Monthly Archives: February 2014

Feb 2014

An Overview of Guardianships in Missouri

Guardianship Basics

Most people have heard the term "guardianship" but never really think about it until they need one. A spouse gets sick or an elderly parent starts exhibiting signs of dementia. In other cases, new parents worry what will happen to their child if an accident occurs. In any case where someone is unable to look after himself, it is necessary to create a guardianship.

Guardianships vs. Conservatorships: What's the Difference?

In Missouri, guardianship law allows a person or legal entity (the guardian) to oversee the physical well-being and finances of anyone determined to be incapacitated (the ward). Although many people associate wards with elderly adults, minor children and disabled adults can also be wards. Furthermore, Missouri law uses the term "guardianship" to refer to the care and custody of the person and "conservatorship" to describe management...
Feb 2014

Starting Your Business: LLC or Corporation?

Choosing the Right Business Entity

Whether you are just starting a new venture or growing your business beyond a sole proprietorship, you must decide which business entity suits your needs. In the world of small business, there are two clear choices: a limited liability company (LLC) or an S-corporation (often shortened to s-corp). Both LLCs and s-corps do what a sole proprietorship does not, and that is remove your personal assets from the reach of your business creditors. Additionally, both entities treat business income as your personal income for tax purposes.

Differences between LLCs and S-Corps

Despite the similarities, there are several key differences between LLCs and s-corps.

Income Allocation

If your business has several owners, an LLC allows you to distribute income however you wish. For example, a two-member LLC can distribute income in a 70-30 split in cases where...