- Frequently Asked Questions -

- CORPORATE LAW -

Question

What is the main thing to look at to determine if someone is an employee or an independent contractor?

Answer

The main thing to look at to determine if someone is an employee or an independent contractor is the amount of control the employee can exert over the individual.

Question

How many employees can I have to avoid needing to pay social security taxes?

Answer

You must pay social security taxes no matter the size of your business.

Question

What is a “business expense?”

Answer

A business expense is something written off on your company’s taxes to lower the amount you need to pay.

Question

What is “piercing the corporate veil?”

Answer

Piercing the corporate veil is a legal phrase used to refer to holding an individual personally liable for a business’ wrongful conduct. The individual may have to compensate using their personal assets.

Question

What is the difference between a joint venture and a partnership?

Answer

A joint venture is when two or more businesses or individuals come together in the short-term for specific projects. A partnership is a more long-term, general relationship.