Addressing PPP loans in ownership transitions
By the end of June 2020, the U.S. Small Business Administration had approved nearly 4.9 million Paycheck Protection Program (PPP) loans. Some of the businesses that applied for those loans are either in the process of a “change in ownership” or see the current climate as an opportunity to transfer value to their heirs. Estate […]
The issue of too much money in one investment
Some households find themselves with a large investment in one single stock. That can happen when a great investment takes off (think: Apple or Amazon). But concentrated equity positions can also occur through employee compensation arrangements or inheritance. This can be both good fortune and significant risk. Past performance of a stock is no guarantee […]
Your 401(k) limits may be much higher than you think
If you participate in an employer-sponsored 401(k) plan, you can contribute up to $19,500 to your retirement in 2021. But did you know some plans allow you to contribute up to $38,500 more? If you’re looking for increased savings options, find out if your existing plan allows additional after-tax 401(k) contributions. In 2021, after-tax 401(k)s have a total plan maximum of $58,000, including […]
What sort of licensing do you need in Massachusetts before renting out a residential property? What basic regulations do rental properties need to follow?
Who? Me? A Landlord? Real estate can be the key to financial independence and success. While TV might have popularized the “flipper” model of real estate transaction, in which infusions of cash and elbow grease transform run-down properties into glossy sources of resale profit, the old-fashioned practice of landlording is still an attainable, affordable, and […]
Protecting trade secrets when your team works from home
Any proprietary information that belongs to your business might be a “trade secret” or protected confidential information. Trade secrets are a type of “intellectual property” owned by your business and they are protected by law. You can require people who work for you to keep trade secrets confidential. Under federal law, a trade secret is […]
Tips for executing agreements electronically
Electronic execution of agreements is quickly becoming more commonplace in most businesses. But how can you obtain authorized e-signatures and be sure it is a sound agreement? Contract formation is generally governed by state law rules, and the requirements are similar for a virtually executed contract: The agreement must state that the customer consents to […]
Let’s Zoom: The legal challenges of the videoconferencing explosion
Videoconferencing isn’t exactly new, and many people have been using Skype or FaceTime for face-to-face conversations for quite some time. But it’s no secret that the pandemic opened many more businesses to regular videoconferencing through a host of readily available tools, including Zoom. What many business owners might not be thinking about are the possible […]
Sole Proprietorship: The Good, the Bad, and the Legal Reality
What Dreams Are Made of? Being your own boss is a dream for many. It is also a pleasant daydream to many more stuck in stifling offices or unfulfilling careers. In addition to freedom from an unsympathetic supervisor’s requirements, owning a business appeals to so many because of the opportunity for greater creative expression in […]
Why You Need a Lawyer for FSBO Residential Transactions
When It Comes to Home Sweet Home, Don’t Go On Your Own Owning a home is not just the dream of millions of Americans, but it is also the key to growing wealth. Purchasing a home is one of the largest expenditures most people will ever make, but it is also the largest investment they […]
Using Depreciation to Control a Loan Forgiveness Tax Surprise
Bonus depreciation and Section 179 expense can be a valuable tool to help you manage your business’ profit margin this year. Here are some thoughts to consider. The problem Many businesses struggling during the pandemic took out Small Business Association Payroll Protection Program loans (SBA PPP loans). The SBA’s willingness to forgive these loans is […]
