Pronto Tax School, Inc.’s Post

Just launched your business venture? 🚀📊 Next steps are crucial! Consider: 1. Choosing the right entity type. 2. Understanding your tax status—did you know the IRS doesn't recognize an LLC on its own? 3. Deciding on ownership percentages. And don't forget, protecting yourself and your family is key. Let’s dive into what these decisions mean for you and your new business. #StartupLife #BusinessBasics #EntitySelection #TaxStatus #OwnershipDecisions #ProtectYourAssets #PaulHood

If you work in the Family Offices industry, this is a must-watch video. I chat with my colleague @Jordan Bergmann, senior counsel and member of our Tax group, about qualified business stock. During this interview, Jordan defined qualified small business stocks (QSBS), and the tax benefits they provide, and explained how family offices can take advantage of the QSBS exception. Follow the link below to watch the short video, and feel free to reach out to me directly if you have any questions or if Foley can be of any help to you as you navigate this complex area of the law. #FamilyOffices #EstatePlanning #Investing #Tax

At the end of the day, Striven's got you covered, including in your finances!✅ Striven empowers its users to document, analyze, and learn from within their business's transactions. Don't wait to leverage your accounting information. More ⬇️ 💰 https://bit.ly/3yS41RK

On April 11, 2024, Steven Hastings, a principal of Valuescope, presented in Shields Legal’s weekly conference – “Learn About Current Events in Business to Better Serve Your Clients”. Valuescope is a leader in applying financial and economic analysis to measure, create, and defend value for its clients. Valuescope solves their client’s valuation needs by leveraging the expertise of their highly credentialed team of analysts and expert witnesses developed over the last 40 years in business. Hastings, a founding member of Valuescope, discussed navigating transparency and new SEC requirements for Private Equity Funds, namely: ·       The reforms require a registered private fund advisor to obtain a valuation opinion when offering existing fund investors the option between selling their interests in a private fund and converting or exchanging their interests in the private fund for interests in another vehicle advised by the advisor or any of its related persons. ·       The rule also requires the advisor to prepare and distribute to the private fund’s investors a summary of any material business relationships the advisor has, or has had within the prior two years, with the independent opinion provider. This requirement will provide a check against an advisor’s conflicts of interest in structuring and leading such a transaction. For the past 40 years, Steve Hastings has been testifying as an expert witness in many cases for the US Department of Justice, Internal Revenue Service and Fortune 500 companies. Mr. Hasting’s business acumen and Valuescope’s subject matter expertise have allowed their clients’ businesses to be compliant with the latest accounting, financial, and regulatory developments across many industries. Likewise, he is skilled in analyzing complex business issues and presenting them in a concise manner so that can be understood by juries. Shields Legal highly recommends Steve and Valuescope to all its clients and business partners. More detailed information, including the full array of service offerings, can be found at www.valuescopeinc.com. Steve Hastings can be reached at (817)481-4901 and shastings@valuescopeinc.com.

💡 Running a business can come with challenges but none more difficult than a breakdown in relationship between shareholders. So, what can be done to mitigate a costly fallout? 👇

So samslist.co is officially a thing. Sam Parr and I made this lil site as a hobby. Really it was to give Jordan DiPietro some space to build Hampton w/o us bugging him every minute. Anyways, no business model, zero projections, or plan. And well it got a lot of traction out of the gate so we just hired our first full-timer. Her goal? Help us turn it into a real business. Step 1: make sure it's self-sustaining and not losing money. Cash-flow maybe, no VC dependencies. Step 2: improve the experience so it's the best place to find a personal or business accountant. Step 3: who knows? We've got the early model figured out and it's already made a bit of $. Fingers crossed. This could become something.

In family businesses, clarity is a must, despite the trust and love. Enter: Shareholder Agreement Your blueprint for harmony and peace. But when should family businesses use them? → Set one up early to avoid misunderstandings later. → As the business grows beyond the founding generation. → When family dynamics become more complex. → When bringing in new family members or non-family stakeholders. How? 1/ Ownership rights and roles Clarify who holds what percentage and who makes key decisions. 2/ Clear share transfer rules Define how shares can be bought, sold, or passed on. 3/ Exit strategies Set clear guidelines for family members who want to exit the business. 4/ Confidentiality clauses Protect both family and business information. 5/ Decision-making processes Outline voting rights and identify major decisions requiring consensus. 6/ Dispute resolution mechanisms Mention steps to follow when conflicts arise, including mediation or arbitration clauses. Go-to tips: • Review and update it regularly. • Seek professional legal advice. • Tailor the agreement to your unique family and business needs. A well-crafted shareholder agreement brings clarity and fairness. Does your family business have a shareholder agreement in place? If not, now’s the time to consider one!

 2025 is just around the corner…Are you ready? If your 2024 numbers didn’t quite hit the mark, it’s time to take a closer look at what might be holding you back. Having worked with successful firms/practice, I’ve identified the top 3 reasons why even the most established practices sometimes fall short of their sales goals. It’s not just about breaking even, it’s about consistently growing and reaching that next level of profitability. Ready to turn your numbers around and discover what’s missing? Drop “TOP LINE” in the comments, and let’s explore these game-changing insights together! #TopLine  #investing #Taxseason #Taxstrategies #Business #BusinessTaxes #TaxTalk #TaxHelp #BusinessGrowth #BusinessTips #BusinessGoals #BusinessMindset #PracticeOwners #MentalHealthProf #Lawyer #TaxTips #TaxService #TaxConcierge #TaxPlanning #TaxTipsForEntrepreneurs #AAATAX #AAAccountingAndTaxes

Picture a world where you can expand your business with confidence, knowing each part is protected and managed independently. A Series LLC makes this possible. By adopting a Series LLC, you gain the ability to segregate assets and liabilities, ensuring each venture stands on its own. It's the ideal solution for multi-faceted businesses. Businesses like Lettuce Entertain You Enterprises have thrived using a Series LLC, demonstrating the power of this structure to protect and enhance operations. Get your LLC started today: https://lnkd.in/eJhFe8kr #BusinessExpansion #Confidence #AssetProtection

Happy Weekend! You are never to old to dream a new dream or set a new goal. Use this weekend to re-strategize for proper launching on Monday. #weekend #thinkforyourself #restrategize #syntax #syntaxlp #lawyerinlagos #lawyerinuyo #syntaxlawfirm