Virginia allows plaintiffs to recover from the employer of an individual who negligently harms them on three theories: negligent hiring, negligent retention, and vicarious liability. Negligent Hiring & Retention Negligent hiring occurs when
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The IRS offers group exemptions whereby a central organization’s federal tax exemption will apply to its subordinates and obviate any need of the subordinates to separately apply for exemption. Rather than each organization
When you started your limited liability company (LLC), the last thing you probably had on your mind was ending it. Many LLCs are created for specific purposes, however, and when that purpose has
An Employer Identification Number (EIN) is a type of Tax Identification Number (TIN). There are many kinds of TINs, including Social Security Numbers (SSNs). An EIN is like a SSN but is used
Contracts are the foundation of modern business relationships. Contract law as we know it today originated in English common law, but contracts have been around since ancient times. Many of the earliest examples
Business owners must constantly weigh risks versus rewards when evaluating growth strategies. One such example is investing in the ownership of commercial property, which involves more responsibilities and expenses than leasing a space.
Groups exempt from federal income taxation under § 501(a) must file Form 990 to report on their finances, activities, and governance. The IRS uses Form 990 to gauge whether tax-exempt organizations are adequately
Setting up a nonprofit on your own can be confusing. People generally use the word “nonprofit” to refer to groups that are exempt from federal income tax under Internal Revenue Code Section 501(c)(3).
New beneficial reporting requirements under the Corporate Transparency Act become effective January 1, 2024, and will require small business to report information about their owners. Congress’s aim is to prevent criminals, terrorists, and
Cash flow measures how much cash is flowing in and out of a business, and a positive cash flow is one of the strongest determinants of a business’s success. It shows that a
