As the economy progresses through an economic cycle and continues to improve, business owners are seeing the value of their business recover.  Now is a good time for business owners to develop a plan for their company’s future, even if retirement is not on the horizon. A succession plan is a long-term process put in place by the business owner that identifies who the business will be transferred to upon the […]

Whether you are a landlord, a small business owner or an individual undoubtedly you will find yourself in a position in which someone owes you or your business money. Collections can be difficult to pursue on your own, especially when the debtor is resistant to paying his or her debt. Attorneys are often contacted for assistance with collecting debts. Various legal theories can be used when filing a lawsuit, such […]

Whether you are a landlord, a small business owner or an individual undoubtedly you will find yourself in a position in which someone owes you or your business money.  Collections can be difficult to pursue on your own, especially when the debtor is resistant to paying his or her debt.  Attorneys are often contacted for assistance with collecting debts.  Various legal theories can be used when filing a lawsuit, such as breach of contract, […]

Hiring workers can involve liability for homeowners and businesses alike, even if the workers hired are only part-time or temporary.  An employer should be careful when deciding to classify a worker as an employee versus an independent contractor.  The Internal Revenue Service (IRS) imposes severe penalties upon businesses and homeowners if a worker is misclassified as an independent contractor, rather than an employee. Effective January 1, 2013, Michigan’s Unemployment Insurance Agency (UIA) […]

In what has been called a big victory for borrowers of commercial loans, the Michigan Court of Appeals has upheld the Michigan legislature’s recent passage of the Non-Recourse Mortgage Loan Act (NMLA). In the case of Wells Fargo Bank v Cherryland Mall Ltd Ptnsp, the Court addressed the issue of whether developer David Schostak is personally liable for a guarantee on an original $8.7 million non-recourse loan obtained for the purpose of renovations […]

Healthcare’s Small Business Tax Credit: Is your Small Business Eligible? The Patient Protection and Affordable Care Act includes a tax credit for small businesses that choose to offer healthcare to their employees. The tax credit has been available since 2010 and helps to offset the cost for companies providing the benefit.  Small business owners that provide healthcare should take advantage of the credit, if possible, while those that are considering […]

Healthcare in the United States is changing rapidly, but the details, thus far, have been murky at best.  The passage of the Patient Protection and Affordable Care Act, as well as the subsequent United States Supreme Court ruling in National Federation of Independent Business v. Sebelius have created more than their fair share of confusion.  The Act itself is 2,409 pages, not including the additional 55 pages of the Healthcare […]

Owning a small business and living in the land of “entrepreneurial bliss” can prove rewarding, yet challenging. I have counseled many small business owners and advise them of three areas of their business that need constant attention: insurance, accounting and marketing. These areas should not be delegated to an employee or independent professional without the owner’s consistent oversight. Being educated, informed and pro-active in these areas can protect the owner, […]

Pension plans are quickly disappearing in both the public and private sectors.   As a result, traditional Individual Retirement Accounts (IRAs) and defined contribution plans under Section 401(k) of the Internal Revenue Code (401ks) will most likely become the most significant assets in many estate plans. These assets are typically “qualified,” meaning that the money is deposited into these retirement accounts on a pre-tax basis, with the income taxes being collected upon […]