The Gallagher Law Firm Ezine: March 2007 Legal information for your business We had a tremendous amount of positive feedback from our first Ezine. This feedback indicated people want us to continue including practical information on business, real estate and estate law. People also want us to provide other resources for their business and estate planning needs. In this issue you will find information on purchasing or selling a business, operation of a limited liability company, how you can prepare for a deposition, Roth 401Ks and estate planning. Do you like to golf and network? If so, I am in the process of forming a weekly nine-hole golf league at Hawk Hollow that will run for 16 weeks from May through August. This league will be for men and women and geared toward business owners and the professionals who serve them. Find out how much fun business owners, bankers, lawyers, accountants, insurance agents, realtors and investment advisors are on the links! Reply to my email below if interested. Frequently, I represent people in the purchase or sale of a business. I have been a member of the Michigan Business Brokers Association for some time and think that anyone considering purchasing or selling a business should check out the approximately 300 businesses currently for sale at http://www.mbba.org/listings/results.asp. Attorney Craig Gerard just joined our firm to head up our estate planning practice. Craig has prepared hundreds of estate plans and is great at explaining these sometimes complicated issues to clients. You can meet Craig at our next firm luncheon on March 27 at the Country Club of Lansing where Craig will discuss common sense estate planning for everyone. Don't miss this presentation! Please RSVP by Friday March 23 to Pam Palmer psp@thegallagherlawfirm or 517.853.1525. We 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 or 4th Tuesday of each month at the Country Club of Lansing. There is no cost for current firm clients. Non-clients may attend at a cost of only $25. 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 psp@thegallagherlawfirm Tel 517.853.1515 What do I do with my LLC now that it has been set up? Many people have chosen to do business through the use of a Michigan limited liability company (LLC). LLCs provide benefits such as limited liability for LLC members and avoidance of corporate income tax. To preserve these benefits, however, LLC owners must follow certain procedures. This memo outlines the extent of limited liability protection, rights and duties as LLC members, procedures to follow in conducting the LLC's business, and other important considerations in operating a member-managed LLC. Click on the link below to view this document. LLC_Overview.pdf I am going to have to testify at a deposition or trial - what should I do?! Considerable thought and preparation are necessary for a witness to testify effectively. This can be a difficult situation made worse by a lack of preparation. Appropriate answers to questions do not just happen. When you testify you are involved in an adversarial proceeding. All the principles of communication come into play. Your voice, enunciation, speaking ability, and body language all affect your credibility and the impact you have on the judge who will try the case. Click on the link below to view this document. Testimony.pdf What is a Roth 401K? It may be easy and smart for you to participate in a Roth 401K based on recent law changes. This link is one of the better explanations I have found and the information on this site could really enhance your retirement planning: http://finance.yahoo.com/how-to-guide/personal-finance/12917. News Pat Gallagher and Craig Gerard will speak for Lorman Education on the "Eight Greatest Estate Planning Devices" on Wednesday June 27. Location to be announced. Recent Luncheon Lectures February 2007 - David Sally of Development for Growth presented "Leadership - Within Us All" (http://www.developmentforgrowth.com). David is a great speaker and motivator with extensive business management experience. People really gained new perspectives and ideas from David. January 2007 - No luncheon as the Country Club is closed in January 2007. 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. 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. October 2006 -The Phillips Company - business strategists, marketing consultants providing business strategies, marketing, planning, implementation and training. Recent Presentations 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 spoke to 28 attorneys at the March 7 Ingham County Bar Association's Luncheon Lecture Series on "Real Estate Transfer Issues". Gallagher covered transfer tax, uncapping of taxable value and homestead exemptions. This event was held at the State Bar of Michigan Building 306 Townsend Street, Lansing.