A great employee benefits plan can help employers attract the best and most promising talent in 2020 and beyond. A valuable employee benefits package also keeps highly-qualified talent from leaving the company. However, many employers are unfamiliar with employee benefits. Talking with a business attorney or fractional general counsel can help guide you through the process. Meanwhile, check out this primer on employee benefits. It will help you understand some things to consider as you create an employee benefits package for your company.

A Limited Liability Company or LLC is a business entity organized under state law. The laws governing LLCs may vary slightly by state. The business is owned and managed by members who have limited personal liability as long as the members and the LLC maintain separation between business assets and personal assets. LLCs can have one member or multiple members. Many small business owners who do not want to remain sole proprietors or groups who do not wish to become partners choose an LLC as their business structure.

Choosing the type of business entity for your company has many consequences for your day-to-day operations and long-term growth. Deciding between a C-corporation and S-corporation can be confusing. Even though they are both legal entitles with some similarities, there are distinct differences that can benefit some companies. Our DC fractional general counsel explains the differences between the two legal entities and why your company may benefit from choosing one legal entity instead of the other legal entity in this article.

Many entrepreneurs discover that they need a competent general counsel at various stages in the business cycle. They need legal services to address matters related to intellectual property, employment matters, contract negotiation, contract review, litigation, and other legal issues. Few small-to-mid-size business owners have the budget to hire outside counsel a full-time, in-house counsel. Retaining a DC fractional general counsel for your company might give you the best of both options.

Are you fighting to defeat IRS penalties? If so, new court-approved ways to defeat IRS penalties can help you keep the money you earned instead of paying it to the federal government. As a Maryland tax attorney, I continually monitor changes in the tax code that benefit my clients and help devise strategies to avoid penalties and decrease overall tax liability.

As an employer, social media accounts can be a great way to vet and research prospective employees. An employer could violate a person’s legal rights by including social media accounts in a background search without obtaining permission from the applicant. An attorney can also help you develop a screening process and background search that might include social media accounts while protecting you, your company, and your employees from potential lawsuits and liability for violating employment and privacy laws.

A trust is a legal entity that can own title to property. The trust is established by a settlor (the person who transfers property to the trust) for the benefit of the settlor and/or other beneficiaries. A trustee appointed by the settlor manages the property according to the terms of the trust. A settlor can serve as the trustee under many trust agreements. A trust is a way to separate legal title for property from the individuals or entities who receive the benefits of the property.

There are numerous methods for valuing a business. Most valuation methods use a combination of factors to determine the current value of the business, such as assets, revenue, debts, operating expenses, goodwill, market value, and projections. The business valuation method used for a specific company depends on several factors, such as the type of business being valued, the size of the business, and the reason for the valuation. Choosing the best valuation process to use is the first step in the business valuation process.

Women who own small businesses have more opportunities than ever before to obtain lucrative federal government contracts. Many opportunities for government contracts are specifically designed for women who own small businesses. Here are eight strategies that can help women win the government contracts they desire for their small businesses.

Through a will, you can appoint a guardian for your minor children and set up a testamentary trust for your children. A will’s primary purpose in an estate plan is to ensure your property is distributed after your death in accordance with your wishes. Many individuals who have a will might assume that they need not take any further steps to safeguard their estate plans. However, some property does not pass through your estate. It may pass directly to a beneficiary or a joint owner.

The Tax Cuts and Jobs Act (TCJA) included a provision to help small business owners reduce their tax liability. The new deduction, commonly called the Section 199A deduction, allows some small business owners to deduct up to 20 percent of their qualified business income from their taxable income. In other words, small business owners have the potential for saving thousands of dollars in taxes by lowering their taxable income through a Section 199A deduction.

Nobody likes paying taxes, especially when the IRS heaps on penalties for an honest mistake. Watch this video to discover a few tips on getting the IRS to back down on those penalties. Have tax questions? Talk with Maryland tax attorney, Steve Thienel.

Single parents have unique challenges when developing an estate plan. In most cases, their overriding goal is to provide for the care and upkeep of their children should they pass away while their children are still minors. With that in mind, below are three essential estate planning questions that all single parents ask themselves when they begin developing an estate plan.

Estate planning has numerous benefits for you and your loved ones. With a comprehensive estate plan, you can protect your property and your heirs. One of the common reasons many people create estate plans is to address tax matters. However, without the assistance of an experienced Maryland estate-planning attorney, an individual could make big tax mistakes that are costly for those the person is trying to protect.

As a business owner, understanding contracts is crucial to your livelihood. This short video will help you better understand the terms that govern your relationships. If you have questions about a contract matter, talk with a business attorney. Working with a fractional general counsel can make the contracting process more cost-effective for your business.

A nondisclosure agreement or NDA creates a legally binding, confidential relationship between your company and another party. NDAs are also referred to as confidentiality agreements because they require another party to maintain the secrecy of information disclosed in confidence by the other party. With an NDA, you can protect sensitive and valuable information related to your small business.

Purchasing business insurance is like paying for licenses and permits for your business. It is something you know you need. It is also a cost of doing business, but it is an expense you would rather do without. Without insurance coverage, a natural disaster, personal injury lawsuit, theft, workplace injury, or other catastrophe could cause devastating losses for the company. Many companies, especially small businesses, do not have the liquid assets to cover such losses. Insurance is the safety net that can help a business survive certain events and legal issues.

Managing your digital afterlife has become an important part of estate planning for many individuals. In addition to planning for transferring digital assets, many individuals are also concerned about their digital footprint after their death. Experienced Maryland-estate planning attorney should be able to discuss handling digital assets and your digital footprint in relation to your estate planning goals.

Owners who list their Maryland property on AirBnB should know a major change in the tax laws for short-term occupancy taxes. The change took effect on June 1, 2019. AirBnB has noted the tax on its website. Many property owners fear that the mandatory occupancy tax will reduce the number of guests who book their property, but owners of hotels and other businesses already subject to state occupancy taxes were for the change.

Issuing a paycheck is not as simple as writing, signing, and handing a check to an employee. The federal and state government expect employers to withhold certain taxes from an employee’s check and submit those taxes, along with employer’s payroll taxes, to the correct taxing authority by certain deadlines. Failing to report payroll properly and pay tax authorities could cause costly fines and penalties for employers.