Sharing Your Life: Understanding the Legal Implications of Generating Income from Uber or AirBnB

The sharing economy is here, giving consumers a way to earn money while sharing their home, vehicle, or items with other people. While some simply choose to earn a little extra money by occasionally renting out their home or picking up passengers in their vehicle, for others it’s a primary source of income. However, since this way of earning money is relatively new, there are legal and financial implications to Read More

Business and Taxes: What Business Owners Need to Know About the Changes to 2017 Business Tax Laws

Changes to the 2017 tax code may have a serious impact on your 2018 business taxes. In addition to learning about changes to the tax code, you should work closely with a business lawyer to ensure that your company is ready for the financial implications of these changes. Changes to Income from Pass-Through Entities One significant change that affects small business owners is the pass-through deduction. The Tax Read More

Business Law 101: Understanding the Difference Between Virginia S-Corps and C-Corps

Businesses come in all sorts of shapes and sizes—sole proprietorships, partnerships, LLCs, LPs, corporations, and more. If you are considering forming your company as a corporation, you will have to understand the important differences between the C-corp and the S-corp.  C-corp and S-corp are tax filing statues that are governed by the IRS. There are advantages to being an S-corp, but there are restrictions on using Read More

5 Ways Your Business Can Reduce Its Tax Burden

If you have a small to mid-sized business, you know how much taxes can eat into your profits and cut into your bottom line. From federal taxes to local ones, making a mistake or missing a deadline can set you back by a lot. It can even increase what taxes you already owe. When you’re a small business owner trying to make a profit, it can be frustrating to see a chunk of what you’ve earned taken out of each paycheck. Read More

Veterans: How VetFran Can Help You Get Started With Owning Your Own Franchise

VetFran was founded in 1991 as a strategic initiative of the International Franchise Association (IFA). The IFA recognized that veterans are uniquely prepared to operate a business because of their rigorous military training and experiences. Short for Veterans Transition Franchise Initiative, VetFran helps veterans who have served the U.S. military transition to civilian life. To date, one in seven franchise Read More

Getting Started: The Benefits of Using SBA Loans to Start Your Business

Did you know that 7.5% of the U.S.’s 5.4 million businesses with employees are owned by entrepreneurial veterans? Many veterans return from service wanting to work for themselves, but are often turned down for small business loans by banks because of bad credit. However, banks are not your only option! As the number of veteran entrepreneurs continues to rapidly increase, the government has a program called the Read More

Veterans Giving Back to the Community: What Veterans Need to Know About 501(c) Organizations

A 501(c) organization is a nonprofit organization that is exempt from paying federal income taxes and sometimes state taxes by virtue of their 501(c) designation. Additionally, donations to 501 (c) organizations can be tax deductible for the donor.  All in all, there are 29 different types of 501(c), and you can find a summary list here. The one you’ll most likely have heard of is a 501(c)(3). These are the most Read More

Business Owners: How the Work Opportunity Tax Credit Can Help You

Running a business is challenging, particularly when it comes to hiring the best workforce for your company. When selecting your employees, there is a lot of time and energy that goes into choosing the right candidate and it can be difficult to know when you’re making the right choice. The government recognizes what a challenge it is for business owners to narrow down their top choices, particularly when other social Read More

Franchise Law 101: The Franchise Disclosure Document

The Franchise Disclosure Document (FDD) is a legal document that is used in the process of selling and purchasing franchises. Essentially, it’s a document that franchisors present to potential buyers during the franchise selling process. While federal regulations require an FDD to be given to every potential buyer of a franchise in the country, in Virginia and the other 15 registration states, the FDD must be Read More

Understanding the 5 Kinds of Business Risks

Risk means the possibility of failing to receive a return on your investment. And, as a business owner, you are no stranger to risk. Simply setting up your business was a huge one in and of itself. However, there are many other risks to consider that occur after your business is up and running. At The Wilson Law Group, we regularly help our clients get their businesses set up and maintain their integrity by helping Read More