footprints for the future 5k

Hoffman & Associates Sponsors the Second Annual Footprints for the Future 5K Race in Sandy Springs

SANDY SPRINGS, Ga.Nov. 17, 2015PRLog — On Saturday November 14, several Hoffman & Associates staff members along with their families and friends, took to the streets for the second annual 5K race in support of the Sandy Springs Education Force (SSEF).  The mission of the SSEF is to inspire and support all Sandy Springs public school students to graduate and pursue productive lives beyond high school by providing education and enrichment programs.  This year, the Footprints for the Future 5K race and fun run nearly doubled in size with 200 registered runners and over 30 sponsors. “Overall the race was a great success and we’re very pleased with the outcome and support.” commented Joe Nagel, attorney for Hoffman & Associates and co-chair of the event.

About Hoffman & Associates:
Hoffman & Associates specializes in estate planning for wealthy families, business and tax law for closely-held businesses, and tax compliance. Expertise in these areas comes from a dedicated staff of both attorneys and CPAs delivering personalized service and sound legal guidance.  Established in 1991, Hoffman & Associates prides itself in having a standalone tax practice and attorneys licensed in Georgia, Florida, North Carolina and Tennessee.

Contact
Carolina Gomez

Doug McAlpine Elected as President of the Georgia Chapter of the AAA-CPA

douglas mcalpineSANDY SPRINGS, Ga.Nov. 12, 2015PRLog — Doug McAlpine, Of Counsel for Hoffman & Associates, was recently elected as President of the Georgia Chapter of the AAA-CPA.  He will serve as president of the organization for a two-year term.  Founded in 1964, the AAA-CPA’s purpose is to protect the rights of those dually qualified to practice as both attorneys and certified public accountants as they see fit, be it law, accounting or both. Today this organization not only continues to protect these rights but offers an array of products and services to help members succeed in their practice such as networking and referral opportunities; national, chapter and regional meetings; and continuing education credit.

Doug joined Hoffman & Associates in 2013 bringing over thirty years of experience in the areas of income tax planning and compliance, probate, small business formation and estate planning with a special interest in estate planning for blended families.  Doug is licensed as both an attorney and certified public accountant in the state of Georgia.  Currently Doug is a member of the Georgia Bar Association, the Atlanta Bar Association and the Georgia Society of CPAs.  He is admitted to practice before all courts in Georgia, the United States District Court for the Northern District of Georgia, the United States Courts of Appeals for the Sixth, Ninth and Eleventh circuits.  Before joining H&A, Doug was a founding partner of Sanders & McAlpine for over twenty years.  He received his Bachelor of Business Administration for the University of Michigan in 1973 and his Juris Doctor from Emory University in 1976. Doug worked four years in public accounting with Touche Ross & Co. before starting his own law practice in 1981.

About Hoffman & Associates:

Hoffman & Associates specializes in estate planning for wealthy families, business and tax law for closely-held businesses, and tax compliance.  Expertise in these areas comes from a dedicated staff of both attorneys and CPAs delivering personalized service and sound legal guidance.  Established in 1991, Hoffman & Associates prides itself in having a standalone tax practice and attorneys licensed in Georgia, Florida, North Carolina and Tennessee.

Contact
Carolina Gomez

SINGLE MEMBER LLCS FOR ASSET PROTECTION

IAN M. FISHERAt Hoffman & Associates, we advise many of our clients to form limited liability companies, known as LLCs, to hold and protect their assets. In general, an owner of an LLC interest, or a “member” of the LLC, will not be responsible for any debts of the LLC, which is a win-win situation for the client. Further, if the member gets sued for something related to the LLC, such as the actions of an employee of the LLC or product liability from a product produced by the LLC, the member’s personal property will be shielded from the person suing the LLC.

Additionally, if a member is sued for something unrelated to the LLC, the member’s LLC interest will be somewhat shielded from that judgment creditor. Often the remedy for a judgment creditor against a member of an LLC is what is known as a “charging order,” which means they cannot take ownership of the LLC, but will be entitled to any LLC distributions to that Member.

However, in a few limited instances, a court will look through the LLC to get to a Member’s assets, known as “piercing the veil” of the LLC. Generally, this is done in the case of an LLC with only one member, which is the situation numerous clients find themselves in – they do not have a partner to add or do not want to add a partner to their business. Even with this risk, many clients will want to own the whole LLC themselves, which is a very simple structure, since all of the LLC’s taxes would pass through to that single member.

Often, states are more likely to pierce the veil or not limit the remedy to a charging order in the case of single-member LLCs, or SMLLCs. In fact, only a handful of states limit action against a member of a SMLLC to a charging order. Delaware, Nevada and Wyoming are the popular states that offer this statutory protection. If a client is focused on asset protection and does not want an additional LLC member, forming the LLC in one of these three states is the best course of action.

Even in a state that limits a remedy to a charging order, a court can still pierce the veil of a SMLLC if the LLC member does not respect the structure of the LLC. In a recent Wyoming case, Greenhunter Energy, Inc. v. Western, 2014 WY 144, (WY S.C., Nov. 7, 2014), the Wyoming Supreme Court completely disregarded a SMLLC because the Member did not treat the LLC like a separate operating entity. There were numerous problems in this case, but they are easily avoidable with a proper Operating Agreement and by respecting the LLC as a separate entity.

Some clients desire more anonymity. Delaware, Nevada, and Wyoming all require a manager’s name to be filed with the state, which becomes an easily accessible public record. If a client also desires anonymity, one option would be to form an LLC in a state that does not require a manager’s name to be listed (such as Georgia) and have that LLC serve as the manager of the SMLLC.

Although the SMLLC can be ineffective if not formed and used properly, as shown in the Greenhunter Energy case, it can be a great tool for those clients who have asset protection goals, even if they do not want to bring a partner into their business. If this is you or someone you know, please contact Hoffman & Associates to discuss a single-member LLC to protect your assets.

Hoffman & Associates Expands 2013

ATLANTADec. 26, 2013PRLog — Hoffman & Associates, Attorneys-at-Law, LLC, Sandy Springs welcomed 2 new attorneys this fall, Doug McAlpine and Rhiannon Brusco.  Doug brings with him a wealth of experience having founded and managed his own firm for over 20 years.  He is a welcome addition to H&A bringing over 30 years of experience in the areas of income tax planning and compliance, probate, small business formation and estate planning.  Doug is licensed as both an attorney and CPA in the state of Georgia.  Rhiannon joined the firm in October as an Associate and will specialize in the areas of estate planning and probate.  Prior to joining Hoffman & Associates, Rhiannon was a litigation attorney for a large international firm in both Miami and Atlanta.  Rhiannon’s experience as a seasoned litigator brings Hoffman & Associates the ability to foresee potentially “troublesome” positions and provisions.

Contact
Hoffman & Associates
404-255-7400
carolina@hoffmanandassoc.net
Read more Information at  Online form Press Release.com

Legal Matters in Starting Your Business

Mike_Hoffman_17Join Mike Hoffman in this 74 minute audio as he hosts the 11th session of the 24 hour MBA in discussing how to get your business off the ground.  There are many different legal options in starting a business, and in this audio session, you will understand the best way to start your business and keep it successful for future generations.  24hrmba-11.mp3

 

AT&T Class Action Lawsuit – Are you entitled to recover money from AT&T?

If you had landline telephone service through AT&T between January 1, 2005 and January 14, 2013, you could be eligible for money through a Class Action lawsuit.

During the period between January 1, 2005 and January 14, 2013, AT&T billing statements included third-party charges that you may have incurred and paid, but did not authorize.  If this is the case, then you are eligible for money through a Class Action lawsuit.

If you do not have billing statements, we can help you request a copy of a billing summary to determine if you did in fact pay third-party charges, and are eligible to receive a reimbursement from the Class Action lawsuit.  The request must be submitted no later than December 2, 2013.

We can also assist you in filing a claim form to be included in the Class Action lawsuit.  The claim form must be submitted by December 2, 2013, unless you have filed a request for a billing summary.  If you have filed a request for a billing summary, then the claim form must be submitted within thirty (30) days after you receive the billing summary.

 

For more information on estate planning, general business, and tax law, please visit the Hoffman & Associates website at www.hoffmanestatelaw.com or call us at 404-255-7400.

In accordance with IRS Circular 230, this article is not to be considered a “covered opinion” or other written tax advice and should not be relied upon for IRS audit, tax dispute, or any other purpose. The information contained herein is provided “as is” for general guidance on matters of interest only. Hoffman & Associates, Attorneys-at-Law, LLC is not herein engaged in rendering legal, accounting, tax, or other professional advice and services. Before making any decision or taking any action, you should consult a competent professional advisor.