Next question in the series “Things You Should Know According to Your Neighborhood Lawyer – Constitution Edition” Question 5: How could Jeannette Rankin have served in Congress before the Nineteenth Amendment (woman suffrage) was adopted? Answer: “The Constitution never prohibited women from voting or serving in public office, leaving that for the states to decide. […]
Unlike most of the common business entities that exist today, the LLC has a fairly brief history in the United States. Entities such as partnerships, sole proprietorships and corporations have existed since the founding of the country. The LLC, however, has only existed in a recognizable form for roughly thirty-five years. What, then, led to the creation of this new entity? The single most important reason for the creation of the LLC was what has come to be known as “the tax-shield conundrum.”
In today’s world, wherever you turn you may run into a tax – income tax, property tax, sales tax, gas tax…… and the list goes on. A question that needs to be answered for our personal injury clients is whether Uncle Sam wants his cut! Like many “law answers” — it depends.