The Gallagher Law Firm Ezine: February 2007 Legal information for your business Our clients and referral sources find our paper newsletter to be very informative. Many have asked us to supplement our traditional newsletter with an Ezine providing additional information on business, real estate and estate law. This additional commitment is one way we thank our clients and referral sources for their continued business. We look forward to giving you additional insight in legal matters that may from time-to-time will affect you. We also provide a regular schedule of luncheon speakers on topics affecting your business. These luncheons last about one hour and are held at noon on the 3rd Tuesday of each month at the Country Club of Lansing. There is no cost for current clients. Non-clients may attend at a cost of only $25. Our February 20th Luncheon speaker is David Sally of Development for Growth who will present "Leadership - Within Us All" (see http://www.developmentforgrowth.com). David is a great speaker and motivator. You and any guests are welcome to attend. Please RSVP by Friday February 16 to Pam Palmer psp@thegallagherlawfirm.com or 517.853.1525. Let us know if you have a topic that would be good for a luncheon lecture or if you would like to present at a luncheon lecture. We welcome your thoughts and encourage you to reply by email or telephone. Sincerely Pat Gallagher bpg@thegallagherlawfirm.com Tel 517.853.1515 I incorporated a while ago - now what? Many have chosen to do business through the use of a Michigan corporation. Your corporation provides you with many benefits, including liability protection. To preserve these benefits, however, you must follow certain procedures. Few incorporated small businesses are "run by the book" and many owners have a false sense of security. This situation can result in big problems. Fortunately it is not difficult to comply. Click here to review an overview outlining the extent of your limited liability protection, the rights and duties of the corporation's shareholders, directors and officers, the procedures you should follow in conducting the corporation's business and other important considerations regarding your corporation. I was just served with a summons and complaint - what should I do?! Becoming involved in litigation at some point is almost a certainty for all businesses. It seems the likelihood of litigation correlates with the volume of business being done. Current economic conditions also seem to have increased the likelihood of litigation. Click here for valuable information that hopefully will not be needed. The overview is written from the perspective of the typical business that is a defendant in a civil case. However, the experience for the plaintiff, or person actually initiating litigation, is not substantially different for the purposes of this explanation, and a business may wish to bring litigation as a means to resolve a dispute as well as be subject to an adverse claim. This explanation describes the litigation process from its initiation through the final resolution of the claim. Should I set up an IRA for my children and grandchildren? It may be easy and smart for you to set up an IRA for your children or grandchildren. This is an outstanding opportunity if they have earnings from a job regardless of how young they are! You will appreciate this if you understand compound interest and the time value of money. No wonder Albert Einstein said "The most powerful force in the universe is compound interest". There is a lot of information on the Web regarding this. You may want to start with http://retireplan.about.com/cs/irasandroths/a/child_ira.htm. Someday they will thank you for thinking ahead. Recent Luncheon Lectures October 2006 -The Phillips Company - business strategists, marketing consultants providing business strategies, marketing, planning, implementation and training. November 2006 - Donnelly Penman & Partners - one of the largest independently owned investment banking firms headquartered in the Midwest. We provide comprehensive advisory services to both public and private companies, including capital raising, mergers and acquisitions, due diligence, and general financial advisory services. http://www.dpfhco.com/ December 2006 - Richard Fairchild, CPA, CSEP - a practicing CPA since 1979, he specializes in business consulting and estate planning. He revealed numerous ways for attendees to reduce their taxable income by knowing which expenses are deductible. Other tips included how to write off equipment; two inexpensive and easy to use pension plans; deducting entertainment and meal expenses; and deducting traveling expenses. News Pat Gallagher was a speaker for Lorman Education at its "Title Examination in Michigan" seminar on January 24 at the Kellog Center. Attendees included real estate brokers, investors, bankers, attorneys and title insurance industry executives. Pat Gallagher will speak at the March 7 Ingham County Bar Association's Luncheon Lecture Series on "Real Estate Transfer Issues". Gallagher will cover transfer tax, uncapping of taxable value and homestead exemptions. This event will be held at the State Bar of Michigan Building 306 Townsend Street, Lansing.