Posted In: Business Transactions & Corporate Counseling and Trusts & Estates
Business Blog: Before You Say "I Do" to Your Business Partner, Consider a Business "Prenup" - 5 Reasons You Need a Buy-Sell Agreement Today
on February 13, 2020
People often consider what can go wrong before exchanging their marriage vows. However, many do not address these same concerns when starting a company. What happens if your business partner unexpectedly passes away? Becomes permanently disabled? What do you do if your business partner wants to sell?...
Posted In: Business Transactions & Corporate Counseling and Tax - Business & Corporate
Business Blog: Beware of Unrelated Business Taxable Income
By Jarman J. Smith on August 26, 2019
Many nonprofit organizations are recognized by the federal government as being tax-exempt; therefore, taxes are generally one of their lowest business concerns. However, even tax-exempt organizations may be liable for tax on any activities that generate unrelated business income. According to the Internal Revenue Service (IRS), unrelated business income is any income realized from a trade or business regularly carried on by an organization, which is not substantially related to furthering the purpose of the organization's tax exemption....