate you and help you with legal matters.

Stop Foreclosure with the Help of a...

ID:LLART021,

 Published on Mar 25, 2014 by

Aaron Resnick

Normally, the foreclosure process begins when a homeowner fails to make the mortgage payments. Upon completion of the foreclosure, in order to recover the amount owed the lender will sell the home at auction. To get to this point is usually a long process that involves numerous steps to be followed.

 

However, it will not happen overnight, and the lender will not institute such a severe remedy unless you fail to make payments. In such a situation, it is wise to opt for some alternatives such as a short sale, loan forbearance, or a deed-in-lieu of foreclosure.

 

In case you have failed to make an alternative arrangement and have received a notice of an impending foreclosure, you have only 20 days from the date of service of the foreclosure complaint to respond. A common borrower cannot confidently navigate the legalities involved in foreclosure and hence it is wise to hire the services of a bankruptcy attorney to fight your case. The attorney will have an understanding of foreclosure laws in your state and can help you understand the process. By hiring an attorney, you will have undue attention and seamless counsel throughout the foreclosure process and will have excellent better chance adequately defend the foreclosure.

 

An option that may be available to a borrower is to file a Chapter 13 bankruptcy. Under this option a borrower is able to pay back the arrearages of what is owed over a five-year period. 

 

For this option it is suggested you hire the services of an expert lawyer. They are well-versed in these legal matters and have a legal team which is skilled in providing aggressive representation. In case bankruptcy does not work they may have many other legal alternatives for you. For more information on the same, browse the net and hire the services of the best attorney in town who can fight your foreclosure case and help you out of this grave situation.

 

About The Author:

The Law Offices of Justin McMurray, P.A has served the Gainesville area for past 13 years and helps you make the wisest decisions regarding your financial situation so that your credit score is affected as little as possible. 

Types of Bankruptcies in Florida

ID:LLART020,

 Published on Mar 25, 2014 by

Jeremy Resnick

Bankruptcy is a legal proceeding in which an individual who cannot afford his/her bills gets an opportunity to start a new beginning. A bankruptcy falls under the jurisdiction of the +Federal Court. Once an individual files bankruptcy, an “automatic stay” prohibits a creditor from collection efforts for a certain period of time.

 

The most common question asked is “What type of bankruptcy should I file?” One can file bankruptcy under

  • Chapter 13
  • Chapter 11, in cases where a business is filing for bankruptcy
  • Chapter 7
  • Chapter 20

 

The answer to this question depends on the following –

  • Total amount of debt,
  • Total income and assets and number of dependents at home
  • The main aim and objective of the client behind filing bankruptcy
  • Evaluation of pros and cons of Chapter 7 and Chapter 13 bankruptcy

 

A thorough examination and a “means test” will determine which type of bankruptcy a client should file. Do you qualify for Chapter 7 bankruptcy? If yes, then what are the advantages over Chapter 13?

 

The following are the advantages of filing a bankruptcy under Chapter 7 –

  • Almost all consumer debt is discharged permanently under Chapter 7 bankruptcy. On the contrary, under Chapter 13 the debtor may have to pay back a minimum of one part of his debts.
  • A Chapter 7 bankruptcy is typically completed within about four months; however, Chapter 13 bankruptcy could take three to five years.
  • A person can re-establish himself much sooner after filing a bankruptcy under Chapter 7 when compared to Chapter 13 bankruptcy.
  • Costs incurred while filing bankruptcy under Chapter 7 is often much less when compared to Chapter 13.

 

It is wise to consult a bankruptcy attorney  to discuss your options before filing. This is because they are likely familiar with the legal proceedings and can provide sound advice. Lawyers normally recommend Chapter 7 bankruptcy if the debtor qualifies as it typically is in the debtor’s best interest to do so.

For more information on the same, one should speak to an attorney for more clarity and detail on bankruptcy. The best of the bankruptcy lawyers have a website. Browse the net and book an appointment today!

 

About The Author:

The Law Offices of Justin McMurray, P.A has the ability to effectively handle nearly every case. The Law Offices of Justin McMurray, P.A reviews your case and helps you to decide whether this is the best option for you or not. The firm guides you throughout the process to ensure that you get the most out of this opportunity to make a fresh start in life.

Deed in Lieu Ocala

ID:LLART019,

 Published on Mar 25, 2014 by

Jeremy Resnick

A deed-in-lieu of foreclosure is when the borrower agrees to transfer the legal ownership rights to his/her property for the release of his/her monetary obligations by the lender.  In Ocala, the deed is considered a legal document that signifies ownership of the property.  By transferring the deed to the lender, a homeowner can avoid the foreclosure process.  Depending on the terms and conditions of agreement with the lender, a borrower can benefit from a deed-in-lieu of foreclosure by reducing or eliminating the balance on a mortgage so that it provides him with an opportunity to commence a new beginning. Negotiating the terms and conditions of the deed-in-lieu is certainly a daunting task and hence it is better to take the help of an Ocala deed in lieu of foreclosure attorney who is well versed and experienced in this field.

 

It should be noted that, rather than taking the matter to the court, if both parties act reasonably a deed-in-lieu can prove to be beneficial to both parties. Based on the terms of the agreement, a borrower will no longer be obligated under the terms of the note and mortgage, and the lender will assume ownership of the property. It should also be noted that the deed-in-lieu is a usually a better option than a foreclosure because the foreclosure process is lengthy and costly. On the contrary, if both parties agree to a deed-in-lieu these obstacles can be avoided.  Also, a foreclosure negatively affects the credit score of a person; however, a deed-in-lieu is a much better option which enables a person to get back on financial track quickly without the negative reporting of a foreclosure.

 

A person who is more than one month behind on their mortgage payment can qualify for a deed-in-lieu of foreclosure. A lender will usually agree to a deed-in-lieu only if it believes the borrower will not be able to make payments because of a loss of job, disability, or unexpected bills. 

 

If you think a deed-in-lieu can help you then get in touch with an Ocala foreclosure defense attorney so that you better understand the entire process.

 

About The Author:

The Law Offices of Justin McMurray, P.A has the ability to effectively handle nearly every case. The Law Offices of Justin McMurray, P.A reviews your case and help you to decide whether this is the best option for you or not. The firm guides you throughout the process to ensure you get the most out of this opportunity to make a fresh start in life. 

ERISA - WHAT I NEED TO KNOW & WHAT ...

ID:LLART018,

 Published on Mar 18, 2014 by

Todd Krauss

ERISA law is governed by Federal Statutes and was established to set guidelines for employers to help protect employee's benefits, such as retirement, disability, health, welfare and other employment-related benefits. The legal guidelines are set forth in the Employer Retirement Income Security Act of 1974, otherwise know as ERISA (found in U.S. Code Title 29, Chapter 18). Many insurance companies fight against the benefits they owe at a time when people are most vulnerable.

1) Consult Your Policy: Many people make the mistake of applying for disability benefits without thoroughly consulting their policy first. The policy will define what your carrier considers to be disabled, how your benefits will be calculated, crucial deadlines, limitations on benefits, and evidence they will or will not consider in making a determination about your claim.

2) Filing the Claim: You must first file your initial claim with the insurance company. The insurance company will make a determination to either pay or deny the benefits under the policy. If your claim is denied, have the right to appeal the decision. This is a critical step in the proceedings and will go a long way to determining if you will get the benefits that are rightfully owed to you or not.

3) The Appeal: First and foremost, your denial letter will contain a time deadline which you need to comply with in appealing the decision of the insurance company. If you miss the deadline or waiting too long to get help it can mean the end of your claim for which you will be barred.

To make the most of your appeal, you need to know what is contained in your claim file. once you get a denial IMMEDIATELY write the insurance company and demand a copy of the policy and CLAIM file from the carrier. These two items are crucial in preparing your appeal so that if they deny your appeal, all the necessary information will be contained within the claims file to better help your future lawsuit. THIS will be the ONLY evidence the court will review when making a determination if the insurance company improperly denied your benefits or not.

4) The Lawsuit: In an ERISA lawsuit, you DO NOT get a jury trial. The court, at best, will have a very brief hearing, but will more commonly just review the paper briefs and the claims file to make a determination of wehther or not the insurance company either abused their discretion or if there is a preponderance of the evidence to overturn the denial of benefits. Needless to say, the deck is stacked in the insurance companies favor.

If you have a claim which is governed by ERISA, you need an attorney who can help you every step of the way. Because the legal and procedural rules applied to ERISA claims are complex and very confusing, our office stands ready to help you. We can help you with your appeal of your denial of benefits as well as handle your case in the Federal Courts. Contact our office today to discuss what we can do to help you get the benefits your deserve.

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