If you are the owner of a business that is open to the public, it is your responsibility to ensure that it is compliant with the Americans with Disabilities Act of 1990 ("ADA") accessibility provisions. While complying with federal laws can be onerous at times, there are certain tax benefits available for making improvements to your office space.

Kentucky business owners will often form a corporate or other business entity due to tax considerations.  Without this formation income and tax expenses can end up on one's Schedule C for the personal tax return.  The problem with a Schedule C is that this sort of tax return is one that may trigger an audit by the IRS.

Kentucky business owners hope that when exiting a business they get out of it what they put into it. This is especially true when it comes to owners who have devoted much of their lives to a closely held business.

After a divorce, the last thing one wants to consider is the debt that their former spouse may have left behind. In Kentucky, debt accumulated during the marriage is treated differently than property acquired during the marriage. Kentucky is a marital property state, meaning that property acquired during the marriage is subject to equitable distribution. On the other hand, according to the Kentucky Supreme Court, there is no statutory presumption that debts incurred during the marriage are marital or non-marital in nature.

According to Supreme Court decision for one particular state, dissolution of a corporation does not guarantee that liability will necessarily come to an end. Krafft-Murphy Company, Inc. was a company that had engaged in supplying and installing asbestos-containing products (presumably exposing it to liability). Krafft had also dissolved in 1999.

Settling a loved one's estate after their passing can be an overwhelming process. In Kentucky, the first step involves filing a petition to do one of three things: (1) probate the will; (2) appoint an administrator/administratrix (if no Will exists); or, (3) appoint an executor/executrix (if a Will does exist). Within the same form, the petitioner must also include fair market value estimates of the decedent's real and personal property.

Due to various law changes, many partnerships are reevaluating their legal status. Often the choice has been to convert to an S corporation. However, at least one commentator suggests that converting to a C corporation may prove to be a better option from the perspective of tax considerations.

You started a business with your lifelong friend, family member or business acquaintance and everything is going great. The business is doing well and the owners see eye-to-eye on every major decision. But things will not run smoothly forever. Every business faces difficulties now and then. Some risks are foreseeable and the owners will put appropriate plans in place to deal with them. Other problems are more difficult to see, especially in the early stages of the company when the future looks bright and the owners are eager to work toward a common goal. What happens to the ownership interests of an owner upon his death? What rights do the company and the other owners have when an owner decides to sell her ownership interest to somebody none of the other owner know? What if the owners are equally split on a material decision and the disagreement cannot be resolved? Situations like these are inevitable and are the reason it is imperative that every business have a buy-sell agreement.

At McBrayer, we realize that small businesses are the backbone of America. That is why we thoroughly enjoy helping entrepreneurs get on their feet and open their door to business. Whether it is starting or expanding a company, our corporate law attorneys can aid in every step of the process. One of the biggest obstacles in opening a small business is acquiring adequate funding. It is important to know what financial resources are available and whether your business qualifies for them. One such resource is the Kentucky Economic Development Finance Authority's ("KEDFA") Small Business Loan Program.

Many grandparents want to enrich the lives of their grandkids, but are not sure the best way to accomplish this with their estate plan. I encourage clients to consider helping their grandchildren with the future costs of education. The proper planning can help grandkids avoid hefty loans and be tax-efficient for the donor.