Denver Business Attorney Free Consultation

The McGuire Law Firm provides a free consultation with a business attorney.  John McGuire, the founding partner of The McGuire Law Firm believes it is important to provide a free consultation to small business owners for many reasons.  First and foremost, as a business attorney, Mr. McGuire views his relationships with clients as a long term relationship and therefore, he feels it is very important to get to know a client and for a client to get to know and feel comfortable with their attorney.  When being charged by the hour or a for a limited consultation, a potential client will often rush or hurry through their issues.  Therefore, a potential client should be entitled to a free consultation whereby they can discuss their business issues, questions and matters, as well as their overall business goals such that the attorney can fully understand what assistance a client is looking for. Furthermore, Mr. McGuire has paid for an initial consultation with an attorney, and did not feel a benefit was received from such consultation and therefore, no fee should have been required.

In terms of business services provided, a business attorney at The McGuire Law Firm can assist your business with the formation of the business, business contracts, drafting & negotiations, business tax matters and the purchase or sale of business assets or interests.  Mr. McGuire has enjoyed long term relationships with his clients and always welcomes the opportunity to meet with potential new clients to discuss their businesses and business endeavors and goals.  You can schedule a free consultation with a Denver business attorney by contacting The McGuire Law Firm.

The video below further discusses the free consultation provided by The McGuire Law Firm, and can also act as a short introduction to the law firm.  Please feel free to contact The McGuire Law Firm at anytime.

Contact The McGuire Law Firm to speak with a business attorney in Denver, Colorado or Golden, Colorado.

Business Acquisition Documents and Agreements

What are some of the typical or general documents and agreements that parties will enter into when business assets, business interests or a business are being purchased and sold?  This is a common question a business owner may ask their business attorney when they are preparing to sell their business or purchase a business.  Although, you are likely to find a few documents involved with each business acquisition, each transaction and business acquisition may have certain documents and agreements not found in other transactions.  Typically, you may see a non disclosure agreement, a letter of intent and the purchase or sale agreement.  These documents are discussed in the video below by John McGuire, a business attorney in Denver, Colorado.  Please remember that you should always consult your attorney regarding the specific documents and agreements needed within your transaction, and their impact and meaning to your situation and the transaction as a whole.

You can schedule a free consultation with a Denver business attorney by contacting The McGuire Law Firm- offices in Denver and Golden Colorado.

Can a Tax Lien Be Released

Can a IRS tax lien be released?   This is a common question asked of a tax attorney when an individual or business owes taxes to the IRS and the IRS has filed a tax lien.  The answer is, yes, a tax lien can be released under certain situations and circumstances.  The video below has been prepared by a Denver tax attorney at The McGuire Law Firm to provide information regarding the release of a federal tax lien.

If you are experiencing tax problems or tax debts with the IRS, you can discuss these matters with a tax attorney by contacting The McGuire Law.  The McGuire Law Firm has offices in Denver, Colorado and Golden, Colorado for your convenience.

 

Call The McGuire Law Firm and schedule your free consultation with a Denver tax attorney!

Buy Sell Agreements Discussed by Denver Business Attorney

Many individuals who own closely held business interests, such as an interest within a limited liability company or closely held corporation will enter into a buy sell agreement.  These individuals (and perhaps their estate) may accomplish a number of planning objectives and goals with a buy sell agreement, and potentially optimize income, gift and estate tax outcomes and implications depending upon the overall situation.

When an individual owns a closely held business, which can be considered an interest in a business where no readily available public market exists, they may have a number of problems and related concerns regarding the closely held entity.  The individuals within the business have likely invested significant capital, and their family’s economic security and growth may depend upon the success of this business.  Moreover, if an owner of the business left due to disability, death, retirement or otherwise, the remaining owners may not want to work with a different or “new” individual, or with a member of the departed owner’s family.  Therefore, a goal and objective of a buy sell agreement is wealth preservation (and liquidity of the ownership interest under certain circumstances)  and the remaining business owners control, continuity and overall maintenance of the  business without the need to bring in “outside” third parties who may not be wanted.  There are multiple issues to discuss regarding a buy sell agreement such as the funding and pricing of the agreement and of course the overall income, gift and estate tax consequences from the agreement, which cannot be discussed all within one agreement.  Thus, the remainder of this article will outline the general types of buy sell agreements, which are discussed below.

Generally, when an owner departs from a business there are two common purchasers of the business interest.  The remaining owners may purchase the interest through a cross purchase agreement and the business entity may purchase the interest through a redemption agreement.  These cross purchase agreement and redemption agreement may be able to be combined into one hybrid buy sell agreement.  You may also have the possibility to have an agreement whereby the business interest is sold to an individual or business that previously, was not interested in the venture, or even to employee via an employee stock ownership plan.  The common types or forms of a buy sell agreement may be called or referred to as: cross purchase agreements, sale to a successor, redemption agreements, a hybrid buy-sell agreement (this would be a combination between a cross purchase and redemption agreement) and sale to ESOP (employee stock option plan).  These types of agreements will be discussed in more detail in later articles.

If you think a buy sell agreement could benefit you, contact The McGuire Law Firm to speak with a Denver business attorney.  A Denver business attorney can assist you with your options and the drafting of necessary contracts and agreements.

Denver Business Attorney

Contact The McGuire Law Firm to schedule your free consultation with a Denver business attorney! Denver Business Lawyer

 

 

What is a Letter of Intent?

What is a letter of intent?  This is a common question a client may ask their business attorney.  A letter of intent may be used in a handful of circumstances and can be useful tool when parties are attempting to spell out the major terms and conditions of an agreement prior to moving forward with further drafting and negotiations.  By ensuring the parties are in agreement with a letter of intent, significant time and money can often be saved.  The video below has been prepared by a Denver business attorney at The McGuire Law to provide information regarding a letter of intent when parties are discussing the purchase and sale of a a business or business assets.  It is always recommend you discuss your specific circumstances with your business attorney and/or business advisors.  You can contact The McGuire Law Firm to speak with a business attorney in Denver, Colorado.  The McGuire Law Firm has offices in Denver, Colorado and Golden, Colorado for your convenience.

Denver Lodging Tax

The City and County of Denver requires that hotels, motels, inns and other establishments collect a lodging tax from patrons and remit such lodging tax to the City and County of Denver.  A taxpayer required to collect and remit the lodging tax may do so by filing a monthly tax return (or quarterly tax return) with the City and County of Denver (Department of Finance)  The video below has been prepared by a Denver tax attorney to provide additional information regarding this lodging tax.  If you have any questions regarding your business, or tax requirements, you can speak with a tax attorney by contacting The McGuire Law Firm.

Nondeductible Loss With Related Parties

Often the sale or exchange of property may be between related parties.  Losses on the sale or exchange of property between related parties is not deductible.  This rule on nondeductible losses applies to both direct and indirect transactions, but would  not apply when a corporation distributed property to a shareholder in a complete liquidation of the corporation.  Below is a list of related parties.

 

–       Members of a family including brothers & sisters, half brothers & sisters, parents, grandparents, children, grandchildren and other lineal descendants.

–          An individual and a corporation of the individual owns 50% or more, directly or indirectly in the value of the outstanding corporate stock.

–          Two corporations that are members of the same controlled group- see Internal Revenue Code Section 267(f).

–          A trust fiduciary and a corporation if the trust or the grantor of the trust owns directly or indirectly 50% or more of the value of the outstanding corporate stock.

–          A grantor and trust fiduciary, and the trust fiduciary and beneficiary of any trust.

–          Trust fiduciaries of two separate or different trusts and the fiduciary and beneficiary of two different trusts, if the same person is the grantor of the applicable trusts.

–          A tax exempt organization and a person who directly or indirectly controls the organization, or a family member of the person who directly or indirectly controls the organization.

–          A corporation and partnership when the same person owns 50% or more in the value of the outstanding corporate stock and more than 50% in the capital interests or profits interest in the partnership.

–          Two different S corporations when the same person owns more than 50% of the value in the corporate stock.

–          Two corporations when one of the corporations is an S corporation if the same person owns more than 50% of the value in the outstanding corporate stock of both applicable corporations.

–          The executor of an estate and the beneficiary of an estate.  An exception exists though under situations whereby the executor is satisfying a pecuniary bequest.

–          Two partnerships when the same person directly or indirectly owns more than 50% (fifty-percent) of the profits interest or the capital interests in both of the partnerships.

–          A person and a partnership if the applicable person owns (whether it be directly or indirectly) more than 50% of the partnership profits interest or capital interest in the partnership.

The nondeductible rule as stated in the last two rules above would not apply to a sale, transfer or exchange of a partnership interest between related parties.  Furthermore, when determining ownership interests in partnership or corporation, certain attribution rules will apply.  For example, certain percentage shareholders in a corporation are deemed to own the stock that the is owned by the corporation.  Further, family attribution rules apply whereby an individual is deemed to own stock and partnership interest that family members (brother, sister, spouse, lineal descendants etc) own.

Speak with a Denver tax attorney and business attorney at The McGuire Law Firm if you have questions related to the tax implications of a business or individual transaction.  The McGuire Law Firm offers you a free consultation with a tax attorney and business attorney to discuss your issues and matters.

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Basis in Property Received Via Right of Survivorship

What is the basis in property that you receive via right of survivorship?  This is an important question for tax and estate planning purposes.  For tax purposes, your basis will impact your gain upon the sale or exchange of the property.  For estate planning purposes, you may hold property differently or gift certain property differently depending upon whether such property will receive a step up in basis or a carryover in basis.  The article below has been prepared by a tax attorney at The McGuire Law Firm to provide additional information regarding this issue.

Prior to revision the Internal Revenue Code only allowed  a step up in basis to the fair market value of the property at the date of death if the property passed from decedent by a bequest, inheritance or devise.  Thus, property held jointly did not receive a step up in basis because the property was viewed to have been acquired via a lifetime transfer, not an inheritance, bequest or devise.  When the Internal Revenue Code was later amended, Congress must have considered why a step up in basis for jointly held property would not be allowed when the property was included in the gross estate of the decedent for estate tax purposes.  Therefore, the code was changed to allow a step up in basis for property passing to the survivor of a joint interest.  The basis of the property could be stepped up or increased to the fair market value as of the date of death, or on the alternative valuation date if an alternative valuation date was elected.  It is important to note that joint property treated as income in respect of decedent under Section 691 of the Internal Revenue Code, is an exception to the current rule and thus does not receive the step up in basis.

What happens if only a portion of the joint property is included within the estate of the first joint tenant to pass away?  The survivor’s basis may be determined in part by the rules of Section 1014, potentially receiving a step up in basis and in part by reference to the basis of the survivor before the deceased joint tenant’s death.  This can be troublesome for the survivor, if the survivor received the property through titling (for example as tenants by the entirety) because the transfer can predate certain code sections and the transfer may not be treated as a gift.  Thus, could one tenant’s basis be zero?

Given the benefit of a step up in basis, individuals need to plan carefully when orchestrating their overall estate plan.  Under certain circumstances, it may be better for an individual to inherit property as opposed to a life time gift.  Of course, each individual’s circumstances are different and should be discussed with their tax attorney and/or estate planning attorney.

You can contact The McGuire Law Firm to discuss your estate and gifting matters with a Denver estate planning attorney, and discuss the tax implications of certain gifts with a tax attorney.

Denver Estate Planning Attorney

Does a Revocable Living Trust Provide Asset Protection?

Does a revocable living trust provide asset protection?  In general, no a revocable living trust would not provide asset protection.  If the trust is revocable, and thus the grantor can revoke the trust and reach the assets as they wish, then the grantor could certainly do so for the benefit of their creditors.  The video below has been provided to discuss this matter and provide additional information.  Please remember that each set of circumstances is different, and you should discuss your issues specifically with your estate planning attorney.

You can contact The McGuire Law Firm to schedule a free consultation with an estate planning attorney in Denver, Colorado or Golden, Colorado.

Denver Estate Planning AttorneyContact The McGuire Law Firm to schedule a free consultation with a Denver estate planning attorney.

Who Are The Parties in a Will

Most people know what a will and last testament is and that a will is used to state your wishes regarding the disposition of your property.  However, many estate planning attorneys are still asked questions such as:  Who can be in my will?  What are the parties in a will?  What roles need to be identified and accounted for in my will?

All of the above questions are very important when considering your will and last testament and your estate plan as a whole.  The video below has been prepared to provide additional information related to the parties who may play a role in your will.

You can contact The McGuire Law Firm to discuss your estate planning questions and needs with a Denver estate planning attorney.

Denver Estate Planning AttorneyContact The McGuire Law Firm to schedule your free consultation with an estate planning attorney in Denver, Colorado or Golden, Colorado.