Toys R’ Us Plans to Close More Stores
March 2nd, 2018
Toys R’ Us plans to close another 200 stores and lay off a significant portion of its staff. The toy store previously announced that it would close 180 stores and lay off around 4,500 workers. Before filing for bankruptcy, the toy store obtained a $3.1 billion loan from JP Morgan Chase. Now, the toy store is in jeopardy of not having enough cash to make the loan payments.
If you have a business that is going under and you want to speak to an attorney, contact our law office at 816-524-4949 or visit our website at Hoorfarlaw.com.
A Happy Little Tree
September 20th, 2017
Bob Ross was fond of painting happy little trees to improve his landscapes, and if you own a home office or your own business property you might want to plant your own happy little tree to improve your landscaping. In Langer v. Commissioner, a sole proprietor who had a qualifying home office was allowed to deduct the costs of landscaping that coincided with his business use of the property. This particularly generous court also allowed a portion of the cost for lawn care and driveway repairs.
If you have a business and need help with your taxes, give our office a call at 816-524-4949 or visit our website at www.hoorfarlaw.com.
BeBe May Avoid Bankruptcy
June 19th, 2017
The clothing retailer BeBe Stores, Inc. may avoid bankruptcy by closing its stores and entering into various real estate deals.
If you own a business in financial distress and need some guidance, contact our law office at 816-524-4949 or visit our website at Hoorfarlaw.com.
Ringling Brothers Circus Shuts Down
May 23rd, 2017
After 146 years, Ringling Brothers Circus has shut down its operations for good.
If you have a business that is closing its doors and want to speak with someone, contact our law office at 816-524-4949 or visit our website at Hoorfarlaw.com.
Rights of a Business Partner
March 24th, 2016
Missouri law allows a business partner to request an accounting in order to account for the business money. However, the law does not provide the right of an accounting to a former partner. If you experiencing issues with your business or with a business partner, contact our office at www.Hoorfarlaw.com or 816-524-4949.
Suing for Lost Profits
February 17th, 2016
The Missouri Court of Appeals for the Western District has stated that a person or business cannot sue for lost profits unless their business is profitable and they have proof of that profitability. If you believe you may have a lawsuit against someone, you can set up a free consultation with our law office by using our website at www.hoorfarlaw.com or calling us at 816-524-4949.
Tips for Starting a New Business
September 17th, 2015
Here are a few tips you should know when starting a new business:
- Make sure you choose the right business structure. An LLC is often not the best structure to choose. If you need help setting up your business and choosing the right structure, be sure to contact our office.
- Be aware of the four (4) types of common business taxes: income taxes, self-employment taxes, employment taxes, and excise taxes. You also should be aware of estimated tax payments and the IRS’ EFTPS system.
- You will need to obtain an Employer Identification Number (EIN) for your business. This is essentially the Social Security Number for your business.
- Choose the correct accounting method. Most businesses fall under the cash accounting method. However, the IRS requires businesses in certain industries to use the accrual method or other accounting methods.
- Determine if you are subject to the Affordable Care Act. Usually businesses are exempt from the new Obamacare laws if they have less than fifty (50) employees.
If you are thinking of setting up a new business, feel free to set up a consultation with our office by contacting us at 816-524-4949 or www.hoorfarlaw.com.
Going After Someone’s Ownership in a Business
June 26th, 2015
A charging order allows a creditor to receive the distributions of a debtor’s business to the debtor in order to pay off a debt. This allows the creditor to stand in the shoes of the debtor when receiving any money from the business. Charging orders apply to LLCs. However, you cannot foreclose on a debtor’s LLC interest, you can only go after their portion of the business’ distributions. If you find yourself in this situation, contact our law office at 816-524-4949 or www.Hoorfarlaw.com.