Understanding Company Types
- By michael@michael-lilly-law.com (Admin)
- •
- 22 Mar, 2016
- •
Understanding Company Types
Owning a business entails choosing the best business alternative that will save and/or gain you the most money. But unawareness about what each option involves may leave you feeling confused and overwhelmed. Here is a breakdown that should make your decision process easier.
LLC
Having a limited liability company (LLC) means you are not required to pay any taxes on your business. Instead, you’ll be taxed on your share of the profits earned through your business.
S Corporation
There’s no self-employment tax with an S-corp, but you will have to pay half of the Social Security and Medicare taxes of your employees. Still, after paying your staff, you get to pay yourself a salary and dividends from extra profit you earn. What you saved in self-employment tax won’t matter until you’ve earned enough to have excess after making your required compensation payments.
C Corporation
Sole Proprietorship
Like an LLC, you are taxed on your personal earnings from your corporation in a sole proprietorship. But there’s a catch. Your personal assets can be affected if your business is sued.
To learn more about the difference between LLC, S-corp, C-corp and a sole proprietorship, or for legal help, visit the Law Office of Michael Lilly in Jonesboro, Arkansas.
When going through a divorce, the most frightening thing for both parents and kids to face may be child custody. Split custody, where siblings no longer live together, is rare, but it is the right choice for some families. However, this arrangement can be especially tough for kids to adjust to the huge change of no longer living with siblings or full-time with both parents.
If split custody is the best solution for your family, acceptance is important for all members of the family. That can take some time. Follow these tips to help children adjust to this monumental shift in their lives.
A legal separation is a serious matter, but it is not as final as a divorce. Legal separation refers to a situation where a married couple decides to remain in the marriage, at least for the time being, but they live in different residences. This often happens after a court order has been issued.
Although the court may decide on things like the division of property and child custody during a legal separation, the couple can still strive to solve things in the relationship and sometimes avoid divorce. No matter what you plan to do on a long-term basis, be sure to take these actions to protect yourself during a legal separation.
Throughout the duration of a marriage, you and your spouse will accumulate a lot of things. Should the two of you ever decide to split, all of those things (also known as assets) will need to be divided between the two of you.
To many people, an asset is something that has monetary value, such as a home, vehicle or business. However, assets can also carry sentimental value, such as wedding china. Ultimately, though, the most common assets are those that carry significant monetary value since other assets in the marriage have more of a personal weight to them.
In any case, assets must be divided in a divorce. Keep reading to learn what you need to be familiar with when it comes to your divorce and asset division.
When you married your spouse years ago, did you go for the covenant marriage option? The covenant marriage option became available in 2001 in Arkansas as a way of discouraging people from divorce. If you chose this option and now want a divorce, you can get one. However, it may be slightly harder to do. Getting divorced from a covenant marriage may also take longer from start to finish.
Expungement is a legal process wherein a person can have a record of their arrest or conviction of a crime
“sealed,†which means that it is effectively removed from their criminal record. The steps that one must take to expunge their record are different in every jurisdiction, so it is essential to consult an expert like those at the Law Office of Michael Lilly to help navigate the legal system.
Expungement is a legal process wherein a person can have a record of their arrest or conviction of a crime
“sealed,†which means that it is effectively removed from their criminal record. The steps that one must take to expunge their record are different in every jurisdiction, so it is essential to consult an expert like those at the Law Office of Michael Lilly to help navigate the legal system.
In a world where most professional services are moving to a DIY format, it can be tempting to attempt to file a divorce on your own. While this may sound like a great way to save money in a financially stressful situation, it can actually end up costing a lot more in the long run. Here are three reasons why you should hire a divorce lawyer.
Being accused of a DWI can be one of the most stressful and frightening times of your life. No matter the circumstances, you may be unsure of what steps you should take after the initial incident. If you are currently dealing with a DWI, there are several things you should do directly after that may help your court case down the road.
