by Durham Law Firm | Jul 20, 2022 | Business
What is a disregarded entity? In the most basic sense, it is a business type that the federal government ignores for tax purposes. The most common disregarded entity for federal income tax purposes is the single-member limited liability company (SMLLC). Let's look at...
by Durham Law Firm | Jul 15, 2022 | HWH Updates
As a member managed LLC member, part of your role is to act in good faith and put the interests of the LLC above your own. Your fiduciary duty includes making decisions that are in the best interest of the LLC. It's also crucial that you do not take advantage of your...
by Durham Law Firm | Jul 7, 2022 | Business
When starting a business, one of the first decisions you’ll need to make is what business structure to use. There are a few different options to get off the ground as a business, but two of the most common ways to start include getting a business license and starting...
by Durham Law Firm | Jun 30, 2022 | Business
Does an LLC S Corp get a 1099? As an LLC that has elected S-Corp status for tax purposes, the answer is "No." You are not required to receive a Form 1099 from clients or businesses that contract with you. Instead, you report your earnings directly to the...
by Durham Law Firm | Jun 23, 2022 | Business
If you're thinking about starting a business in North Carolina, you'll need to choose the right business structure. One option is a general partnership: an association of two or more persons carrying on a business for profit. However, this type of partnership doesn't...
