Using Estate Planning to Secure Your Business' Legacy
Most family-owned businesses are built with legacy in mind; founders want their hard work to pass down through generations. They also want to provide opportunities for other family members to unite around a shared mission. Without an estate plan or succession plan in place, our most valuable asset, family relationships, can be disrupted in an instant. Read More ›
Categories: Estate Planning, Lawsuit, Startup
Process and Requirements of Women-Owned Small Business Certification
The federal government, states, and some cities set aside a percentage of funding to help women-owned businesses. In fact, in 2021, the federal government set aside 5% of its annual spending for businesses that obtained a Small Business Association (“SBA”) Women-Owned Certification (WOSB). Read More ›
Categories: Compliance, Startup
Executive Compensation and Negotiation Essentials for Women Leaders
Staying competitive, especially in a male-dominated profession, can seem like a daunting task for many women.
In your discussions with your current or future employer, it is crucial to know when to approach and ask for extra benefits. These benefits go beyond standard taxable compensation. The timing and type of benefits are very fact-specific and will depend on your role and company: do your research. Understanding a company's goals and business concerns as they relate to long-term retention allows you to shape your proposition. It is also helpful when it comes to understanding your employment and compensation goals, offering a mutual benefit to both yourself and your employer. Read More ›
Categories: Employee Benefits
Key Considerations on How to Sell Your Business
No matter the reason, when selling a business, it is important that the business owner and advisors understand the broader reasons for the sale to ensure that the deal is structured to achieve the seller's goals. Read More ›
Categories: Compliance, Mergers & Acquisitions, Sales/Disputes, Tax, Tax Disputes
Starting a Business in 2022? Top Things You Need to Know
You're leaving your current job because you have an idea for starting your own business in 2022. In your head, the business plans look incredible and you will be working on something you're truly passionate about. But where do you start? Read More ›
Categories: Did you Know?, Entity Planning, Entity Selection, Organization & Planning, Startup
Michigan Launches “Afflicted Business” Grant Program
Nearly two years after the start of the COVID-19 pandemic, the state of Michigan is continuing to design new programs to help support Michigan businesses that were negatively impacted by the pandemic and resulting economic shutdowns. Beginning March 1, 2022, Michigan will distribute up to $409 million under the new Afflicted Business Relief (ABR) grant program. Eligible businesses can apply beginning March 1, 2022 through March 31, 2022. Grants are not first-come, first-serve, but instead may be prorated depending on the number of eligible businesses that apply. Read More ›
Inspiration Arises From Disaster: A Film Project Over a Decade in the Making
The ongoing pandemic has wreaked havoc on the film industry, with most theaters shut down in 2020. Even now, many blockbuster films have gone straight to streaming services.
One local filmmaker's vision began nearly a decade before the COVID pandemic. It all started with another tragic disaster, but from that disaster, a story unfolded and inspired a film project. Read More ›
Categories: Crowdfunding, Distribution, News
Cybersecurity Impact on Small Businesses in Wake of Colonial Pipeline
In the wake of the Colonial Pipeline ransomware attack, cyber attacks such as ransomware and phishing continue to be a major threat for all businesses, large or small. Even with precautions in place, it is not a matter of "if" but "when" a business will experience an attack. In the case of Colonial Pipeline, the hackers not only demanded and received millions from Colonial Pipeline in May 2021, but the resulting ransomware attack forced the company into a fuel distribution shutdown, making headlines across the country and causing gas shortages on the east coast. The attack also compromised thousands of individuals' personal information. Read More ›
Categories: Cybersecurity, Did you Know?, News, Technology
IRS Makes it Easier to Correct Certain Retirement Plan Compliance Issues
On July 16, 2021, the IRS issued Revenue Procedure 2021-30, an updated version of the Employee Plans Compliance Resolution System (“EPCRS”). Retirement plan sponsors may use EPCRS to correct certain compliance mistakes, and avoid the adverse tax consequences associated with plan disqualification.
We have provided a summary of the changes below. Read More ›
Categories: Employee Benefits, Retirement
Department of Labor Releases Employee Benefits and Cybersecurity Best Practices
On April 14, 2021, the U.S. Department of Labor’s (“DOL’s”) Employee Benefits Security Administration (“EBSA”) issued its first cybersecurity best practices guidance for retirement plans. The EBSA guidance has been highly anticipated as the frequency and cost of data breaches affecting employee benefit plans continues to rise. The EBSA guidance focuses on actions that plan sponsors, plan fiduciaries, record-keepers, and plan participants can take. Read More ›
Categories: Cybersecurity, Department of Labor, Employee Benefits
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