Top 12 Reasons Why New Businesses Fail – Part 2
I realize this is a topic entrepreneurs would rather not talk about. But with a recent statistic showing that approximately one in every three new businesses fail within the first two years, it can no longer be ignored. As harsh as this might sound, businesses don’t fail by themselves. Instead, businesses usually fail on account […]
Top 12 Reasons Why New Businesses Fail – Part 1
I realize this is a topic entrepreneurs would rather not talk about. But with a recent statistic showing that approximately one in every three new businesses fail within the first two years, it can no longer be ignored. As harsh as this might sound, businesses don’t fail by themselves. Instead, businesses usually fail on account […]
District Court of Connecticut Expands Scope of Willfulness Requirement for FBAR Violations
A new U.S. District court case has zeroed in on the definition of “willful” for purposes of applying the more serious penalties for failure to file tan FBAR. In U.S. v. Garrity, 2018 U.S. Dist. LEXIS 56888 (D. Conn. 2018), the United States District Court of Connecticut dealt taxpayers with undisclosed foreign accounts a hard blow. […]
How Do I Keep An Airtight Corporate Veil For My Business?
As a general rule, corporations and LLCs are separate and distinct from their shareholders and members. This means that the owners are typically not liable personally for the debts and obligations (including judgments and settlements) of the company. However, sometimes courts see fit to pierce the corporate veil, bypassing the company and finding one or […]
Which Legal Entity Is Best For My Small Business?
One of the key decisions you will have to make at the early stages of starting your new company is whether to operate your business as a sole proprietor or structure it as a limited partnership, limited liability company or corporation. In this podcast, I discuss the different legal entities, costs of formation and maintenance, […]