In this article, we’ll cover off some of the nuances of that and ensure that if you are thinking about making use of the principle rents exemption that you are doing it properly. So the first thing you want to keep in mind is that the exemption needs to be reported. The principal residence exemption allows you to sell a…
Unfortunately, just like in personal relationships, the persons who are most likely to sue you are the ones who are closest to you and your business. There are many steps that you can take to mitigate or prevent the possibility of people suing you. 1) Clarity The more clarity you have about where you want to go with your business,…
An Estate Plan is a crucial part of every Will. Below are 10 key steps to ensure your estate plan is successful: 1. Document Storage Make sure to store your estate planning documents safely. If you have a safe deposit box, store your important papers there. Give your executor a copy of your estate planning documents and advise them on…
Having a Power of Attorney is a huge responsibility. If one is ever granted a power attorney by a loved one, the person who grants that authority (the “Grantor”) is putting you in charge of them if they were ever to become mentally incapacitated. Here are 10 important things to know if you are holding a Power of Attorney. 1.…
As a small business owner, it is important to know the ways in which you can explore different opportunities should you wish to. A joint venture is one of those ways and it is described below along with some of its pros and cons. A joint venture is an agreement between two or more people or companies to work on…
There are numerous reasons why you may enter into a contract while you are running a small business. The important part is to always know exactly what you are agreeing to and how a breach of contract may affect you and your business. Here are some factors you should consider before signing a contract… 1. Know who you’re dealing with…
