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Choosing the right business structure is a pivotal decision for any law firm. Both Professional Corporations (PCs) and Partnerships offer unique advantages and limitations, from liability protection and tax treatment to management style and growth opportunities. This blog, drawing on insights shared by Tamara...
Financial stability is a cornerstone of a successful law firm. However, managing reserves and distributions effectively can be a challenging balance. Without a well-thought-out approach, law firms may face cash flow issues, be unable to reinvest in growth, or even risk financial instability during...
In partnerships, unexpected exits can disrupt a firm’s stability, both financially and operationally. Without proper planning, the departure of a partner can lead to complications in client relations, firm management, and even reputation. This blog, featuring insights from Tamara B. Pow – Founding...
In law firm partnerships, 50/50 ownership is often attractive for its sense of balance and shared investment. However, equal ownership can bring significant challenges that may hinder growth and heighten the risk of conflict. These partnerships frequently encounter deadlock, strained relationships, and operational inefficiencies—all...
The BOIR requirement has been canceled for domestic businesses FinCEN announced on February 27, 2025, that it will pause enforcement actions and not issue fines or penalties against companies for failing to file or update beneficial ownership information reports (“BOIR”s): FinCEN Not Issuing Fines...
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