When Making Significant Business Decisions, When Should Business People Consult

question 57

Essay

When making significant business decisions, when should business people consult their lawyers?

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Definitions:

Subchapter S Corporation

A form of corporation that meets specific Internal Revenue Code requirements and passes income, losses, deductions, and credits through to shareholders for federal tax purposes.

Alimony

Financial support paid by one ex-spouse to the other after divorce or separation, often mandated by the court.

Tax Ramifications

The effects or consequences that certain financial decisions or business transactions have on an individual's or entity's tax liability.

Periodic Payments

Regular payments received over a period of time, such as annuities, pensions, or dividends.