Business is More Exciting Than Any Game

Stronger than Oak! What is a no-reliance or "big boy" clause, do you want one in your contract, and is it enforceable in Tennessee? 13.11.2023 16:38 ↓

Fraud in the inducement is a tort that is based on a fraudulent misrepresentation made by one party to a contract that the other party reasonably or justifiably relies upon to its detriment. But what if the party to a contract that is allegedly injured by a false statement made by the other contracting party has agreed in the contract that it is not relying on any representation made by the other...

Yikes! An IRS Audit!! What Do I Do Now? 08.09.2022 15:42 ↓

One of the most unsettling things that can happen to any business is to find itself the subject of an IRS audit. You're sorting your mail, and you stop when you see an envelope containing the tell-tale signs that it is a letter from the IRS. With shaking hands, you open the envelope only to find a notice that your business' tax return for a recent year is under examination by the IRS. Yikes! Your...

What Small Businesses Must Do to Properly Classify their Workers - Employees vs. Independent Contractors 08.09.2022 21:26 ↓

It is imperative that small businesses are both careful and thorough in their tax analysis before they classify their workers as either employees or independent contractors. Because the stakes are exceedingly high, and the IRS is aggressive and proactive when it comes to worker misclassification audits of small businesses. So, today, Einstein's Theory of Taxability focuses on just what steps all s...

Profit Hobby vs. Hobby - A Tax Episode for Business Owners 08.09.2022 28:03 ↓

Taxpayers who seek to claim deductions for ordinary and necessary expenses paid or incurred in carrying on a trade or business or for the production or collection of income or for the management, conservation, or maintenance of property held for the production of income must show a profit motive. Without a profit motive behind the activity, in general, a taxpayer is barred from claiming deductions...

What the recent Purple Rain case can teach business entrepreneurs about trademarks 06.09.2022 11:05 ↓

The USPTO's Trademark Trial and Appeal Board issued a decision recently in a case involving a trademark application for the word mark "Purple Rain" in connection with an energy drink, filed by a company unrelated to the late performer, Prince. Prince's estate filed an opposition to the trademark based on the proposed trademark creating a false suggestion of a connection to Prince. In a fascinating...

What happens to an LLC when one of the members dies? 02.09.2022 6:43 ↓

LLCs are probably the most popular choice for a business entity for small businesses to operate in the U.S. Many LLCs only have a single member, but many more have multiple members. One of the inevitable events in life is death. So, what happens to an LLC when one of the members dies? There are consequences to the LLC itself, to the other members, and the family of the deceased member. This podcas...

Episode 33 - What is a Letter of Intent and is it Binding? 01.02.2022 14:01 ↓

Business deals and transactions often start with what is known as a "letter of intent." Other names for this foundational business document is a "memorandum of understanding" or a "term sheet." But what is a letter of intent really? And more importantly, is it a binding contract? Listen to today's episode of Business is More Exciting Than Any Game to learn more.