Mendota HeightsMinnesota(MN) Bloomberg, Jonathon H. personal infomation and areas of practice

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Mendota Heights lawyer Bloomberg, Jonathon H. Mendota Heights Minnesota lawyer Podpeskar, Kenneth H.

Air and Water Compliance Counseling Solid and Hazardous Waste Issues Permitting Release Reporting Superfund Cleanups Property Transfers Land Use Environmental Enforcement Actions Environmental Management Systems Development Compliance Auditing Environmental Impact Reviews Wetland Regulation OSHA Compliance Administrative Law Energy Law Environmental Law Natural Resources Law ,Administrative Law, Energy Law, Environmental Law, Natural Resources Law legal template form download

lawyer Bloomberg, Jonathon H. Reviews

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You ask a series of excellent questions, the answers to which are as follows.. . (1) No. A corporation is not required to pay a salary to any of shareholder(s). The board of directors of the corporation decides which officers to employ and what their salaries are.. . Note that your question refers to the corporation as "he", but it is extremely important not to confuse the two. The owner(s) of the corporation must ensure that there is no commingling of funds and no ambiguity in this regard.. . (2) No. A corporation may not "write off" the medical expenses or other expenses of its shareholder(s). Instead, the corporation may agree either to pay directly or to reimburse its shareholder(s) on two conditions: (a) if the expense is an "ordinary and necessary" business expense, and (b) if the shareholder(s) is an employee. Otherwise, the payment of such items is treated as income paid by the corporation to the shareholder/employee, which makes it taxable to the latter.. . (3) It depends. Sometimes, it is in the husband's best interests to keep the shares in his own name. However, it may be in the couple's best interests to hold the shares either in their names (jointly or in common) or, perhaps even better, in the name of their family (revocable) trust. This is a complex question for which the advice of an expert estate planning attorney is required.. . (4) Again, it depends. Legally, there is no federal or state law which requires that a corporation pay out a certain portion of dividends. However, there may be important legal reasons to do so.

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