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Archive for the ‘business’ Category

Virginia Business Law: Donald Sterling and the Law on Audio Recordings

This isn’t really about Donald Sterling, the now-infamous owner of the Los Angeles Clippers. It’s about what made him a household name.  Audio recordings have been causing businessmen and politicians problems for years. What are the rules?  Some states require that everyone involved in a conversation know it is being recorded. In Virginia, however, only one [...]

 

New Rules For Casual Residential Real Estate Investors

During the Great Recession, many savvy investors and entrepreneurs took advantage of plummeting home prices and low interest rates by buying up and leasing residential real estate.  Owners did not need to worry about complying with the Virginia Residential Landlord and Tenant Act (VRLTA) if they rented ten or fewer single family residences.  The law [...]

 

Rogue CFO III – Background Checks

Blog Series: Rogue CFO – I – Introduction Rogue CFO – II –Internal Accounting Controls and Supervision Perform Background Checks. It seems obvious. Why would a company not want as much information about a candidate for its CFO position that it can legally obtain? But this oversight is common. Too many smaller companies hire CFOs [...]

 

What to Consider Before Buying a Business

Buying an existing business can be exhilarating and frightening all at once.  It is important to find out as much about the business, its operations and finances as possible before purchase.  Typical asset purchase agreements give a set period of time for investigation (often called due diligence).

 

Business Succession Planning is More Than Just Money

In reading about Ron Francis’ promotion to general manager of the Carolina Hurricanes, one paragraph  stood out to me: Francis, 51, said he had no reservations about taking over a position he has been groomed for in recent years as assistant general manager, director of player personnel and vice president of hockey operations. He also [...]

 

Rogue CFO II – Internal Accounting Controls and Supervision

Blog Series: Rogue CFO – I – Introduction Rogue CFO – III – Background Checks Our second article in the series, “Rogue CFO,” covers some common sense processes that all too often are missing in smaller businesses – workable controls and verification. Internal controls start with a corporate culture and an attitude – “we pay [...]

 

Rogue CFO I- Introduction

Blog Series: Rogue CFO II – Internal Accounting Controls and Supervision Rogue CFO- III – Background Checks Small, privately owned corporations deal with all types of challenges: competition, government regulations, recessions, rising cost of benefits for employees —the list is long. But one area that seems to be a persistent problem for small businesses is [...]

 

‘S Wonderful, ‘S Marvelous, ‘S Unreasonable

One of the reasons to choose an S-Corp instead of an LLC is tax savings.  An S-corp does not pay any taxes at the corporate level, but instead all income is passed through to the shareholders, who are responsible for a number of taxes on both salary and dividends (return on investment).

 

In Virginia and NC, Consumers Can Dispute Debts Verbally

If you routinely collect debts from consumers, you are probably familiar with the requirements of the federal Fair Debt Collections Act (FDCPA). Under this act, consumers who disputed a debt had thirty days after receiving a debt collection notice to notify the creditor or debt collector in writing that the debt was not valid. Until [...]

 

Transfer on Death Deed

Here is an estate planning note that will help those who are using living trusts — consider using a transfer on death deed. Kudos to the Virginia General Assembly for recently enacting legislation allowing for the “transfer on death” deed. This legislation helps get rid of a pesky unintended consequence related to the ever-popular living [...]