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Tallahasse Legal Blog

How would you like to register your business?

There are many different ways to register a business depending on the legal protections you want to have and the size of the business you intend to build. Different business structures have their own benefits along with legal and tax implications.

Here are the six most common kinds of business structures and what they mean for a business. If you're not sure which is right for you, your attorney can help as you develop your business plan.

Proper estate planning can reduce the risk of probate

When you create a last will or estate plan, there are probably two main motivating factors. The first is that you want to ensure that your loved ones have the financial support they need. The second is creating a meaningful estate by leaving specific instructions about how your assets should get distributed. In some cases, that could involve leaving money to charities, creating a scholarship or donating land for public use.

An attorney can give you advice and help take steps to ensure the proper execution of your will in the future. From naming an executor to having each version of the will witnessed at signing, your attorney can take steps to establish the legal validity of your last will and protect your wishes from getting undermined by the courts because of a dispute. If your last will does have to go through probate court, careful estate planning and the use of legal entities like trusts can help ensure that your instructions are followed as closely as possible.

3 ways to invest your tax return back into your business

Small business owners pay much in taxes during the course of a year, and if you find out that you're going to get a return, that's an added bonus. This April, you discovered you paid too much, and now you're getting a return. The real question is what you should do with that return to help your business.

There are a number of ways to invest money back into your business when you have an unexpected windfall. Here are three good ideas for things to do to help you grow your business, invest and make good financial decisions with your tax return.

Have you made a plan for your cat after you're gone?

Florida residents certainly do love their animals. If you have a dog or a cat that lives with you, you can certainly understand what it means to see your pets as real and valued members of your family. In fact, about 65 percent - or 80 million - of the households in America have a pet they take care of.

From an estate planning perspective, this raises a serious question: Who's going to take care of your lovely pet when you're no longer here to do so yourself?

5 things to review before signing that contract

Don't ever sign on the dotted line before carefully reviewing a business contract. Yes, you want to work quickly because the business world never sleeps, but you don't want to make a mistake that hamstrings your company for years to come. This is especially true if you're a relatively new business owner who is signing one of his or her first major contracts, without much experience to fall back on. Key areas to consider include:

Up a creek: What to do if your vendor breaches contract

You placed that big order for plates a month ago. You restaurant is scheduled for its grand opening this Friday. Rumor has it that the best and most feared restaurant critic in Florida is going to be there. And you have no plates to serve your guests because your vendor has just notified you that there is a problem with the order. They can't fill it in time.

Fortunately, you have a contact with another restaurant supply company that can help you out. You will now be paying more than twice for the same style and brand of plates you contracted for with the original vendor, but you will be ready for opening night.

Estate planning should be part of your family planning

For far too many families, estate planning and financial arrangements for interment and funerals are something dealt with at an old age or after being diagnosed with a serious illness. This, in turn, can leave families scrambling to adjust their budget to a reduced income while simultaneously facing the expenses involved in end of life care or emergency medical services if the death was the result of an unexpected accident.

By being proactive about estate planning, you can ensure that your loved ones will have the necessary resources and protections to continue providing for themselves in the event of your death or permanent incapacitation.

An effective estate plan doesn't start at death

When most people think of estate planning, they think of getting a plan in place for when they die. Of course, this is a major part of estate planning. If we don't want the courts to decide what should happen to our assets, then we need to have a last will and testament in place.

However, an effective state plan doesn't just detail who should get your assets and how those assets should be distributed when you pass away. It should protect your financial wellbeing, and other aspects of your life, while you are alive, as well.

Contact

Williams & Coleman, P.A.
701 E. Tennessee Street
Tallahassee, FL 32308

Toll Free: 888-390-0172
Phone: 850-270-0695
Fax: 850-222-9047
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