Succession planning presents a unique set of challenges for small to mid-sized professional firms, where financial resources and long-term planning capacity may be limited. From valuation complexities and tax implications to the lack of structured agreements and reliable funding mechanisms, these firms often struggle to ensure smooth ownership transitions. This article explores key obstacles firms face during succession and outlines practical approaches—including installment payments, external financing, earnouts, and new partner buy-ins—that can help mitigate disruption and support a more sustainable future.

A breach of contract can result in significant financial and operational consequences. This article provides an in-depth overview of the common remedies available under Virginia law, including compensatory, consequential, liquidated, and equitable damages. It also explains when these remedies apply, how they are calculated, and key considerations for drafting enforceable provisions. Understanding your options is essential for effectively managing risk and enforcing your contractual rights.

The Corporate Transparency Act (CTA) faced holiday turmoil as the Fifth Circuit issued conflicting rulings, temporarily pausing reporting requirements. While FinCEN confirmed no penalties for delayed filings, an oral argument on the CTA’s constitutionality is set for March 25, 2025. Business owners should stay alert, as compliance obligations could resume at any moment.

Confused about the Corporate Transparency Act (CTA)? Recent court rulings have created uncertainty about compliance, with conflicting injunctions and a pending Supreme Court decision. As of now, FinCEN states that BOI reporting remains voluntary. Stay updated on the latest CTA legal battles and potential repeal efforts. Read more now!

Learn everything about beneficial ownership reporting under the Corporate Transparency Act. Discover who qualifies as a beneficial owner, how to use FinCEN Identifier Numbers, and key compliance rules for reporting companies, dissolved entities, and entity conversions. Stay compliant with FinCEN regulations—read our full guide now!

Learn how to file your Beneficial Ownership Information (BOI) Report with this step-by-step guide. Discover the key details required, the filing process on FinCEN’s e-filing website, and essential compliance updates to avoid penalties. Stay compliant—file your BOI Report correctly today!

The Corporate Transparency Act (CTA), effective January 2024, mandates U.S. entities to report beneficial owners with substantial control or at least 25% ownership to FinCEN. Compliance is crucial, especially for businesses with complex ownership structures, to avoid penalties. Learn how to determine beneficial ownership and meet reporting requirements effectively.

The U.S. Supreme Court’s decision in Connelly v. IRS (June 6, 2024) reshapes estate tax planning for business owners, ruling that corporate-held life insurance is an asset, not a liability. This case highlights the risks of redemption buy-sell agreements and the potential benefits of cross-purchase structures. Learn how this ruling impacts estate taxes and which buy-sell strategy may best protect your business.