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Business Law

Unemployment Compensation: A Trap for the New Business Owner

Many individuals who are laid off or fired for reasons beyond their control can collect Unemployment Compensation for a period while they are looking for a new job. Some enterprising individuals take this time to go into business for themselves. It sounds like a great plan. The person has the time to form the new business because he or she is unemployed and the unemployment compensation benefits to help pay bills until the business is running. The idea of someone picking himself or herself back up and creating his or her own business is quite noble and romantic. For many,...

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The Family Business – Special Planning Needs

The family business is often the parents’ legacy to one or more of their children. It represents a lifetime, or sometimes several generations, of struggle and success. Without special estate planning by the parents, a child who has devoted himself to the family business can easily lose the fruits of his labors. Tax planning is also vital in this instance. When a family business is owned by the parent, the value of the business at the death of the parent will be subject to distribution under the parent’s Will, or in the absence of a Will, under state law. Suppose a...

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