Compared with corporations, limited liability companies are generally low maintenance, but not entirely maintenance free. A few requirements are imposed by statute, and the operating agreement may or may not create some additional formalities that must be observed. In addition, there are good practices that, in addition to observing the…
If you’re not aware that Congress is working on a major revision to federal tax law, you’ve not been paying much attention to the news. The House of Representatives passed its version of the Tax Cuts and Jobs Act, then the Senate passed a similar, but not identical, bill. The…
Although the tax reform bill just passed by the U.S. House of Representatives retains the income tax deduction for individuals who make contributions to charitable organizations (i.e., organizations that are tax exempt under Section 501(c)(3) of the Internal Revenue Code), it may nonetheless have significant effects on the amount of…
I’ve written before about the need for the owners of small businesses to have at least three professionals: a business lawyer, a tax accountant, and an insurance broker. Because it has been a while, and because the advice is so important, I decided to write about it again. Thinking about a group of…
Earlier this month, the Seventh Circuit Court of Appeals decided Doermer v. Callen, No. 15-3734 (7th Cir. Feb. 1, 2017). In a previous post, we reviewed the facts and explored what the case had to say about the board of directors and directors’ terms. Today we’ll inch closer to the…
Last week, the Seventh Circuit Court of Appeals decided Doermer v. Callen, No. 15-3734 (7th Cir. Feb. 1, 2017), a case that illustrates and implicates several important aspects of Indiana nonprofit corporation law. Over the next few posts, we’ll explore some of the key aspects of the case and what…
Indiana nonprofit corporations are being converted to a new schedule for filing business entity reports with the Indiana Secretary of State. In the past, a business entity report has been due every year in the same month in which the organization was incorporated. Nonprofit corporations will now file business entity…
This is the last of eight articles on series LLCs and the new Indiana series LLC statute that will take effect on January 1, 2017. Earlier articles are: Part I, Basic concepts and terminology Part II, Is a series an entity? Part III, What constitutes a series? Part IV, Setting…
Earlier articles on the topic of Indiana series LLCs are here: Part I, Basic concepts and terminology Part II, Is a series an entity? Part III, What constitutes a series? Part IV, Setting up an Indiana series LLC Part V, Operating agreements for Indiana series LLCs Part VI, Alternatives for…
If you are not already familiar with series LLCs or with the new Indiana series LLC statute that takes effect on January 1, 2017, you may want to read the articles at Part I, Part II, Part III, Part IV, and Part V. In the first of these articles, I compared a series…