WHAT IS A LIVING TRUST?
The “living trust” described in this article is a revocable living trust. It is sometimes referred to as a revocable inter vivos trust, or a grantor trust. A living trust may be amended or revoked by the person creating it (commonly known as a “trustor,” “grantor” or “settlor”), at any time during the trustor’s lifetime, as long as the trustor is competent. A trust is a written legal agreement between the individual creating the trust and the person or institution named to manage the assets held in the trust (the... Read The Rest →
CORPORATIONS vs. LLCs
How do you know whether a corporation or LLC is right for your business? Let’s assume that you’ve concluded it would be advantageous to operate your small business through an entity that limits the personal liability of all the owners – even if following this strategy involves a bit more paperwork, complexity and possible expense. You have two main choices – either a corporation or a limited liability company (LLC). Which is better? There’s no answer to this question that applies to every business. Nevertheless, some general principals may... Read The Rest →
S CORPORATION FACTS
S corporations are similar to LLCs in that they provide owners with limited liability protection while offering the tax structure of a partnership. Many entrepreneurs have two goals when choosing a structure for their business: protecting their personal assets for business claims (limited liability) and having business profits taxed on their individual tax returns. Not long ago, an S corporation was the only choice for these business owners. In the last few years, however, the popularity of S corporations has decreased as limited liability companies (LLCs) have largely replaced them.... Read The Rest →