Christopher T. Craig

FAQ Small Business Law Fairfax Virginia

January 24, 2024

Whether you are a seasoned business owner or just toying with the idea of starting a new venture, a business lawyer can help you understand the legalities involved and protect your assets. Here are some of the most FAQ about small business law. Do I need a lawyer to start an LLC in Virginia? No. But it helps when you are trying to decide what type of business association is best for you and your business. What does business law cover? Everything from planning and creating a business entity, executing governance documents (Articles of Incorporation, By-Laws, Resolutions), handling contracts (Services, buy-sell and stockholder agreements, loans, leases, protecting intellectual property, copyright, trademark and information and the like), human resources, and insurance just to name a few. How do I choose the right business entity? Factors in choosing the right business entity include: who and how many will own the entity? Do you plan on selling the entity some day? What is the degree of liability related to the services or goods produced? Taxation? And the like. Can I be my own registered agent in Virginia? Yes, you can; you can apply on the Virginia State Corporation Commission. Do I need

Employee v. Independent Contractor – Final Rule Mar 2024

January 17, 2024

Once again, the federal government is weighing into the question of whether a worker is an employee or an independent contractor. As you know, the “answer” to this question is crucial for tax and labor law purposes. It can be very expensive for an employer if a worker is mischaracterized. Under a “new” rule adopted by the Department of Labor, the government is returning to the “totality-of-the-circumstances analysis” economic reality test wherein the various factors used to assess a worker’s status do not have a predetermined weight and are considered in view of the economic reality of the whole activity. The Department did retain its longstanding interpretation that economic dependence is the ultimate inquiry, and that an employee is someone who as a matter of economic reality, is economically dependent on an employer for work—not for income. The phrase “independent contractor” under the rule, “refers to workers who, as a matter of economic reality, are not economically dependent on an employer for work and are in business for themselves. The final rule provides guidance on how six “economic reality” factors should be considered. They are: opportunity for profit or loss depending on managerial skill; investments by the worker and the

Business Law FAQ Part 2

December 5, 2023

Whether you are a seasoned business owner or just toying with the idea of starting a new venture, a business lawyer can help you understand the legalities involved and protect your assets. Here are some of the most FAQ about business law. What’s the difference between a merger and an acquisition? They are similar in that 2 or more entities are joining to become one. How is a C corporation different than an S corporation? Among other more complex differences an S Corp enjoys certain tax advantages over a C Corp, but ownership in an S Corp is limited. What is a non-profit corporation? This is an incorporated entity that provides limited liability to its members, officer and directors, but no individual actually owns the entity. Oftentimes non-profit, non-stock corporations qualify as income tax exempt. What is a Limited Liability Corporation (LLC)? A business entity created under statute and contract law owned by members. LLC’s enjoy traits of a partnership – the LLC is only taxed once at the partner level, and traits of a stock corporation – limited liability of officers, directors and members. What is a corporation? A business entity created under state law and owned by shareholders.

Can I Use Artificial Intelligence (e.g., OpenAI, ChatGPTTM) for Estate Planning?

November 28, 2023

Can Artificial Intelligence write a will? While it is technically possible to use Artificial Intelligence for estate planning, that doesn’t necessarily make it worthwhile. Here are Cook, Craig, and Francuzenko, we understand that hands on, personal estate planning is far better for your piece of mind than ease. In some cases, no plan is better than a faulty plan. When it comes down to it, we want you to have your desired estate plan that serves your purposes, legally, and works effectively without putting undue stress on your loved ones. Here’s what you need to know about using Artificial Intelligence to write a will. What Can Artificial Intelligence Do? ChatGPTTM (for example) is an artificial intelligence product that can generate or creates text based on neutral language programming. It can: Respond to inquiries like a search engine; but instead of separate website suggestions it combines a variety of suggested inputs and provides an answer. Write documents with near-human fluency. Artificial Intelligence can write emails, messages, chats, resumes, cover letters, social media posts, scripts, poetry and more, and it can do so in multiple languages. Simplify topics, terms, analogies, examples and more. Offer multiple solutions to proposed problems. [Related: Estate Planning

Estate Planning Checklist for Active and Retired Military

October 23, 2023

Serving in the military is often a high-risk job, making it important to plan for your family’s future in the event that something happens during your service. At Cook, Craig, and Francuzenko, we are truly grateful for our military and we take pride in helping them plan. That’s why we compiled this estate planning checklist for retired and active military. What is Estate Planning? Estate planning is important for everyone, but especially for those who wear the uniform and put their lives on the line for our freedom. Even in retirement, some face a higher risk of unexpected illness and death. For example, those in war and other high-risk zones have an increased illness and experience stress related illnesses. Having an estate plan helps ensure that your wishes and desires are met for your loved ones, and that your wishes regarding your medical care and finances are met, no matter the circumstances. As a military member you may have estate planning documents prepared by the JAG corps or other military legal services. Those documents are often sufficient at a base line level but can become out of date or no longer relevant as your service and family life get more