LLC’s

LLC, S corp—or Both? What is Best for your Business?

by Norris Law Group on December 19, 2014

Have you been considering whether creating a Limited Liability Company (LLC) or an S corp is the right choice for your business? Consider the case of Mike Turner, owner of Front Street Brokers, a real estate agency based in Boise, ID. INC magazine featured the story of how Mike came to the decision that combining […]

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LLC Costs Idaho Charity Property Tax Exemption

by Norris Law Group on December 18, 2014

A Limited Liability Company (LLC) can be an effective “pass-through” vehicle for many businesses, and can offer a great deal of tax savings. But an LLC must also be structured properly, and must be the “right tool for the right job.” Peter J. Reilly, a contributor to Forbes magazine, writes about an Idaho charity that […]

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Many business owners use LLCs, S corporations, or partnerships as “pass-through” vehicles in order to avoid the “double taxation” of a C corporation. But Troy Onink, a contributor to Forbes magazine, warns that using one of these pass-through vehicles in order to avoid the taxes of a C Corp may result in a bigger bill […]

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Swart Enterprises, a corporation based in Iowa, received a tax bill from the State of California, although it did no business in California. The Franchise Tax Board (FTB) of California decided that because Swart Enterprises invested in $50,000 in Cypress Equipment Fund XII, a California LLC, Swart was liable for taxes and interest penalties totaling […]

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“Piercing the Veil” of an LLC

by Norris Law Group on December 15, 2014

A recent article in Forbes magazine tells the story of Western Echosystems Technology, Inc. (Western) provided consulting services to GreenHunter Wind Energy (“the LLC”), which operates a wind farm in the state of Wyoming. But the LLC did not pay Western for its services, and Western decided to sue GreenHunter for breach of contract.  Western […]

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You may have heard of Wyoming’s “Cowboy Cocktail.” But it’s not something you can sidle up to a bar and order at one of the state’s many “watering holes.” For this particular “cocktail,” you’ll need an experienced Wyoming asset protection attorney. The “Cowboy Cocktail” refers to Wyoming’s “double-barreled” approach to asset protection. Wyoming allows the […]

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Limited Liability Companies (LLC’s) in Wyoming

by Norris Law Group on June 16, 2014

Like many states, Wyoming offers business owners some incentives to do business in and/or incorporate in the state. One of the asset protection vehicles that Wyoming offers is knows as a limited liability company, or LLC. A major benefit of a Wyoming LLC is that it offers each member protection from personal liability, much like […]

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