Most people – even lawyers – choose to do business in some corporate form, rather than individually, in order to protect personal assets from business liabilities. The most common forms of business entities are corporations and limited liability companies. The choice of entity often depends on which entity offers the best tax attributes for the […]Continue reading

Every person has skin and bones that protect their body from bumps and bruises from the outside world. A corporation or other business entity is no different. In short, a corporation (or limited liability company or partnership) is a legal “person.” The corporate body is supposed to protect the owners from bumps, bruises and liabilities […]Continue reading

Tax planning is like football.  Planners (offense) look to exploit weaknesses in the Tax Code, while the IRS (defense) constantly seeks to plug any holes.  This is why the Internal Revenue Code is so complicated – because it resembles a leaky dike fortified with duct tape to plug the holes. Tax planning tends to elevate […]Continue reading

“Power tends to corrupt and absolute power corrupts absolutely.”  Lord Acton There is no guaranty that a business partner with a controlling interest will always act in the best interest of other non-controlling owners.  Conversely, rest assured that someone at this very moment is suffering some level of “squeeze” from a majority owner of a […]Continue reading

“You can’t stop things like Bitcoin. It will be everywhere and the world will have to readjust. World governments will have to readjust” ~John McAfee, Founder of McAfee “[T]he fact that within the bitcoin universe an algorithm replaces the function of [the government] … is actually pretty cool.” ~Al Gore, 45th Vice President of the United States […]Continue reading

“The advantage of growing up with siblings is that you become very good at fractions.” R. Brault THE FAMILY RECIPE Family businesses are the backbone of the United States economy – comprising 80 to 90 percent of all business enterprises, 64% of gross domestic product, 62% of employment, and 78% of new job creation. By […]Continue reading

“Cooperation, which is the thing we must strive for today, begins where competition leaves off.”   ~Franklin D. Roosevelt In 2005, the Tennessee Supreme Court declared the non-competition agreement between internist Dr. David Udom and his former employer Murfreesboro Medical Clinic (“MMC”) invalid. In ending a two and a half year legal battle, the court ruled that a […]Continue reading