Why Estate Planning for Small Business Owners Is Important Imagine the following scenario: you run and own a small business that has taken years of hard work to make successful. However, the heart and brains of the company exists in a single person or a few key employees. The key employee can be anyone, such …Read More
Piercing the Corporate Veil Basics As many of you probably already know, one of the advantages of running a business as a corporation is the ability to limit the liability of its shareholders (owners). Generally speaking, shareholders are only liable for the amount of money they put into the corporation (in other words, their investment). …Read More
Taxation of Limited Liability Companies (LLCs) A limited liability company (LLC) is a business entity created by state law, the Michigan Limited Liability Company Act of 1993. After forming an LLC you must take certain steps to keep your business in compliance with this law. State LLC taxes and fee Michigan taxes LLC profits the …Read More
Business owners and customers alike are often confused when it comes to a business’s name. A primary source of confusion is the use of a business’s “entity name” vs. its “fictitious name” (often referred to as its “d/b/a” or “doing business as” name). This article will clarify the difference between the two. Business Entity Name …Read More
