New Business: Some Considerations for Entity Selection

When starting a new business several considerations need to be taken into account when deciding what business entity, if any, you should form. Every business has it's own unique circumstances, however, there are two major benefits that can come with forming a business entity. First, entities formed pursuant to a state statute give owners the benefit of liability protection.  Second, there is also a potential for tax savings coming in the form of a reduction of self employment taxes. 

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Family camps in Maine: Why you should plan for the future

The family camp is an important piece of many Maine families.  However, the family camp experience is not limited to just campfires, swimming and relaxing.  There are a wide variety of legal issues that can come with owning a piece of real estate with others.  Two major issues will almost be guaranteed to come up at one time or another.  First, who is going to be responsible for the burdens of ownership?  Second, how are the benefits of owning a family camp going to be divided?  Often these issues need to be considered while hoping to follow the wishes of the past generation that hoped to keep the property in the family for years to come.

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