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Jul 14

You need a patent! Or do you?

Almost every entrepreneur or startup company that approaches me with an invention starts off by telling me “I need a patent.” They are often surprised when I tell them this may not be the case. When assessing whether there is a benefit to patenting an… Read More

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Patent
Jun 30

Material Interest Necessary to Obtain Decedent’s Tax Return

This guest post was authored by Mara Smith, a summer associate with Montgomery McCracken. For the last three years, you have spent one weekend during each of the summer months at your favorite great-aunt’s beachfront home in a swanky community at the Jersey Shore.  Also, you… Read More

May 26

Professional Corporation that does not elect subchapter S – be careful of using yearend bonuses to zero out taxable income

Some professional entities are C corporations.  The case of Brinks Gilson & Lione, a professional corporation v. Commissioner, TC Memo 2016-20, points out the danger in operating a professional entity as a C corporation.  In Brinks, the professional corporation had a substantial number of attorneys… Read More

Apr 05

It’s Tax Time – Wake Up and Think About Taxes!

Sometimes it is better tax wise to rehab space than build new. The Protecting Americans from Tax Hike Act of 2015 or “PATH Act” provided several gifts to the real estate industry that favors rehabbing older buildings.  The PATH Act retroactively restored and made permanent… Read More

Mar 24

Not Your Parents’ 8tracks (Or Their Series A Financing)

Ernest Holtzheimer is co-author to this blog post. Holtzheimer is a 3L at Drexel University Thomas R. Kline School of Law, concentrating in business and entrepreneurial law. Some of you may remember the 8-track players of the 1960s and ‘70s – or have heard the “back… Read More

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crowdfunding
Mar 17

Treating the Children who are Involved in the Business and those who are not, Equally

Your business is thriving. You have a strong management team to whom you can delegate decisions you had been making yourself for years. You take off every Thursday to play golf or to watch your grandchildren. ‎ You are thinking about taking off more time… Read More

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Business Succession
Feb 29

Is your business succession plan and the Phillies’ succession plan the same?

It’s Baseball Season again.  For those of us who are Phillies fans, we are witnessing the end of an era, with the transition of World Series winning players to the next generation of Phillies.  Do the Phillies have a succession plan in place for the… Read More

Feb 22

SEC Crowdfunding Investor Bulletin

Ernest Holtzheimer contributed to this blog post. Holtzheimer is a 3L at Drexel University Thomas R. Kline School of Law, concentrating in business and entrepreneurial law. On February 16, 2016, the SEC’s Office of Investor Education and Advocacy issued an investor bulletin relating to securities-based crowdfunding,… Read More

Feb 10

Why A Handshake Agreement Among Business Partners Is Not Worth The Paper It Is Written On

You go into business with your sister, your father, your college roommate or your best friend.  The classic “we-started-in-the-garage” business. You struggle at the beginning – you do whatever you can to minimize overhead.  Lawyers are expensive so you decide not to put anything in… Read More

Feb 02

Stepping Over Dollars to Save Dimes: The Importance of Good Corporate Record-Keeping

Managing expenses is an issue for every business, but it is particularly an issue for small and closely-held businesses.  For very rational reasons, exercises that might otherwise seem sensible, but for which there is no clear and quantifiable benefit, are typically put to the side… Read More