Category: Family-owned Business

One estate-planning tool that can protect your family and the partners in your dealership is a buy-sell agreement. This legal document may give owners the first shot at buying an interest in the company if another owner pulls out, becomes disabled or dies. Ideally, these contracts are drawn up when a business is launched, or acquired from other owners, but they can be entered into later. Don’t wait too long. If you die or become disabled without an agreement, it… Read more ›

Have you always wanted to buy rental property and become a landlord? As you can imagine, putting up with some tenants can be a pain in the neck. But the discomfort can be eased by the valuable tax breaks available to rental property owners. In fact, favorable tax laws are one big reason why so many fortunes have been made in real estate. Another big reason is that leveraging real estate investments with mortgages can multiply profits. But for purposes… Read more ›

Once you get some legal experience under your belt, you may think about opening your own firm. Setting up and running a law practice can be a daunting prospect, but taking certain steps will help to ensure that your firm grows and remains profitable. Here are some guidelines to help accomplish the task successfully: Develop a strategy You really can’t proceed before you target a specific client base or market and decide how you plan to compete. This means knowing… Read more ›

  As a business owner, your auto dealership’s team must be comprised of people you trust to make the right decisions for the company. The reports derived from your accounting team are at the forefront of most major business decisions, so having a suitable controller in place will help ensure your dealership’s financial health and future. The characteristics of a good controller fall into two distinct buckets: technical skills and leadership qualities. On the one hand, at their core, a… Read more ›

Thanks to CBM Supervisor Tom Hudson for developing the following article. On April 14, the Small Business Administration (SBA) released additional guidance that provided more information about the implementation of the Paycheck Protection Program (PPP) for self-employed taxpayers. Previously, it was not explicitly stated that taxpayers who file a Schedule C were included in the program although many interpretations of the SBA’s language indicated that they were eligible. The SBA did confirm through the most recent guidance that a taxpayer… Read more ›

On Friday, March 27, President Trump signed into legislation the Coronavirus Aid, Relief and Economic Security (CARES) Act. The $2.2 trillion legislation represents the largest stimulus package in U.S. history—dwarfing the $800 billion package signed during the 2008 financial crisis—and provides a variety of economic relief measures to mitigate the impact of the coronavirus pandemic on American society. The Act provides for six options for businesses in search of relief, which are listed below for consideration: • Paycheck Protection Program… Read more ›

The Paycheck Protection Program application is now available for small businesses and not-for-profits that wish to apply for benefits under the Small Business Administration’s new disaster assistance loan program. The Paycheck Protection program, launched as part of last week’s Coronavirus Aid, Relief and Economic Security (CARES) Act, offers smaller employers financial relief which, when used for employee salaries, sick and medical leave, insurance, and mortgage and rent, will not need to be repaid. (Read our blog post with more in-depth… Read more ›

On Friday, March 27, President Trump signed into legislation the Coronavirus Aid, Relief and Economic Security Act (CARES) Act. The $2.2 trillion legislation represents the largest stimulus package in U.S. history—dwarfing the $800 billion package signed during the 2008 financial crisis—and provides a variety of economic relief measures to mitigate the impact of the coronavirus pandemic on American society. As part of the CARES Act, the federal government has also provided for disaster assistance loans through the Small Business Administration…. Read more ›

On Friday, March 27, President Trump signed into legislation the Coronavirus Aid, Relief and Economic Security Act (CARES) Act. The $2.2 trillion legislation represents the largest stimulus package in U.S. history—dwarfing the $800 billion package signed during the 2008 financial crisis—and provides a variety of economic relief measures to mitigate the impact of the coronavirus pandemic on American society. In addition to direct cash payments and extended lending and emergency financing options, the CARES Act includes tax payment deferrals and… Read more ›

On Friday, March 27, President Trump signed into legislation the Coronavirus Aid, Relief and Economic Security Act (CARES) Act. The $2.2 trillion legislation represents the largest stimulus package in U.S. history—dwarfing the $800 billion package signed during the 2008 financial crisis—and provides a variety of economic relief measures to mitigate the impact of the coronavirus pandemic on American society. This top-level overview represents the first of several upcoming alerts by CBM on various components of the CARES Act. Among the… Read more ›