Frequently Asked Questions.
Here are some common questions about Pratt & LeFevre
Do these services apply to me?
If you want to structure your business to minimize your taxes and maximize your legal protection, this is for you. This system can be used by new and established businesses. To take advantage of these strategies you must be a legitimate business by IRS definition. Call us or email for more information.
What structure is best?
Each structure has unique advantages and disadvantages. Differences between them include required business operations, cash flow, and tax benefits. In order to accurately provide advisement on which structure/s is/are best for you, we would need to speak with you and learn more about your business, goals, and plans for growth.
Why is Pratt and LeFevre Different?
Most professionals (Lawyers, Accountants, Estate Planners) have been trained to see business only from the perspective of their specialty. It is rare for them to interact so that they can see things from the same point of view. From their angle, the advice they offer is correct. At Pratt and LeFevre, we actively work to bring these viewpoints together so that we can offer a truly rare and valuable service to our clients. All our specialists have learned to see things from each angle so that they can provide harmonious advice.
Should I do it myself?
Although you can file online for your business entity, doing so does not effectively establish your organization. When a person files online for an LLC, they receive the Certificate/Articles of Organization, but they dot receive an operating agreement or minutes of organization. The same problem occurs when filing for a corporation online. You will receive Articles of Incorporation, but no corporate bylaws, shareholder’s minutes, or board member’s minutes. By doing this yourself you risk making mistakes which could place you, your family and business in jeopardy.
Why do I need a CFO?
Because Pratt and LeFevre Corporation has redefined the job description of a CFO, our CFOs serve our clients in more ways than just financial advising. At Pratt and LeFevre Corporation, our clients can pay CFOs on an as-needed basis, to meet and gain a deeper understanding of tax strategies, business compliance, operations, and growth planning. The CFOs are dedicated to guiding our clients into success. They educate our clients on everything the client needs to know to be an effective CEO of their organization.
What is an Asset Transfer and why is it important?
Asset Transfers are legal documents which change the legal ownership of personal assets and connects one entity to another by legal contract and not by ownership. Because you are an owner of your company, the IRS says you have a special relationship with that company. This special relationship has to abide by something called Related Party Rules. Asset Transfers are necessary to keep you separated from your business, so that you gain the protection offered by your entity and can operate at “arm’s length”. This is the most important of the many benefits of conducting an Asset Transfer. If you have questions about assets, call or email us.
How safe is restructuring and using these methods to reduce my taxes?
We have attorneys and accountants across the nation, who know the system and have backed our strategy. We also have attorneys and accountants who have reviewed the documents and understand the system well. The accountants prepare tax returns so that we remain within compliance of the law. Our accountants and attorneys stand by their work. This strategy is meant to reduce your taxable income and mitigate risk in the case of lawsuit. Our goal is to minimize your taxes, but we do not advocate tax avoidance.
Is restructuring and maintaining the structures a lot of work?
It does take an investment of effort on your part. In order to effectively utilize our system, save your tax dollars, and protect your assets, you will have to be invested in learning and implementing new ideas. We have designed a process and put in place the necessary team members to make that learning and implementing as easy and simple as possible, as we are firm believers of the K.I.S.S. principle.
How can we get more questions answered?
You can use the Chat Box at the bottom of our homepage to reach out with more detailed questions to receive a response within 1 business day. Another option is to call the number listed at the top of the page, and bottom of the page and dial the extension of the department that is most relevant to your question.
What does it cost to call for a consultation?
We provide our initial consultation at no charge. The only time we charge a client for consultation is when we do something for you or when you request to meet with your CFO for advice.
Can I become a strategic partner?
We are actively looking for strategic partners and affiliates as we continue to strengthen our national influence. If you are interested in learning more about business and what we do, while adding a supplement to your income, call today and dial extension 703.
Top questions asked on selling a home to an LLC.