September 2015 Archives

What does the IRS look for in an audit of my small business?

Running a small business is challenging on a day-to-day basis, with each day bringing the possibility that you could be faced with cash flow issues, employee-related matters, problems with business partners, and much more. But there is always one other significant possibility that can keep you awake at night: the possibility that the Internal Revenue Service may come calling to audit your business. 

What is the “parol evidence rule?”

Negotiating a business-to-business contract can, depending on the subject matter, be a drawn-out process that can take considerable time before the final, signature-ready agreement is ready. During this negotiation period, both sides will frequently exchange information in the form of in-person and telephone conversations, letters, emails, non-disclosure agreements, memoranda of understanding and draft agreements.

What is the effect of a party’s mistake in contract formation?

In earlier posts we have gone over the basic elements needed to form a valid contract: offer, acceptance and consideration. But there can still be a situation in which the parties to a contract can satisfy the technical requirements to form an agreement and yet still end up with a contract that is voidable. One way that this can occur is when either or both sides make a mistake when entering into the agreement.

What is the difference between an S-Corp and a C-Corp?

Understanding the difference between S corporations and C corporations is a critical first step when incorporating a business. Under the Internal Revenue Code, there are two different types of corporate tax treatment: C and S. These letters stand for the subchapters in the Code. All corporations are C corporations unless you file for status under subchapter S. In other words, C corporations are the default. The difference between the two types of corporations comes down to taxes.

What exactly is “consideration” in forming a contract?

There are three essentials to creating an enforceable business contract: a valid offer, its valid acceptance, and what the law refers to as “consideration.” We have already touched upon the first two of these elements in previous posts. Here, we will examine the third requisite, consideration.

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