Tara Vitale

write, plan, desk

The Letter of Intent

Overview You’ve just shaken hands to buy or sell a business, now what? What are the next steps? How do you take this broad outline of terms and turn them into a binding contract? Typically, after the hand-shake deal is made, the next step is to enter into a Letter of Intent (sometimes also called …

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money, money tower, coins

Types of Financing for Buying a Business

Overview There are many ways to pay for the purchase price during the sale of a business – all cash, traditional financing with a bank, seller financing with a promissory note, or some combination of the above. When discussing the payment options with the other party you should keep in mind that you are not …

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accountant, accounting, adviser

DE LLC Franchise Tax

Have you recently received a notice from Delaware requiring you to file a franchise tax? Each year, many Delaware LLCs are shocked to receive a franchise tax notice for their business. Don’t panic! The below article will help answer some of your questions and help walk you through Delaware’s LLC franchise tax process. What is …

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accountant, accounting, adviser

DE Corporate Franchise Tax

Have you recently received a notice from Delaware requiring you to file a franchise tax? Is the tax amount listed a crazy high amount? Each year, many Delaware incorporated businesses are shocked to receive a franchise tax notice for an amount that seems outrageous for their business. Don’t panic! The below article will help answer …

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Do you have to serve customers without a face covering?

On June 24, 2020, Dr. John Wiesman, the Washington Secretary of Health, issued the statewide Order of the Secretary of Health 20-03 “Face Coverings – Statewide” (the “Face Cover Order“) whereby: “Every person in Washington State must wear a face covering that covers their nose and mouth when in any indoor or outdoor public setting, …

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King County Phase 1.5 and Reopening Your Business

As of June 5th, King County is progressing into a modified Phase 1 or “Phase 1.5” and businesses are starting to think about their individual reopening plans. With reopening your business there are many concerns – When can I reopen? How do I reopen? and What policies do I need in place? While each business’s …

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Approaching IRS’s Deadline for Paper 1023 Applications

As of January 31, 2020, the Internal Revenue Service (the “IRS”) revised the 1023 application for 501(c)3 tax-exempt status submission process to be online instead of by paper. The IRS granted a 90-day grace period for nonprofits to submit their paper applications. The deadline for the IRS to accept paper 1023 applications is April 30, …

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Force Majeure Clauses During CoVid-19

Recently many businesses have been concerned with how to deal with CoVID-19. Concerns range from how to navigate complying with mandatory quarantines and other state and federal regulations, as well as how to deal with CoVid-19’s impact on standing contracts. While industries are impacted differently, some businesses are concerned about whether they will be required …

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CCPA Considerations when Buying or Selling a Business

When local businesses are bought and sold, sellers and buyers often do not consider data compliance to be a major concern. At most the business has a small website and the business model isn’t focused around data collection. But actions like collecting names and emails, linking with Google analytics, or IP addresses may trigger California …

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Applying for 501(c)(3) Tax-Exempt Status Goes Entirely Online

Through 2019, the IRS revealed that it was working to bring as much tax-exempt organization submissions to the IRS online to use electronic data to protect against fraud and other misuse, and to streamline the 501(c)(3) tax-exempt status process.  In late 2019, the average time for a paper 1023 application (not the 1023-EZ, which is …

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