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Posts by Sheryl Nelson

Could Your Estate Plan Ruin Your WBE Certification?

In previous blog articles, we have mentioned the importance of estate planning for business owners. We have discussed the options of using a Business Power of Attorney to handle business operations during incapacity and Transfer-on-Death designations to transfer business ownership interests outside of probate. While these approaches should be considered in every estate plan involving…

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Are You a Business Owner Without a Succession Plan?

Wikipedia defines succession planning as “a process for identifying and developing new leaders who can replace old leaders when they leave, retire or die.” This definition seems just right, provided the term “leaders” encompasses business owners and managers alike. There are several million privately-held U.S. businesses that are owned by Baby Boomers who are set…

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Using a Power of Attorney as a Business Succession Planning Tool

As part of an estate planning process, it is common for the owner of a closely-held business to execute a general durable Power of Attorney appointing an agent, also called an attorney-in-fact, to manage his or her financial affairs and other matters if he or she becomes unavailable or incapacitated.  Typically, the powers given an…

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Battle of the Forms: Will your “standard” terms survive?

If your business is buying or selling commercial goods with standard terms of purchase or sale, you may have heard about the “battle of the forms.”  The battle is usually between the buyer’s purchase order terms and the seller’s order acknowledgment or invoice terms.  Almost without exception these terms don’t match one another.  When that…

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Is Your Business Losing 5% of Your Annual Revenue to Fraud?

The Association of Certified Fraud Examiners (ACFE) has estimated the typical business loses 5% of its annual revenues to fraud each year and has reported that in almost 25% of the surveyed cases the fraud resulted in a loss of at least $1,000,000 (ACFE Report to the Nations on Occupational Fraud and Abuse, 2016 Global…

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Could You Be Personally Liable for Your Company’s Debts?

A primary benefit of forming a legal entity such as a corporation or limited liability company is that, as a general rule, the individual owners, officers and employees are shielded by the company’s legal structure from personal liability for the company’s debts. This shield is commonly referred to as the “corporate veil.” Unfortunately, the corporate…

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