New IRS Rules Regarding Partnership Audits (including LLCs), Part I
This blog will be part one of three regarding the new IRS BBA Rules regarding partnership audits that went into effect on January 1, 2018. Background: For over 35 years the IRS has wrestled with effectively auditing partnerships and their partners (including LLCs and their members, once LLCs began being widely used in the 1990s). […]
Read MoreEnsuring Compliance with Harassment Training Obligations
The national attention given recently to sexual harassment serves as a good reminder to Maine employers of their obligations to employees in this context. In addition, the first of a new year is always a good time to renew a commitment to a harassment free workplace and ensure compliance with training requirements. In terms of […]
Read MoreBest Practices in International Business Contracting – Part 2
In a prior blog post, I began discussing best practices when contracting with another business that is outside of the United States. The most successful businesses forecast their potential business risks, discuss them early with their counterparts, include related provisions in their contracts addressing those risks, and then monitor the relationship on an ongoing […]
Read MoreBest Practices in International Business Contracting – Part 1
All contracts are subject to certain laws. The beauty of contracting is generally being able to choose which laws become part of the contract. An international business contract, for instance, it should generally read like a sophisticated business contract that will be performed by two domestic, English speaking parties. However, depending on the home […]
Read MoreSome Important Information About Contracts and “Boilerplates”
Have you ever read towards the end of a contract where there seems like a lot of stuff that doesn’t have to do with what the contract is all about, but that the lawyers think should be there? Sometimes people call it “boilerplate.” Some people might think […]
Read MoreIs Debt or Equity Financing Better for My Business?
Recently a client sent me a financing contract from a “hard money” lender. This lender was willing to lend my client $150,000 at an interest rate of over 20%. Upon the lender’s granting the loan, the loan principal would jump from $150,000 to $225,000. These loan terms were considered within the “normal” range for this […]
Read MoreNew Maine Law Distinguishes Service and Assistance Animals and Seeks to Curb Abuse
A recent change to Maine law seeks to clarify the law regarding service animals and combat a perceived increase in misrepresentation of pets as service animals. The new law, which took effect July 29, 2016, creates a distinction between “service animals” and “assistance animals,” and also increases penalties for misrepresentation of animals as service or […]
Read MoreInvestor Chronicles: Should My Company Take on Private Investors?
In my last post I provided some cautions to investors when they are determining whether to invest in a privately held company. This post discusses the investment relationship from the company’s side. Summary: Do not agree to sell or trade equity in your company until you have vetted your prospective investors. Recently I attended a […]
Read MoreInvestor Pitfalls: Should I Invest in a Privately Held Company?
Investor Pitfalls: Should I Invest in a Privately Held Company? Summary: Do not invest in companies that do not follow simple rules designed to protect investors. Recently a friend confided in me that she and her husband had given approximately $30,000 to a man who had a great business idea. He was enthusiastic, well-spoken, and […]
Read More501(c)(3) Public Charities: Examples of Donations That Satisfy the Public Support Test
Fundraising is a key component of any nonprofit Organization. In two prior blog posts I discussed how an Organization can meet the public support financial requirement and what qualifies as support, and both of those post provide important context for this post. Below I assume that the Organization would like to acquire real estate valued […]
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