The IRS announced today the release of an updated Form 990-EZ, Short Form Return of Organization Exempt From Income Tax, that will help tax-exempt organizations avoid common mistakes when filing their annual return. The new version of Form 990-EZ includes 29 “help” icons describing key information needed to complete many of the fields within the form. The […]
Who would think that the bankruptcy of an emerging growth company could impact the nonprofit community in a dramatic way? Well, ask around the RVA nonprofit community and how they are being impacted by the Health Diagnostics Laboratory (HDL) bankruptcy case which has been trudging its way through bankruptcy court since 2015 with no end in sight. How does […]
Life for prospective and new franchise owners can be both exciting and overwhelming, hundreds of decisions to make and details to address each and every day—especially during the start-up phase. Here are a few contract and compliance tips as you forge ahead on your quest for success as an independently owned and operated franchise owner. […]
The Virginia LLC has become an enormously popular choice of entity for small business startups through the Commonwealth. Limited liability protection, pass-through tax treatment, minimal statutory formalities, and maximum flexibility in designing a governance structure and economic sharing arrangements among owners are a few reasons why. Click here for a quick introduction to the Virginia limited […]
Going into business with one or more other people offers many potential benefits and risks. You hope for success, but need to plan for the worst. A carefully drafted agreement among a group of business partners is important to memorialize owner expectations and understandings concerning a variety of important topics. Click here for a short […]
Richmond small business and nonprofit law firm Perkins Law, PLLC has signed on as a sponsor of the SCOREcard Business Model Competition for the second year in a row. The business startup competition, featuring a $5,000 cash prize and free office space to the winner, is now open for registration through the end of January. A […]
The Perkins Law team is finalizing plans to commence production of a series of informative video clips (typically just a few minutes in length) and live broadcasts on various topics of interest for the RVA small business, franchise, and nonprofit communities. Keep an eye for the first episode of the new RVA Biz Law series to […]
Are you considering becoming a franchise owner? When done correctly, franchising is a great way of doing business for both franchisors and franchisees. Success is not guaranteed, however, and franchised businesses can and do fail. To improve their chances of long term success, prospective franchisees have to do their homework (lawyers refer to it as […]
Virginia is consistently ranked as one of the best places in America in which to do business. Virginia’s business entity statutes offer entrepreneurs a variety of options for structuring new business activities and investments. Click here for a five-minute crash course on the basics of Virginia business entities. Not sure which form of entity makes sense […]
Receiving an IRS determination letter recognizing tax-exempt status is an exciting moment in the existence of a young nonprofit organization, but there are many other legal, compliance, and governance issues to consider in the months and years to come. Read a few tips here and contact Perkins Law with questions. Ask us about our flat fee […]