Author: MCWS Law

In the realm of business entities, closely held businesses play a unique role. They are often the preferred choice for entrepreneurs and small business owners looking to maintain control over their operations while limiting their exposure to outside investors. In the following post, we will explore what closely held businesses are, their key characteristics, and whether or not you need one for...

Estate planning has evolved significantly in recent years, with individuals increasingly focusing on gifting as a key strategy to transfer wealth to their heirs while minimizing tax implications. Gifting techniques have become more sophisticated, and they now require careful consideration to ensure they align with your financial goals and the ever-changing legal landscape. Let’s take a look at...

In the intricate world of estate administration, a personal representative’s responsibility is to ensure the smooth distribution of assets to an estate’s intended beneficiaries. However, what happens when a beneficiary cannot be located? This situation can introduce complexities and legal challenges that require careful navigation. Duty of the Personal Representative A personal...

Acquiring a new business is definitely an exciting undertaking. However, the acquisition process is often complex and you need to keep several considerations in mind to protect yourself and your assets. While every acquisition is unique, and the legal complexities can vary widely, you should keep the below issues in mind. Key Considerations The following are the most important thoughts to...

Starting a business is an exciting venture that requires careful consideration of numerous factors, with one of the most crucial being your business structure. The structure you choose will have significant implications for your company’s operations, taxes, legal liability, and overall success. Among the various business structures available, partnerships stand out as a popular and...

When a loved one passes away, the appointment of a personal representative, also known as an executor or administrator, is crucial for managing the decedent’s estate and ensuring that his or her final wishes are carried out. However, there are situations where the personal representative may not fulfill their responsibilities adequately. This can cause frustration and complications for the...

Losing a loved one is undoubtedly a difficult and emotional experience. In addition to dealing with the grief, there are often legal matters to address, such as opening probate. Probate is the legal process of administering a deceased person’s estate, ensuring that their debts are paid, and their assets are distributed to the rightful heirs. In this blog post, we will explore when and...

As a business owner, you’ve likely invested significant time, effort, and resources into building and growing your company. While focusing on the present and future success of your business, it’s essential not to overlook the importance of estate planning. By creating a well-thought-out estate plan, you can protect both your personal and business assets, ensure a smooth transition of...

For those unfamiliar with Chat GPT, it’s essentially an artificial intelligence (AI) chatbot that was created by a company called Open AI. It has received much attention as of late for its keen ability to generate all types of content and documents, from content for social media to memos to email content. You just ask the chatbot a question or enter in some search terms, and you have the...

In the world of business, disputes are an inevitable part of the landscape. Whether you’re a small startup or a large corporation, conflicts can arise from various aspects of business operations. Understanding the common types of business disputes and the legal principles surrounding them is essential for business owners, entrepreneurs, and legal professionals alike. In the following,...