Small business owners often make the mistake of “co-mingling” business and personal finances. For example, small business owners frequently will use a single credit card to make both personal and business purchases. Or, a small business owner might pay a personal debt with a business bank account check, or vice versa. While these transactions may […]
A Checklist for Maintaining Your Corporate Veil
We were recently asked to start writing articles for LegalZoom on important real estate, estate planning, and business law topics. Below is a link to an article we wrote regarding the importance and ways of maintaining the “corporate veil” of a limited liability entity, such as a corporation, LLC, Limited Partnership or Limited Liability Partnership. […]
5 Reasons Why We (Attorneys) Love LLCs
The attorneys at GRIFFITH LAW GROUP form limited liability companies (LLC) more often than we form any other entity, because of the flexibility afforded by the LLC. An LLC is not always the best entity choice for our clients, and there are limited circumstances when a different entity structure would be better. However, as a […]
Is Indiana the Best State in Which to Form my Business?
A couple times each month, we are asked by a client whether it is better to form a Delaware corporation, or a Nevada LLC, rather than an Indiana entity. Here is a common Q & A we experience when helping a client chose a state in which to form a new business entity. CLIENT: I […]
Is Your LLC or Corporation Current & Updated
Limited liability entities- such as corporations and limited liability companies- require basic maintenance. Yet, amazingly, a large percentage of Indiana corporations and Indiana LLC’s are not updated by management or owners. What they risk by failing to upkeep these entities is nothing less than having a court ignore the “corporate shield” by applying liability directly […]
The Rule of Business Decision Procrastination
Far too often, business owners and managers delay making important decisions out of pure fear. They fear the uncertainty that accompanies decision-making, which is understandable but rarely helpful. As an Indiana business lawyer, I have witnessed small businesses suffer from “paralysis by analysis. Consider a sampling of the questions with which small businesses routinely suffer: […]
Rules of Thumb to Protect Your Brand
Critical to branding a business, or its goods or services, are: (1) a tagline that effectively describes your company, product or service and (2) an attractive logo to create immediate awareness. Branding is the art and science of differentiating you from your competition. As part of successfully establishing your brand through an effective tagline and logo, you […]
Outside-In Asset Protection & the Future of the Single-Member LLC
ARTICLE UPDATE- 6.30.22 Starting in the early 1990’s, states began passing statutes permitting businesses to be organized as limited liability companies (an “LLC”). Today, LLC’s are widely accepted and regularly used. Over the past two decades, the IRS, state taxing agencies and the courts have resolved a number of issues regarding LLC’s, and the rules […]
The S- Election for Small Businesses
One of the big advantages of being a small business is that a small business is generally treated as a “tax flow through” entity. That means the entity itself pays no income tax, and all the business’ profits (or losses) are reported on the individual income tax returns of the business’ owners. This advantage is […]
Small Businesses & Liability Risks- Has Your Business Adopted a Safe Driving Policy?
Indiana became the 32nd state to ban text messaging while driving, effective July 1, 2011. The new law calls for “primary enforcement,” which means police can stop and cite violators for that reason alone. Now, drivers can be subject to fines of up to $500 for texting and driving. The new law, called the Indiana […]