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In: Contracts, Corporations, Not Legal Advice

 Switching to Independent Contractors Draws Scrutiny from IRS and Department of Labor With the current state of the economy, shifting from full-time employees to independent contractors is a cost-cutting measure that some businesses have implemented.  This saves the business money by shifting the burden of payroll taxes to the worker, and lowering or eliminating unemployment insurance premiums and/or workers compensation premiums. Misclassified Workers Result in Additional Taxes and Penalties But according to a recent ABA article, for those who have misclassified their workforce, the glare of the IRS spotlight may soon be upon them. According to the article, over the next three years, the InternalRead More →

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In: Corporations, Estate Planning : Wills Trusts Estates

When starting a business one important issue to consider is how to pass the ownership of the business on to your heirs (spouse children, or others). One such way is to have a trust centered estate plan along with a corporation. You should seek the sound legal advice of an attorney experienced in starting a business and estate planning.Read More →

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In: Corporations

Should I incorporate my business? Whether or not you should incorporate your business is a question that should only be answered after consulting with an attorney, and perhaps even a Certified Public Accountant (CPA).  However, we will explore some of the advantages or benefits of forming a for profit corporation in Tennessee, and the basic types of for profit corporations. There are two (2) basic types of corporations: Standard for profit corporation called a “C-Corp” and a sub-chapter S corporation or S-Corp for short (smaller corporations). Is there much difference between a C-Corp and a S-Corp?  Yes.  The major difference is the way the twoRead More →

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In: Corporations

Incorporating a Non Profit in Tennessee You have an idea for a ministry or public service organization.  Or perhaps you are already running a non-profit organization.  The question naturally arises, Should we incorporate our non-profit group?  The answer in most cases is: Yes.  Consult with an attorney who is experienced in the area of non-profit corporations, contact Attorney Jim Purple. What does it mean to incorporate, or form a corporation? When you incorporate you create a separate entity, kind of an artificial person.  From that point forward everything is done in the name of the corporation by officers, directors, employees, members who are acting onRead More →