It’s common to hear attorneys and others refer to trusts, but you may not know exactly what they are or why they are needed. A trust is similar to an entity, such as a corporation or an LLC, in that a trust has a separate identity from either the person that formed it or the people it is intended to benefit. The trust may own property in its own name and may even have a separate tax ID for its dealings with the IRS.
Continue reading “What is a Trust? The Basics of Forming a Maryland Trust”
Depending upon your business and your company’s marketing strategies, you may at some time consider operating under a new or second name. In such cases, you should consider using a registered trade name for your business. Since businesses evolve and sometimes move into multiple, distinct lines of business, a trade name can sometimes allow you to market a new line of business without changing the name of the entity or forming a second entity.
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Squeezed into the Democrat’s health care reform bill was a little noticed provision for a 10% “excise” tax on tanning services. Under the bill’s Section 5000B, the tanning tax “shall be paid by the individual” receiving the services. The tanning business must “collect” the tax and “remit” the amounts paid, otherwise the company is responsible for the amounts it failed to collect and remit. Does this concept sound familiar? Welcome to what could be the beachhead for a national sales tax.
Continue reading “A Prelude to a National Sales Tax?”