For career purposes, someone considering whether to work as an independent contractor or as an employee faces many considerations–financial and other. One of the financial factors is the tax strategy. Business expenses of an independent contractor including start-up costs are deducted directly (“above-the-line”) from the Schedule C business income; whereas, business expenses (in most cases) of an employee are deducted […]
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An oral contract is a spoken agreement between two or more individuals that includes an offer, an acceptance, and consideration represented by the exchange of money, property, or the promise to do something or refrain from doing something. In the Commonwealth of Virginia, oral contracts are enforceable unless they conflict with the Virginia Statue of Frauds. Oral contracts are valid, […]
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An operating agreement is a governing document between the members of an LLC (Limited Liability Company). This agreement outlines the governing structure of an LLC, the members’ roles, managerial duties, and financial rights. A well-written Operating Agreement should contain the following: Identification of key members of the LLC An outline of each member’s roles and responsibilities within the LLC Determine […]
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