Corporate Tax Lawyer
Hiring a corporate tax lawyer is good business BEFORE owners face an IRS audit! A good business tax attorney can help structure and manage a small or large corporation and keep the Internal Revenue Service out of their hair! Hiring expert legal counsel just makes plain good sense for businesses just starting out or for those who want to expand. Corporate attorneys can help plan mergers, acquisitions, and divestitures; provide expert legal opinions on transactions; assist with reviewing quarterly revenue obligations and issues; and analyze and interpret intricate fiscal issues that can easily confound most CEOs. Entrepreneurs may know the ins and outs of operating a profitable enterprise, but revenue laws can be complicated and taxing at most. Corporations should rely on expert legal counsel to help manage and protect assets and plan for greater profitability in the future.
Engaging the services of a good corporate tax lawyer is actually an application of sound Biblical principles. Those who forfeit seeking legal counsel are doomed for failure. "Where no counsel is, the people fall: but in the multitude of counselors there is safety" (Proverbs 11:14). "He is in the way of life that keepeth instruction: but he that refuseth reproof erreth" (Proverbs 10:17). Many new businesses fail in the first three to five years of operation simply because owners fail to solicit or take heed to the wisdom of professional attorneys who are highly skilled at helping to structure corporate finances for success. Complicated corporate financial matters can prove to be a formidable foe for the unwise. However, obtaining good legal counsel to help guide in decision making can easily help a company stay in the black. From establishing the initial infrastructure and managing day-to-day fiscal operations, to making clear and concise judgments about acquisitions and mergers, a savvy lawyer is an indispensable asset.
A proficient business tax attorney can ensure that small and large corporations stay compliant with federal and state revenue regulations and provide expert representation in case of federal audits, a CEO's worse nightmare. Corporations are subject to dozens of taxes; and unless an owner is familiar with regulations, it is easy to fall behind on payments and incur penalties and interest. Corporations are expected to file payroll taxes on employee earnings; franchise payments to the state in which the business is located; excise fees on gas, cigarettes, and luxury items; federal and state tax on gross income; and real estate assessments on property owned by the company. Considering these charges, plus ad valorem fees on new vehicles purchased for the business, sales and use charges for retail establishments, and pesky unemployment taxes; and the free enterprise system might not seem so free after all!
Before starting a new business, entrepreneurs may need to consult with a corporate tax lawyer to determine how to structure an organization to avoid paying excessive charges. The type of business entity determines how much the Internal Revenue Service and state government will assess an owner or corporation. For example, the government only assesses sole proprietorships, companies owned by a single individual, tax on net profits earned through the year. S Corporations, which are owned by a group of shareholders, are exempt from income assessments; however each shareholder is responsible for paying taxes on dividends earned as income. C Corporations have potential to make the most money and are assessed on a sliding scale: 15 percent on the first $50,000 of net profit; 25 percent on the next $25,000; and a huge 34 percent on the remaining profit. A partnership or limited liability corporation, LLC, is owned by two or more partners; and the owners will incur a liability based on the amount of their investment, or ownership, in the company. Of course, a professional business tax attorney can apprise owners of either of these entities of potential obligations to federal and state governments.
Many entrepreneurs make a grave mistake by neglecting to secure the services of a competent corporate tax lawyer. Most people go into business to make money; but owners fail to realize that as the company grows, so do the profits and so do the monetary obligations. When a company hires additional employees and begins to provide employer funded retirement plans; acquires new facilities; expands inventory to meet increasing product demands; purchases new equipment for greater productivity; or expands into newer markets; more tax obligations are incurred. Unemployment, property, and revenue assessments increase; but an astute business tax attorney can advise owners about how to gradually pace and plan for growth. The key is to avoid becoming literally overtaxed and overburdened by obligations that take a hefty bite out of net profits. A good lawyer can also help corporations protect assets by moving some operations offshore, saving hundreds of thousands in charges. While basing American-owned corporations on foreign soil is a controversial issue, larger enterprises see the practice as a viable solution to avoid paying too much in domestic taxes. A corporate tax lawyer will help ensure that offshore operations comply with foreign regulations.
Corporate mergers, acquisitions, and divestitures also determine federal and state obligations. When companies merge to form a single entity, or conglomerate, the structure of the new enterprise may maximize or minimize obligations to the buyer or seller. Corporations frequently merge to reduce assessments or to qualify as a tax-free entity. Businesses may divest holdings and distribute profits to shareholders to reduce obligations, or change corporate structure to shield assets. Divesting or disposing of a venture also has varying consequences. Owners should consult an experienced business tax attorney before making decisions to merge, acquire, or dispose of corporate holdings in order to anticipate and accurately estimate obligations and benefits to buyers and sellers. Wise business owners will find that in the multitude of counselors, there is safety and shelter from corporate tax woes.
Business Law AttorneyThe corporate law attorney came striding into the courtroom with a distinct air of confidence. The barrister was one of over twelve lawyers on the plaintiff's legal team, put together by lead counsel to bring about a demise to a corporate entity long accused of being a monopoly in the gas and oil business. The nuanced distinctions between a monopoly and an oligopoly would be the key in this particular lawsuit. While a monopoly is simply defined as only one seller but many buyers, an oligopoly is a market where control of a commodity is in the hands of a few producers and each one can influence prices. Only a highly trained and informed business law attorney could make sense of the legalese that would be flying around the courtroom for those few weeks. When someone outside the legal world understands all of the training one must possess to be a reputable and admired corporate law attorney, a new appreciation of his or her skills will be born.
Listen to the litany of classes to be covered in law school for the one specializing in corporate regulations. A legal student must understand contracts, corporation and other business organizations, the realm of intellectual property including trademarks, patents, trade secrets and rights of publicity. In addition, there are areas such as antitrust, secured transactions and understanding commercial paper, which is a money market security issued by large banks and corporations. But there is more. There is a need to understand income taxes, pensions and benefits, trusts and estates, law dealing with immigration, labor, employment and bankruptcy. While a corporate law attorney may have some expertise in more than one of these areas, it is more likely that the business law attorney will specialize in a single area and become an expert sought out for niche cases and issues needing a high degree of acumen in that particular legal genre. "But love your enemies, and do good, and lend, hoping for nothing again, and your reward shall be great, and ye shall be the children of the Highest for he is kind unto the unthankful and to the evil." (Luke 6:35)
The men and women who may act on behalf of a corporation or a small business are usually paid well, and may have different fee arrangements. For instance, the business law attorney may, in some instance, charge a flat fee for things such as articles of incorporation, tax issues or other concern. The corporate attorney may also ask to be paid by the hour. Many legal practitioners will also bill for percentages of an hour spent doing things as phone conversations on the client's behalf, time going over the case, research on the case, filing, copying and other details. In many cases, a barrister may be put on retainer which means money paid up front as a down payment on future legal representation that may come up, and that also means that the legal practitioner agrees to be available any time the client needs the barrister. Finally, an attorney may be paid on contingency, meaning that on depending on the outcome of the legal case and on the financial settlement, the attorney will take a percentage of the judgment. It is more likely that a business law attorney or corporate attorney will work on an hourly basis, with many of the most successful being retained by both individuals and corporations who want the security of knowing instant attention will be given at a moment's notice.
Almost seven and a half percent of Americans are attorneys of some kind or another. Training to be an attorney takes four years of undergraduate work and degree and then three years of legal school study, which has become very competitive to enter. Of course, there is the dreaded bar entrance exam which all candidates must take and pass before becoming licensed barristers in the state where they reside. Many states recognize the licenses granted in other states. Unless new legal school graduates come from top-notch law schools, the prospect of finding work in the big city is more difficult than might be assumed. Almost thirty percent of all attorneys are self employed, meaning they are either partners in a legal firm or work on a solo basis. Employment for new legal practitioners is often best found in smaller towns or in the suburbs of larger cities.
Those wishing to be a business law attorney or a corporate law attorney must possess a number of innate skills to be successful. It is not a surprise that the test one must take to even get into legal school is all about reasoning. Due to the highly complex cases that these legal practitioners must often face, being able to figure out ways to get out of complex situations or figuring out a reasonable compromise or knowing when to cut and run is of an absolute necessity. But there are plenty of attorneys that are extremely knowledgeable of the law and would love to keep practicing law except for having to work with people. Having a good personality and the ability to get along with all sorts of quirky people is high on the list of important assets a barrister must possess.
If a corporation's future is on the line, perhaps there is something to be said for an attorney who is considered ruthless. Let nothing get in the way of a judgment for the client. After all, it is the American judicial system. But many times, jobs are lost and people hurt, all because of greed or just because the law is on a particular side. Like so many things in the world, in a hundred years what real difference will it make for us to be ever protecting our personal turf?