Showing 8 posts in Entity Planning.
The decisions an entrepreneur makes at the earliest stages of a business startup are critically important to the business's success. From entity formation to fundraising to intellectual property strategies, the legal foundation that is laid from the outset can accelerate growth and increase options down the road. Read More ›
Is your business structured so that you won't be personally responsible for your business's debts? Business owners might be surprised to learn that they can be held personally liable for their business's debts. But it's true, due to a concept called "piercing the corporate veil."
Whether a business owner is personally liable for business debts depends in part on the business's entity type. Learn more about which entity types offer a high degree of liability protection, here.
Categories: Entity Planning
At the invitation of Andrea Rosenfeld, of the Detroit Art and Business Institute (DABI), I will be one of five “experts” available to chat with you on Tuesday night at the “M-Power Your Art” event. This event is one of many learning and networking opportunities available to attendees of Detroit Startup Week. Check all of them out, and register, here. Read More ›
Categories: Entity Planning, News & Events
Lansing and Detroit fashion incubator participants have heard me extol the values of forming a business entity. However the topic often comes up in a manner that doesn’t accommodate a detailed discussion of selecting the right business entity. If you have yet to choose the entity that will provide the correct foundation for your fledgling business, or you formed an entity but question your choice, I am pleased to share with you a series of five articles regarding entity selection written by my partner, Joel Farrar. Joel specializes in entity selection, entity formation and taxation. Please take a look at Joel’s first article, Protect Yourself From the Risk of a Sole Proprietorship, and keep an eye on Fosterfashion for the next four articles, which will be published over the course of the next four months.
Categories: Entity Planning
On Tuesday, February 16, 2016, The Runway, Lansing’s fashion incubator, kicked off its 2016 Fashion 411 speaker series with the highly energetic duo, Claire and Shawn Buitencorp of Shock & Awww. Foster Swift was proud to be a sponsor of the event, but I did not prompt them to advise attendees to take care of legal matters. I was, of course, pleased to hear that advice coming from this successful duo, along with their advice to know when to rely on others to advance your business and the importance of research. Read More ›
1. MEET WITH YOUR TAX ADVISOR
- There may be last minute planning possibilities for 2015. Consult with your tax advisor while you still have time to act in 2015. Don't assume your CPA, lawyer or financial advisor is going to automatically suggest ways to minimize your tax liability. Be proactive!
2. HAVE YOUR ANNUAL MEETING AND CREATE YOUR ANNUAL MEETING MINUTES
- It is important to document the activities and decisions at your annual meeting and accompanying meeting minutes. Make sure this happens in 2015.
I had the very good fortune of spending a few days in New York. I am sure that my small town, Midwestern roots are showing when I share my fascination with The Big City. I love the energy and the endless options of things to see and do. This recent trip was, however, completely focused on the fashion industry. I was in New York to attend the 5th Annual Fashion Law Symposium at Fordham’s Fashion Law Institute, and while in town I attended a “Fashion at FIAF Talk” by Jack McCollough and Lazaro Hernandez of Proenza Schouler, had lunch with designer Daniel Vosovic, discussed re-branding with a young designer on a walk through Central Park, shopped at MOOD, met with the founders of The Trim Lab, and checked out the Halston exhibit at The Museum at FIT. I will be sharing some specifics regarding these recent New York happenings in future posts, but I would like to first share a general observation and how it will, I hope, translate into things to come in Michigan. Read More ›
Many of the designers that I counsel have formed limited liability companies (LLCs). While this is a great first step in your life as an entrepreneur, have you addressed what will happen if … a member of the LLC wants out, files bankruptcy, or fails to make a required capital contribution? What if your co-member is also an employee and you need to terminate their employment? These and other “triggering events” need to be addressed in an operating agreement. As the title to the linked article aptly explains, A Good LLC Operating Agreement Can Avoid a Really Bad Court Case. If you formed a multi-member LLC, or you don’t plan to be a sole member LLC forever, please read the linked article written by my partner Andy Vredenburg. The benefits of having a good operating agreement are well worth the modest attorney fees that you will incur. Deanna
Categories: Entity Planning, Fashion