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Tax Matters

Tax considerations is part and parcel of every transaction. Whether your business is doing business in the State of Florida or elsewhere in the US or overseas, whether you are required to pay sales or use tax, property tax, employment taxes, income taxes, ad valorum or other taxes, the Walk Law Firm, P.A., can help you assess the situation and provide counsel and advice. When structuring a new business or entering into a partnership, LLC Agreement or Shareholder's Agreement, tax treatment needs to be discussed and agreed. Most small businesses will choose to be treated as a disregarded entity either by choosing a single member LLC or making an S-election. These decisions require thoughtful and thorough consideration to ensure that you will not be surprised by phantom income or treatment as a c corporation as a result of a failed s-election.

Similarly, when initiating a transaction, such as a merger or acquisition, or the sale of an ownership interest to another individual or company, the business needs to consider the tax effect of the transaction prior to consummation. The rules relating to an S-election may be prohibitive to the transaction you are considering and will call the S-election to fail.

Frank N. Lago, Esq. holds an LLM in tax from Georgetown University. When planning a transaction or simply considering a current situation, Mr. Lago is available to work with you and your tax accountant to understand the best path.

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