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Steven Sears Attorney and CPA

BY Steven Sears | 12-09-2009 | 11:56 AM

This blog is written by a member of our blogging community and expresses that member's views alone.

Steven Sears Attorney And CPA Tax Plannig :
The C type Corporation can be turned into an S type Corporation can be
back to flow through taxation. Now you are dealing with several
entities, corporations, LLC’s and limited partnerships. Back to small
business planning, we have to decide on what type of structure we want
to run the business with. There is a Sole Proprietor which is full
liability; Corporation and Limited Liability.
The field of Asset Protection involves income tax planning,
estate planning and lawsuit protection. The Lawsuit protection area is
a primary concern of many of our clients.

Steven Sears Attorney

The specific arrangement which we would recommend for you will depend
upon your particular circumstances, the business you are in and the
type of assets which you own. If you are engaged in any business or if
you own property, you should take the necessary steps to arrange your
affairs to maximize the income tax, estate planning and lawsuit
protection techniques currently available. A lot of money can be saved
if your plan is properly implemented.

Steven Sears Attorney At Law
A Living Trust consists of House(s), Cars, Bank Accounts, Proceeds of
Life Insurance, Retirement Plans basically all of your assets go into
your Living Trust. Once all the assets are in that Living Trust, which
is during your lifetime, you have complete control of those assets. The
Trust can be controlled by a Husband/Wife or a sole person (Signature
Authority).

Steven Sears Attorney And CPA
Under the proper circumstances, the remedy that a creditor can use is
called a "charging order." If any cash is distributed to you by the
partnership, the creditor can take that cash to satisfy the judgment.
If no distributions are made to you, the creditor receives nothing. The
partnership can sell assets and retain or re-invest the proceeds; if no
money comes to you, there is nothing for the creditor to take. A
creditor cannot take your interest in management and control of the
partnership and cannot take any assets of the partnership.

Recent legislation contains a number of significant provisions
affecting tax-exempt charitable organizations described in section
501(c)(3) of the Internal Revenue Code. These provisions include:

* New substantiation requirements

* Public disclosure requirements imposed on the organizations that fail to comply