Law.com Subscribers SAVE 30%
Call 855-808-4530 or email [email protected] to receive your discount on a new subscription.
Entity Selection for Attorneys
One of the most significant early decisions attorneys make when deciding to hang out a shingle is what type of entity would be best for their practice. Choosing the right entity is a must. The right legal structure can save taxes, minimize legal exposure and avert costly business hassles. But is the right choice for yesterday still the right one for today? Federal, state and local laws are constantly changing. The Internal Revenue Code is especially in flux. Two recent pieces of Federal legislation, the American Taxpayer Relief Act of 2012 (ATRA), Public Law 112-240, and the Affordable Care Act of 2010 (ACA), each contains countless tax provisions which drastically change the backdrop against which entity choice decisions are made. Some recent United States Tax Court rulings have also changed the entity choice calculus.
This article addresses the topic of entity choice for law practices in light of recent federal tax law changes. First, it summarizes recent federal tax law changes that should be considered by attorneys choosing an entity. Next, it highlights distinctive features of entities, popular with law firms, impacted by the changes. Analysis of the advantages and disadvantages of the various entities follows.
Before proceeding, a few points about the scope of this article bear mentioning. While this article covers quite a few tax law provisions, it does not address all of the factors that should be considered when selecting an entity. By limiting the scope, it was the author's intention to provide a more in-depth analysis of the impact of a sweeping set of new tax laws on a very important business decision.
This premium content is locked for Entertainment Law & Finance subscribers only
ENJOY UNLIMITED ACCESS TO THE SINGLE SOURCE OF OBJECTIVE LEGAL ANALYSIS, PRACTICAL INSIGHTS, AND NEWS IN ENTERTAINMENT LAW.
- Stay current on the latest information, rulings, regulations, and trends
- Includes practical, must-have information on copyrights, royalties, AI, and more
- Tap into expert guidance from top entertainment lawyers and experts
Already a have an account? Sign In Now Log In Now
For enterprise-wide or corporate acess, please contact Customer Service at [email protected] or 877-256-2473
Major Differences In UK, U.S. Copyright Laws
This article highlights how copyright law in the United Kingdom differs from U.S. copyright law, and points out differences that may be crucial to entertainment and media businesses familiar with U.S law that are interested in operating in the United Kingdom or under UK law. The article also briefly addresses contrasts in UK and U.S. trademark law.
The Article 8 Opt In
The Article 8 opt-in election adds an additional layer of complexity to the already labyrinthine rules governing perfection of security interests under the UCC. A lender that is unaware of the nuances created by the opt in (may find its security interest vulnerable to being primed by another party that has taken steps to perfect in a superior manner under the circumstances.
Strategy vs. Tactics: Two Sides of a Difficult Coin
With each successive large-scale cyber attack, it is slowly becoming clear that ransomware attacks are targeting the critical infrastructure of the most powerful country on the planet. Understanding the strategy, and tactics of our opponents, as well as the strategy and the tactics we implement as a response are vital to victory.
Legal Possession: What Does It Mean?
Possession of real property is a matter of physical fact. Having the right or legal entitlement to possession is not "possession," possession is "the fact of having or holding property in one's power." That power means having physical dominion and control over the property.
The Anti-Assignment Override Provisions
UCC Sections 9406(d) and 9408(a) are one of the most powerful, yet least understood, sections of the Uniform Commercial Code. On their face, they appear to override anti-assignment provisions in agreements that would limit the grant of a security interest. But do these sections really work?