One of my clients has been struggling to pay his $13,000/month lease. During a phone call about a year ago, his landlord told him, simply, “pay what you can.” At that time my client began paying about $6,000 a month while begging the landlord to move him to a smaller space within the same complex. Though the landlord never moved him, the client continued to pay the reduced rent.
The complex was recently sold to a new owner whose asset manager (during a meeting at which the client’s accountant and I were both present) assured my client that his reduced payments were fine and would become irrelevant as soon as she found him a smaller space within the complex for about the same rent. Her words, and I quote: ”You have
Continue reading Small Business Horror Story #4: Did Your Landlord Reduce Your Rent? Prove it.
Kate’s owner is relocating and has to take her to the shelter unless she gets a home within two weeks – please help!
“This is Kate. I originally called her Kate Plus 8 – when I first fostered her mid-May she came to me with 8 newborn pups. Now all her pups have found homes and I have spent the last 3 months socializing her and showing her what love is.
She is a 18 month old Boxer/pit mix. She loves nothing more than snuggling and hanging out by your side. Fetching a tennis ball is her newest obsession, and will sleep with the ball. She gets along with other dogs well. Walking her was initially hard because she pulls, bit I got her a Halti harness and she is
Continue reading Kate – Boxer/Pit Mix Needs a Home by FRIDAY!
A potential client called me. We’ll call her Helen. Over the last ten years, Helen’s partner “Jane” had perfected this FABULOUS idea that would make them both rich. Six months ago, Helen quit her lucrative job and had since worked full-time assembling Jane’s scraps of papers and mental notes into a formal proposal they could shop around to potential clients. Jane and Helen had hired a lawyer (not me) to put together an operating agreement and Jane had promised that Helen would become part owner in the company. Helen even ponied up close to $10,000 as startup capital. Sounds like the start of a great relationship, right? Well, it wouldn’t be a horror story if it was.
The longer Helen talked, the more concerned I became.
Helen had cashed out
Continue reading Small Business Horror Story #3: If You Don’t Listen to Your Gut, at Least Listen to Your Lawyer
September 14, 2011
From the IRS NewsWire, issue IR-2011-93
WASHINGTON — The Internal Revenue Service today issued guidance designed to clarify the tax treatment of employer-provided cell phones.
The guidance relates to a provision in the Small Business Jobs Act of 2010, enacted last fall, that removed cell phones from the definition of listed property, a category under tax law that normally requires additional recordkeeping by taxpayers.
The Notice issued today provides guidance on the treatment of employer- provided cell phones as an excludible fringe benefit. The Notice provides that when an employer provides an employee with a cell phone primarily for noncompensatory business reasons, the business and personal use of the cell phone is generally nontaxable to the
Continue reading IRS Issues Guidance on Tax Treatment of Cell Phones; Provides Small Business Recordkeeping Relief
This guy is in Las Vegas, Nevada and is in desperate need of a foster home.
From a friend’s e-mail: ”This sweet scared boy is still at the Henderson shelter and some staff there have not been the most cooperative when people have brought their dogs to meet him. Seems to be some pitbull prejudice there! They have even taken him off their website although he is still there. And now they are saying he needs to go to a home where he’s the only dog even though he came in with a little Chihuahua friend. Sadly they don’t take into consideration the fear and stress this poor guy is feeling and how meeting another dog under those circumstances can cause him to act atypically.
His only hope now
Continue reading Sweet Scared Pitbull Needs Foster Home NOW
It takes a village to run a business. And by “village” I mean if you’re a business owner in Nevada, chances are you’ll run across the Secretary of State, the Department of Taxation, the IRS, and the city and county business license bureaus, among many others. Are you aware there are organizations like SCORE and the Small Business Development Center that offer free advice to businesses? To find and meet with all these organizations would take months if not years. Wouldn’t it be great if they were all gathered in one place, with representatives who are eager to answer your questions, to spare you the frustration of a never-ending phone tree? We thought so too.
Come to the Small Business Rapid Resourcing Event on Thursday, October 20 from 4-7pm at
Continue reading Small Business Rapid Resourcing Event
When you’re applying for a loan, opening a bank account, or doing business with a vendor, you’re
often asked whether your company is in good standing. Sometimes, you’ll receive a notice in the mail saying your entity is in default but the notice doesn’t exactly look official and you aren’t sure.
How can you find out whether your entity is in good standing?
Check the Secretary of State’s Business Entity Search. Enter your business name or your name as owner. What’s your status?
Active: You’re in good standing, all fees are paid.
Default: You haven’t paid your fees and your company has lost its corporate protection. By paying the fees, you can restore the entity to Active status.
Revoked: You haven’t paid the fees for a long time or
Continue reading Is My Nevada Entity in Good Standing?
PRESS RELEASE: On September 8, 2011, the Nevada Secretary of State revoked the corporate status of over 400 businesses whose registered agent, Power Point Management, Ltd., failed to respond to requests for information from the Secretary’s office. If you used Power Point Management as your registered agent, and your own address was not registered with the Secretary of State, chances are you never received notification that your business is no longer in good standing with the Secretary of State. This means that not only do you lack the protection of a corporate veil, but you may need to pay late fees or reinstatement fees.
To check on the status of your Nevada entity, enter your company name into the Secretary of State’s Business Entity Search.
Continue reading Was Your Corporate Status Revoked This Week?
PRESS RELEASE: If you formed a Nevada entity as a shell corporation or in order to evade taxes, launder money, or violate securities laws, Nevada Secretary of State Ross Miller and his newly-appointed Corporate Ownership Fraud Task Force are coming for you. The Secretary’s office is working closely with the IRS to fight these fraudulent activities.
Not only should entity owners be aware of this new task force, but those incorporation services that upsell a simple LLC into multiple entities for “asset protection” purposes should rethink their sales strategies.