Business – Cochran Law Firm, P.L.

Renting the Dream: Balancing Profits and Legal Pitfalls

Platforms such as Airbnb and VRBO have disrupted an industry once dominated by hotels and resorts, allowing individuals to open their homes and residential properties to travelers. The boom in short-term rentals has created new opportunities for investors who want to buy income-generating property. Nightly, weekly, and monthly rentals appeal to business and leisure travelers. […]

September 17, 2023
By Allison Cochran
Business, Estate Planning, Succession Planning, Taxes
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Would Your Business Pass Our 20-Point LIFT Business Assessment?

As a business owner, it’s crucial to regularly assess and improve various aspects of your business to ensure its long-term success and protect your assets. But most entrepreneurs struggle to find the time to review their systems and most don’t know where to even start or what to do with the information they find when […]

September 5, 2023
By Allison Cochran
Business, Taxes
No Comments

Should I Operate as a Sole Proprietor or a Corporation?

As a small business owner, there were a lot of decisions you considered when you started your business, from what services to offer and where your business would be located, to what color your logo should be and what font you’ll use. You also had to choose what kind of entity your business would be, […]

Passing the Torch: How to Inspire Your Kids to Take Over the Family Business

The dream of passing on your business to your children and witnessing the legacy you’ve built continue to flourish is a powerful one. However, inspiring your children to embrace the idea of taking over the family business can present its challenges, and your children may even exhibit resistance to the notion altogether. Fret not. While […]

The Small Business Partner You Didn’t Know You Needed: Comprehensive Legal Support That Won’t Break the Bank

As a small business owner, you may feel as if you’re facing the world alone at times. Unlike a large company would, I’m willing to bet you don’t have a team of lawyers or an in-house general counsel to support you as you navigate the complexities of running a business. But just because you don’t […]

Shielding Your Personal Assets: How to Create an LLC

If you’re a business owner and have been operating your business as a Sole Proprietor, you’re leaving the personal assets of your family at risk. From a creative side hustle to a tech startup, owning a business always comes with some level of financial investment and risk, whether you’re purchasing supplies, leasing office space, or […]

April 12, 2023
By Allison Cochran
Business, Estate Planning, Taxes, Trusts
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Why Every Business Owner Should Consider A Trust

Trusts are often underused or misused tools for business owners, as they can provide a range of tax, asset protection, and succession planning benefits, when established and maintained in the right way. As a Personal Family Lawyer® with family business planning expertise focusing on serving business owners, I can help you choose the right Trust […]

4 Fundamental Asset Protection Vehicles For Business Owners

Regardless of the industry you are in, the reality of being a business owner is that you open yourself up to a number of unique risks that most people don’t have to worry about—and the more successful your business is, the more risks you face. Unfortunately, most business owners aren’t fully aware of all the […]

February 12, 2023
By Allison Cochran
Business
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5 Ways Your Personal Assets Could Be at Risk From Your Business Activities

One of the main reasons to up your business as a corporation or limited liability company (LLC) is to shield your personal assets from debts and other liabilities incurred by your business. Corporations and LLCs exist as separate legal entities from their owners, allowing the business to acquire assets, enter into contracts, and take on […]

January 29, 2023
By Allison Cochran
Business, Taxes
No Comments

The Benefits Of Employing Your Kids

Paying your children—whether they’re tweens, teens, or young adults—to work for your company is one of the greatest advantages of running a family business. By hiring your kids, you can help them develop a strong work ethic, give them experience managing money, and jumpstart their ability to save for their future, all while keeping more […]