Friday, March 18, 2016

Pros & Cons Of An LLC

When you're setting up a business at the Lake of the Ozarks, choosing the right business entity is absolutely critical. Your business entity will impact the way your company's income is taxed, the way important decisions and processes must be handled, and how its eventual sale or dissolution must be conducted. A limited liability company (commonly abbreviated as "LLC") is a particularly popular business entity with a unique set of advantages. However, it also comes with its share of potential drawbacks. This week, O'Donnell Law Center explores some of these pros and cons.


PROS
  • An LLC can have an unlimited number of members.
  • Owners of an LLC can enjoy greater flexibility than those with other business entities. Unless the operating agreement outlines specific procedures for a certain task, owners are able to structure their company in whatever way best meets their needs.
  • Members/owners are protected with "limited liability," which helps to protect them personally from the liabilities of the business.
  • LLCs are not requires to have a board of directors or hold annual meetings. This allows for less paperwork and less of the "red tape" that is commonly associated with other business types.
  • An LLC is considered a separate entity that can continue to exist even if the owners pass away.
CONS
  • Owners of an LLC are often faced with "pass-through" taxation, where each owner's personal tax return reflects the company's profits and losses.
  • Without a strict operating agreement, LLCs may experience problems down the road as a result of their more relaxed requirements.
  • Members' undistributed profits are taxable to the members.

Curious To Learn More About How An LLC May Benefit Your Business? Contact Us!

If you are considering starting your own company and are interested in learning more about how an LLC may be able to benefit your company, contact our business attorney in Camden County MO. We would be more than happy to talk with you. Stop by our Center or give us a call at 573-552-0317.


We Carry Your Burden ~ You Carry On With Life.

Disclaimer: No attorney-client relationship is created by the publication of this blog.


The choice of a lawyer is an important decision and should not be based solely on advertising.


Phone: (573) 552-0317

O'Donnell Law Center, LLC
1026 Palisades Blvd. Suite 3

Osage Beach, MO  65065

Thursday, March 10, 2016

What Do Starting A Business & Getting Married Have In Common?

It may seem like a surprising comparison at first, but if you think about it, starting a new business has a lot in common with starting a new marriage. Both are filled with excitement, wonder, and - of course - nervous anticipation. Both can be incredibly rewarding if handled correctly and given the proper attention, but both can also be challenging at times. Here is a quick look at some of the other things new businesses and new marriages have in common.


Both Need To Be Established Correctly
As the owner of a brand new business, you have a lot of important decisions to make. First and foremost, you have to choose which form of business entity to use. Do you want to incorporate as a sole proprietorship, a limited liability company, or something else? Each options offers its own set of advantages and disadvantages, and you will have to carefully evaluate your business' unique needs in order to make an informed decision. In order for your business to thrive, you need to choose an entity that will properly meet your needs.

As an engaged couple preparing to join their lives in marriage, there are also a lot of important decisions to be made and steps to be taken. One of these critical beginning steps is to set up a prenuptial agreement. This agreement provides the ground rules for how your assets, belongings, and responsibilities should be divided in the event that you should get divorced someday. While no engaged couple wants to think about the possibility of their marriage ending, the fact is that roughly half of all marriages ultimately end in divorce. Hopefully you will remain happily married for the rest of your lives, but establishing a prenuptial agreement at the Lake of the Ozarks can help alleviate some of the stress of the unknown.

Challenging Situations Need To Be Handled Correctly
While hopefully your life as a business owner will be primarily filled with successes and triumphs, there will certainly be some stressful, trying times. You may have to deal with an unhappy customer who is displeased with the service or products she received from you. You may have to deal with a customer who was injured on your property and is now suing you for the damages. You may even have to deal with a customer who used your services and is now refusing to pay you. When these types situations arise, it is important to handle them correctly. A business attorney at the Lake of the Ozarks should be able to help guide you through these types of challenges.

Even the longest, happiest marriages also go through their fair share of difficult times. While you may still love your partner, you may be very unhappy with the way he/she has chosen to handle a situation and begin wondering how this will affect your relationship in the future. You may be faced with domestic assault allegations. You could decide to welcome an adopted child into your family and be struggling to deal with the difficult legal proceedings involved in the process. Regardless, we strongly encourage you to consult with a family attorney before taking any steps that could have legal consequences. It is easy to get caught up in the process and accidentally do things that may have an undesired impact. Your attorney will be able to help you think through the long-term effects of your actions.

Both Need A Plan For Eventual Dissolution Or Resolution
As the owner of your company, your business is probably one of the most important, time-consuming aspects of your life. While it may seem hard to imagine it right now, however, you will probably eventually wish to retire and place your focus on other things. When the time comes, you will need to have strategies in place for passing your business on to an heir or selling it to someone else. You may also wish to consider dissolving your company, rather than passing it to a new owner. Both options can good, and both require that very specific steps be met. Your business lawyer in Camden County MO will be able to help you through this process.

All marriages must also come to an eventual end, as a result of either divorce or death. If you and your spouse decide that divorce is your best option, obtaining representation from a divorce lawyer in Osage Beach MO is critical. There are many details that must be attended to, especially if you have a children together and/or a significant number of shared assets or debts. If you and your partner stay together for the rest of your lives, on the other hand, one of you will likely pass away first. In order to be prepared, it is important to work with an estate planning lawyer at the Lake of the Ozarks to prepare for your eventual deaths. While no one wants to think about it, end of life is an important aspect that deserves attention.

O'Donnell Law Center Can Help You With All Your Family Law & Business Law Needs
No matter whether you are starting a new business or getting married (or both!), when you are in need of legal representation at the Lake of the Ozarks, we hope you'll remember the team at O'Donnell Law Center. Our experienced attorney and legal staff is dedicated to lifting the stress off of your shoulders so that you can carry on with your life. To learn more about how we may be able to help you, visit our website or give us a call at 573-552-0317. We look forward to working with you.


We Carry Your Burden ~ You Carry On With Life.

Disclaimer: No attorney-client relationship is created by the publication of this blog.


The choice of a lawyer is an important decision and should not be based solely on advertising.


Phone: (573) 552-0317

O'Donnell Law Center, LLC
1026 Palisades Blvd. Suite 3
Osage Beach, MO  65065

Friday, March 4, 2016

3 Things You Didn't Know About Criminal Defense

Criminal defense is a vast and complex legal discipline. With literally hundreds of illegal acts and countless degrees of severity, maneuvering the world of criminal defense at the Lake of the Ozarks can feel overwhelming. Fortunately, O'Donnell Law Center is here to make the process easier on you. If you are facing criminal charges (or believe you may soon be charged), our criminal defense attorney in Osage Beach. MO is always available for a consultation. This week, we are here to shed some light on lesser known aspects of criminal law in Missouri.



1. The Penalties For Stealing In Missouri Vary Depending On The Value Of The Item(s) Stolen.
Stealing (including "shoplifting") is a criminal offense punishable by steep penalties. Even for first offenses, those accused of stealing may be subject to expensive fines and substantial jail or prison time. Here is a quick breakdown of how these crimes are punishable in Missouri in 2016.  These penalties are scheduled to change substantially in Missouri in 2017:
  • The theft of an item or items worth up to $500 may be punished by up to 1 year confinement and a fine of $1,000. *
  • The theft of an item or items worth $500-$25,000 may be punished by up to 7 years confinement and a fine of up to $5,000-$20,000.
  • The theft of an item or items worth $25,000 or more may be punished by 5-15 years confinement.
* Higher, felony-level penalties may apply even for people who steal at the misdemeanor-level (sometimes referred to as "shoplifting") if they have been found guilty of two or more prior misdemeanor-level stealing offenses. 

2. Minor In Possession Laws Vary Slightly For Restaurant Staff.

Under Missouri law, anyone under the age of 21 is not allowed to consume, sell, purchase, handle, or possess alcoholic beverages. (There are a few exceptions, such as a student who is enrolled in a culinary course and is required to consume or taste an alcoholic beverages as part of the course.) However, the laws do vary slightly for restaurant employees. If they are at least 18 years of age, servers are allowed to serve and accept payment for alcoholic beverages. However, workers must be at least 21 in order to mix or pour drinks behind the bar.

3. Law Enforcement May Apply For A Search Warrant if a Driver Refuses To Take A Blood Test When Suspected Of Driving While Intoxicated.

When a driver is pulled over for suspicion of driving while intoxicated, law enforcement may request a breath or blood test to reveal the driver's blood alcohol content. If a driver refuses to take this test, law enforcement may apply for a search warrant from a judge that allows them to have the driver's blood drawn to determine the level of blood alcohol content. If the judge grants the search warrant and the driver's blood is drawn, the driver may still be subject to a suspension for refusing to submit to the initial request for a test.

O'Donnell Law Center Is Here For Your Criminal Defense Needs
Criminal defense is vast and complex. This article aims to uncover just a few of the lesser known aspects of the criminal defense arena. If you have questions about your specific criminal defense case, contact our criminal defense team in Osage Beach MO for a consultation. We will strive to ease your burden in any way we can.


We Carry Your Burden ~ You Carry On With Life.

Disclaimer: No attorney-client relationship is created by the publication of this blog.


The choice of a lawyer is an important decision and should not be based solely on advertising.


Phone: (573) 552-0317

O'Donnell Law Center, LLC


1026 Palisades Blvd. Suite 3
Osage Beach, MO  65065