Ezell Law Firm, LLCEzell Law Firm, LLC2024-03-19T07:22:59Zhttps://www.ezellfirm.com/feed/atom/WordPress/wp-content/uploads/sites/1301966/2021/03/cropped-favicon-32x32.pngOn Behalf of Ezell Law Firm, LLChttps://www.ezellfirm.com/?p=485412024-03-19T07:22:59Z2024-03-19T07:22:59ZDeciding what type of license you need
An important step when obtaining a liquor license is finding out which one your business needs. This license depends on whether you operate a bar, restaurant, microbrewery, package store, distillery or other types of business.
Gathering and submitting information
Whether your business offers on-premise or off-premise alcohol, the Louisiana Office of Alcohol and Tobacco Control requires a company to provide information about itself and its owners. If your goal involves starting a new business that sells alcohol, you must submit the following information to the Louisiana Office of Alcohol and Tobacco Control:
Type of business you operate
Employer Identification Number (EIN)
Your company's name
Business address
Fingerprints
The business owner's personal identification
Paying for your new license
The state of Louisiana also requires companies to purchase their liquor licenses. According to estimates, obtaining a liquor license in Louisiana costs $2,500 to $5,000. How much you'll spend also depends on what city your business operates in. Some Louisiana cities charge companies a flat fee for a liquor license - other cities use a tiered pricing structure. It's also important to note that a liquor license isn't permanent. Instead, your business must renew this permit on or before the date it expires.
The final step before your business gets its liquor license involves a bit of waiting. It typically takes anywhere from one to six months before your business can sell or serve liquor legally.]]>On Behalf of Ezell Law Firm, LLChttps://www.ezellfirm.com/?p=485392024-03-18T15:01:16Z2024-03-18T15:01:16ZDebt and aging
Several factors contribute to debt for older persons. When an older person no longer works and relies on a pension or social security, they could be limited by a fixed income. A lack of savings further harms their ability to make ends meet. However, the person could own a home and other illiquid assets. When engaging in estate planning, the individual may learn that probate typically involves settling estate debts. If the beneficiaries can pay the debts, they may receive the bequeathed property quickly. Others may borrow to pay the debt and then sell the received property to recoup their expenses.
Estate planners might help beneficiaries by giving them insights into how probate works. Including beneficiaries in the estate planning information loop could be a good idea.
Debt and estate planning
Estate planning could involve more than writing a will or taking steps to devise a trust. The process may involve reducing debt so that the obligations have less of an impact on beneficiaries. Becoming involved with estate planning earlier in life could allow someone to proactively budget things so that avoidable debt does not become a problem. However, debt may accumulate because of unforeseen situations.
Compiling accurate records of all debts and assets may be advisable. Creating a thorough file of financial information, including bank accounts, credit card accounts, and illiquid assets that could be sold for cash, might prove valuable to beneficiaries when they deal with probate.]]>On Behalf of Ezell Law Firm, LLChttps://www.ezellfirm.com/?p=485372024-02-29T06:13:22Z2024-02-29T06:13:22ZCreate a business plan
You’ll need to set up the foundation for your business and that’s where a business plan comes into play. This is where you will outline the structure and operation details. It’s also the document you’ll give to people who may be working with you or investing in your company to give them confidence in your ideas.
Funding solutions
After you finish your business plan you should know the amount of money you require for your business start-up. You may need to seek the funds elsewhere if you don’t have them available at the time. You can raise the money or take out a loan; just be sure to do your research first.
Choose the right name
Every business needs a name that reflects what it is about. Whether you want something that’s completely serious or has a quirky element to it, make sure it’s appropriate to your target audience and isn’t already a business name. Then, you’ll need to register your business in order to protect your brand.
Set up tax essentials
You have to get an employer identification number (EIN) to operate your business. This can be obtained from the Internal Revenue Service.
Establish a banking relationship
You can get a small business checking account from a bank in your area that you trust. This not only allows you to keep your funds secure, but it also is ideal when it comes to tracking your expenses, income, and for dealing with tax matters.]]>On Behalf of Ezell Law Firm, LLChttps://www.ezellfirm.com/?p=485322024-02-14T07:51:02Z2024-02-14T07:51:02ZLimited liability
The core advantage of an LLC is its liability protection. This means that your personal assets, such as your home, car and savings accounts, are safe from business debts and lawsuits. Unlike sole proprietorships, where your personal and business finances are closely linked, an LLC creates a distinct legal entity, protecting your personal wealth.
Flexibility
Forget rigid tax structures. LLCs provide flexibility in taxation by allowing you to choose how you want the IRS to tax you. Opt for "pass-through taxation" if you want your income to flow directly to your personal tax return. Or, if you prefer the benefits of a corporation, elect for "corporate taxation" instead. This flexibility allows you to maximize your tax savings and tailor it to your business's unique needs.
Easy formation
The process of forming an LLC in Louisiana is relatively simple, making it an accessible option for entrepreneurs. According to Louisiana business law, you need to file Articles of Organization with the Secretary of State and pay a $100 filing fee to establish your LLC. There are also fewer ongoing formalities compared to corporations, making it easier to maintain over time.
Credibility
Investors and customers often view LLCs as more credible than sole proprietorships or general partnerships. The legal structure and limited liability of an LLC provide the confidence to enter into contracts, own property and borrow money just like corporations. This helps empower owners to participate fully in the marketplace and pursue their goals.
Louisiana allows entrepreneurs to create LLCs to encourage business growth and innovation. If it is a good option for you, it is worth exploring to see how it could benefit your long-term bottom line. If not, there are other multiple structures to choose from that could meet specific aspects of your business needs, such as an S-corporation or a partnership.]]>On Behalf of Ezell Law Firm, LLChttps://www.ezellfirm.com/?p=485302024-01-30T23:15:43Z2024-01-30T23:15:43ZThe 2026 gift tax law changes
One substantial change everyone who owns an estate should prepare for is the one that is taking effect after January 1, 2026. After this date, lifetime gift tax exemptions will be slashed in half. In the year 2024, this exemption will apply to people who were given less than $13.61 million. However, by the year 2026, this exemption will be lowered to about $7 million. Unless Congress changes the law, estate holders should consider this as a certainty and adjust their estate plans accordingly.
Available countermeasures
If you have massive assets in your estate you wish to give away to heirs, you have some options for dealing with this upcoming change in the law. This includes:
Setting up a tax credit shelter trust
Having your spouse give the money
Giving the money for medical expenses
Donating the money for educational expenses
Distributing appreciated assets
Placing the assets into a credit shelter trust will help protect those assets from both the gift and estate taxes. Similarly, money that is passed on for medical and education expenses is excluded from these limits. The lifetime exemption is also only for the individual. Spouses are not tallied together, and each has their own limit. Assets that have depreciated in market value can be given for less than what you bought them.
While these aren't perfect solutions, they are probably still better than having to pay the estate tax and your heirs having to pay the inheritance tax. Consider your options while planning your estate.]]>On Behalf of Ezell Law Firm, LLChttps://www.ezellfirm.com/?p=485282024-01-25T03:54:07Z2024-01-25T03:54:07ZDon't skip the due diligence
Ideally, you will choose a company in an industry that you are passionate about or have an understanding of. For instance, if you worked in a grocery store for 20 years, you may want to consider opening a retail establishment. After choosing an industry, you'll need to look for companies that have a solid customer base and a track record of consistent sales. Alternatively, you'll need to find a compelling reason as to why you could turn a struggling company around.
You'll still need capital
Becoming a franchisee can cost just as much or more than the cost of starting your own business. Therefore, you'll need to know that you have the money available to pay the initial franchise fee and other ongoing expenses the business might have. These expenses might include the cost of buying food, uniforms or marketing materials that the parent company requires you to use.
You drive the company's success
Whether you create a business from scratch or buy a franchise, you'll need to work hard to ensure it succeeds. You will be the one who creates the company culture and ensures that everyone lives by the values necessary to attract customers and build a strong brand. Depending on the type of franchise you buy, it may be necessary to work 60 hours or more per week to succeed.
Buying a franchise may make it possible to gain more control over your life and career. However, there are liability and other concerns that you are encouraged to learn about and address prior to becoming the owner of any type of business.]]>On Behalf of Ezell Law Firm, LLChttps://www.ezellfirm.com/?p=485262024-01-19T15:47:29Z2024-01-19T15:47:29ZWhy now
Conversations among family members about estate planning can reduce the likelihood of conflict, misunderstandings or even court battles. Whether or not you will be the executor of your parents' estate, knowing their wishes can help ensure that you are able to see them carried out. A discussion about estate planning should not be delayed because illness, injury or even events in the wider world, such as another pandemic, could happen suddenly and make preparation more important than ever.
Your family situation
Family dynamics will play a role in how and where this conversation takes place. It may be that it is best to exclude a family member or to include a professional, such as a financial planner, in the discussion. Be sure that your parents understand that your concern is not how much you will personally receive but that they have their affairs in order and that their wishes are clear. This includes knowing where their last will and testament and all other important paperwork is.
In case of incapacity
Discussing their wishes should also include a conversation about an advance health care directive so that you know their wishes for medical care if they cannot communicate them. You can also set up powers of attorney so that you or someone can manage their financial affairs in this situation.
While initiating the conversation and covering the basics is important, you may also want to think of the estate planning conversation as one that is ongoing. Over time, your family and your parents' needs and wishes may change.]]>On Behalf of Ezell Law Firm, LLChttps://www.ezellfirm.com/?p=485252024-01-09T05:51:50Z2024-01-09T05:51:50ZA will is not enough
A simple will opens the possibility that your biological children could not receive their inheritance once you are gone. In as much as your spouse loves and cares about you and your children, if they remarry after your passing, their new spouse could inherit what was meant for your biological children in a will. This could lead to family disputes, resentments and even estrangement.
Consider a revocable trust
In Louisiana, a revocable trust can be an effective estate planning tool for blended families. It allows you to designate assets and properties specifically for your children and ensure they receive their inheritance as intended. Whatever the future holds, no one can alter the trust's instructions because your chosen trustee assumes ownership of your assets and must follow your instructions to the letter.
Designate beneficiaries
In addition to a revocable trust, you can designate beneficiaries on your retirement accounts and life insurance policies. This way, they won't have to go through probate or deal with any potential challenges from your other family members and relatives. To make your designations foolproof, remember to regularly review and update them when necessary, especially after a major life event such as marriage, divorce or the birth of a new child.
Estrangement in modern families is a common challenge, and blended families are no exception. However, with careful estate planning and open communication, you can ensure that your children from both current and previous relationships receive their rightful inheritance without causing any rifts within the family.]]>On Behalf of Ezell Law Firm, LLChttps://www.ezellfirm.com/?p=485232023-12-19T17:52:19Z2023-12-19T17:52:19ZOptions
Examples of these types of heirlooms might include jewelry, furniture, photographs, letters and articles of clothing. There are a few different ways to approach the division of these possessions. One is to name what goes to who in the will. Another is to give them as gifts while still alive so that they are not part of the estate at all. Someone could be appointed to decide how they are distributed, but this could get complicated if the person is a family member. This should be a neutral individual to reduce the likelihood of resentment. Loved ones could also take turns choosing what items they want.
Communication
Whatever approach to passing these heirlooms down to beneficiaries is chosen, communication is key to the best decision-making and the smoothest process of division. Talking to your children or other beneficiaries may reveal that each wants specific items or that there are things no one wants. In the latter case, they could sell those things and split the proceeds. Communication can also help ensure that your beneficiaries anticipate what is in your estate plan and understand the reasoning behind it, reducing the likelihood of conflict.
Talking and thinking about estate planning can be hard. However, doing so ahead of time can help ease a difficult time for your loved ones and ensure that your wishes for what happens to all your possessions are understood and honored.]]>On Behalf of Ezell Law Firm, LLChttps://www.ezellfirm.com/?p=485212023-12-06T23:51:38Z2023-12-06T23:51:38ZWhat a business plan entails
A business plan can be as broad or as detailed as you need it to be. For some, a single page is enough to outline the company's goals and how it will make money. Whatever you choose, your plan must consider who the company's target customer is, how it will serve that customer and how the firm will raise enough money. Furthermore, a quality plan will outline the steps you'll take to overcome challenges such as a change in economic conditions or consumer habits.
Don't run afoul of the law
Depending on what sector your company is in, it may be necessary to obtain permits to operate your firm legally. You may also need to file paperwork with the state or federal government to ensure that it's structured the way you want it to. Otherwise, you may find yourself named as a defendant in a business law case brought by the government, a partner or other entities.
Although you own your business, it doesn't mean you have to handle everything alone. You may increase your odds of success by hiring financial, marketing and other professionals who can help identify problems and create solutions in a timely manner. Furthermore, an ability to pivot as market conditions change may also enhance your new company's chances of success.]]>