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Archive for the ‘business’ Category

Rogue CFO II – Internal Accounting Controls and Supervision

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 attention to what our employees are doing and we check and recheck. It’s nothing personal. [...]

 

Rogue CFO I- Introduction

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 the area of fraud, in particular economic crimes and financial negligence. Increasingly the kinds of fraud and [...]

 

‘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 [...]

 

Article 9 of UCC revisions effective July 1, 2013

Article 9 of the Uniform Commercial Code (the “UCC”) governs secured transactions between lenders and borrowers covering personal property which is pledged as collateral.  The provisions of Article 9 apply to borrowers who are either individuals or a business entity.  Putting third parties on notice of a security interest or perfection of a security interest [...]

 

The JOBS Act: Crowdfunding 1 – Introduction

Many small-to-medium sized businesses urgently need equity capital but, because of legal restrictions and the expense of raising private venture capital, these firms often give up on traditional methods of capital raising.  With great expectations, there was a change introduced in the new “Jumpstart Our Business Startups Act of 2012” (the “JOBS Act“) in April [...]

 

Preference Claims Defense Number 3

In our last post we outlined the second of three common defenses to preference claims, the “subsequent new value” defense. Now let’s look at the third common defense, “contemporaneous exchange for new value”, in a bit more detail. Contemporaneous exchange for new value is very much like a COD transaction. For this defense, you give [...]

 

Legislature Slips in a Bitter Pill

Retailers in Virginia who collect sales tax realized just a few weeks ago that, as of today, July 1, all sales tax submissions to the Virginia Department of Taxation would have to be online. Whoops. RichmondBizSense.com covered the news this morning and the leading organization for retailers, the Virginia Retail Merchants Association, identified the issue [...]

 

Preference Claims Defense Number 2

In our last post we outlined the “ordinary course payment” legal defense against a bankruptcy preference claim. Now let’s look at the “subsequent new value” defense in a bit more detail. Subsequent new value is in the nature of a set off, and is meant to encourage creditors to continue to deal with a company [...]