Qualified Opportunity Funds

Business, Tax & Real Estate, Legal News, Legal News for Businesses, Legal News for Individuals, Senney Says by Jeff Senney

The recently enacted Tax Cuts and Jobs Act (“TCJA”) introduced two tax saving opportunities.  One option permits a taxpayer to defer gain from the sale of property that is reinvested in an investment in a Qualified Opportunity Fund (“QO Fund”).  The second option permits the taxpayer to permanently exclude gain from the sale or exchange of the taxpayer’s…

Licensing Ohio Home Inspectors

Business, Tax & Real Estate, Legal News, Legal News for Businesses, Legal News for Individuals, Litigation, Michael W. Sandner

Ohio Moves Forward with Licensing for Home Inspectors On January 4, 2019, Governor John Kasich signed into law Ohio’s New Home Inspection Act.  Efforts to regulate home inspections, and require licensure for Ohio Home Inspectors has been ongoing for several years, but no legislation ever had enough support to pass until this year.  It will…

Liability Insurance – I’m Covered (or am I?)

Business, Tax & Real Estate, Gerald L. McDonald, Legal News, Legal News for Businesses, Legal News for Individuals

One of the most important provisions in a contract is the liability insurance provision. For the most part, the business owner relies on an insurance agent to advise what coverage is needed for a particular contractual obligation. The business owner then sets forth the insurance requirement in the contract/lease and states that the other side…

Transfer on Death of LLC Membership Interests

Business, Tax & Real Estate, Legal News, Legal News for Businesses, Legal News for Individuals, Senney Says by Jeff Senney

Business owners who are looking for ways to avoid probate and transfer their business ownership interests and effectively might want to consider making their limited liability company membership interests transferrable on death.  While this procedure is not the right move in every situation, in some cases it is an appropriate way to handle the transfer…

Acquiring a “C” with an “S”? Consider Making a Qsub Election

Business, Tax & Real Estate, Legal News, Legal News for Businesses, News, Senney Says by Jeff Senney

Have an “S” Corporation?  Want to acquire a corporation and treat it as a subsidiary?  Want to avoid double taxation on the acquired corporation’s income?  Consider making a Qsub election. An “S” corporation can acquire and own the stock of a “C” corporation.  But having an “S” corporation own a “C” corporation may not make…