ICS Law Group

Music Mondays with Matt – Concert Updates

Betsy — Mon, 20 Feb 2012 17:14:47 +0000

Music Mondays with Matt is a weekly post with event updates and information written by our Entertainment Attorney, Matt Cottingham.

Check out this article for an overview of the different kinds of royalties in the music industry- Mechanical and Performance Royalties: What’s The Difference?

Interested in catching a show this week? Check out the lineup:

Tonight – MONDAY

Reptar w/ The Wans & Sol Cat

The Basement @ 9 pm

Cover: $8 – 21+

TUESDAY

Kobalt Night featuring The Lunabelles

The Listening Room @ 6 pm

Cover: Free – All Ages

3rd Annual CountryMusicIsLove Concert Benefiting City of Hope

Exit/In @ 7:30 pm

Cover: $15 – 18+

THURSDAY

The Compromise, Hello Kelly, The Hollywood Kills, & Breaking Laces

The End @ 9 pm

Cover: $5 – 18+

FRIDAY

Lowry Sisters, Sadler Vaden and Jenea Cherry

The Listening Room @ 7 pm

Lawyers from the ICS Law Group—and their guests—publish articles of interest for business owners and successful individuals on a regular basis. If you want advice you can rely on in your situation, please hire a competent professional.

Rent or Build? – Part 1

Betsy — Thu, 16 Feb 2012 15:00:25 +0000

This is part one of our interview with Dow Smith, President of Dow Smith Contracting Company, Inc. To listen to the full interview, feel welcome to download it from our previous post. Be sure to check back next Thursday for the second installment of Rent or Build.

Question: Please tell me, what kind of business owners are likely to be thinking about renting a new space or building a building?

Dow Smith: I have found that businesses that are most likely to be renting are those which are just starting, maybe under 5 years old. The owner has maybe made the strategic decision to continue to rent. I have found most business owners who are looking at buying a building—or building a commercial building–are owners of businesses that have been around for several years.

Question: What would make the owner of a business that’s been around for more than five years to want to continue to rent?

Dow: I think there are a lot of reasons to continue to rent. One is maybe the pocket book. I have found quite often, it may be, I know for the short term, requires less cash to rent. It frees up the capital.

What the business owner needs to decide between renting and owning, he or she needs to answer the following two questions:

Would I be better to use my cash for inventory or non-building business needs?

Can I get a better return on the investment in my business versus the return on a venture in property?

Quite often I think you can make more money in your business than you can in property.

Question: There have to be some advantages to building a building as well. What would those be?

Dow: Well, there are advantages to building a building. Let’s just assume that, like most people, if a business owner decides to build he or she is going to have borrow some money and have a mortgage. If the owner borrows, the monthly mortgage payment will be more consistent. The business can budget for that mortgage payment for the next 10, 15, or 30 years.

With renting, you know that rent is probably going to go up maybe every 3 years. So there is some predictability knowing what your monthly mortgage expense is going to be 5-10 years down the road versus renting. With being a building owner there is going to be that return investment down the road, as your property increases in value. Or at least you hope it increases in value.

How to Set Up a Tennessee Business – Step Two

Betsy — Wed, 15 Feb 2012 17:28:29 +0000

Todays blog entry is by our Business Attorney, Gaylord Gardner and will continue the steps for setting up a Tennessee business. For step 1, go HERE.

Setting Up a Business Entity – Step Two

Once a business name is selected, it is important to establish the type of entity from which the business will operate. In most instances, a limited liability entity, such as a limited liability company (LLC) or corporation, should be set up in order to protect the business owner’s personal assets from the liabilities of the business. A limited liability entity is usually the right choice if the business is going to have partners, employees, or contract labor for services. However, there are certain instances when a limited liability entity may be overkill and a sole proprietorship or partnership will suffice. Business owners should seek the advice of an attorney before proceeding as a sole proprietor or partnership because the owners’ personal assets will be at risk.

A business owner can choose from a corporation and an LLC if he or she wants to limit their liability. Which entity is the right choice is often dependent upon the owner’s liability concerns and tax goals. Corporations are usually better if investor money is being sought. Limited liability companies are usually better if the business is not likely to make much money early on or if the business will own investment property. However, which entity is the right choice is a complicated question and the advice of both a business attorney and CPA should be sought before choosing an entity.

An attorney with experience setting up businesses can help take care of the set-up paperwork and assist with the filing the paperwork with the Secretary of State.

Next week’s blog entry will cover Step 3 – Obtaining the Required Tax Numbers

Question of the Day – February 14

Betsy — Tue, 14 Feb 2012 15:00:17 +0000

Today’s entry is by our Estate Planning Attorney, Gweyn Thomas.

Question: What is a special needs trust?

Answer: A special needs trust holds property or assets for the benefit of an individual with a disability. The key feature to a special needs trust is that the wording of the trust prevents the assets from being “countable” for eligibility purposes for various state and federal governmental assistance programs. The trust terms allow the assets to be used only to supplement the benefits received from these various assistance programs.

In general, the assets of the trust must not be used to pay basic food and shelter expenses, or those assets will be considered an available resource to the beneficiary, and will be countable for eligibility purposes. A few examples of things that assets in a special needs trusts may provide for include the purchase of a vehicle for transportation, various forms of entertainment, computer equipment and trips.

There are various types of special needs trusts designed to meet the above stated purpose. When including a special needs trust in an estate plan, the details matter. An experienced estate planning attorney should be consulted to ensure that the trust is drafted properly, so as to not jeopardize the beneficiary’s eligibility to receive state or federal government assistance.

How to Start a Tennessee Business – Part One

Betsy — Wed, 08 Feb 2012 20:37:06 +0000

Today’s entry is by our business attorney, Gaylord Gardner. We have begun a series on how to set up a Tennessee Business.

How to Set Up a Tennessee Business – Step One

Are you trying to get a business started? Are you unsure regarding how to get started? You are not alone. The task of starting a new company can be so daunting to many potential business owners that they never even get started.

Over the next few weeks, I will be providing potential business owners with a series of blog entries covering the basic steps of setting up a Tennessee business. These steps will simplify the process and give new business owners a checklist of objectives to complete with the assistance of their service professionals. This list is intended to help facilitate the proper discussions between a new business owner and the owner’s advisors and will not be a complete list of steps for setting up a business.

Step 1 – Selecting a Business Name

While it seems like common sense that a business name is important, it is easy for a new business owner to overlook the importance of a name. A business name is often the first image projected to a potential customer. Pick a name that projects the wrong image and the business could be doomed from the start. An example of this mistake is a Chinese restaurant that chooses a business name which may have an inappropriate connotation in English (The Crusty Wok). Another example is a service business that uses surnames in the business name which may have a secondary meaning, such Kahn and Crook, CPAs.

Just as important as projecting the right image, it is important that the chosen name not be already in use by a competitor. A trademark lawsuit is not the best way to get a business off the ground. A search on the Tennessee’s Secretary of State website for registered organizations and state trademark registrations can help a new business owner eliminate names that are already in use in Tennessee. The Tennessee Secretary of State’s website can be found at: http://www.state.tn.us/sos/. Furthermore, don’t forget to search for similar business names on a search engine such as Google.

For a more extensive name search, an attorney with trademark experience can help.

Next week’s blog entry will cover Step 2 – Setting up a Business Entity.

Music Mondays with Matt – Events Update

Betsy — Mon, 06 Feb 2012 17:07:06 +0000

Music Monday’s with Matt is a weekly post with event updates and information written by our Entertainment Attorney, Matt Cottingham.

Tonight – Monday, February 6^th

Belmont’s 20^th Annual Commercial Music Showcase

Featuring current Belmont students Nate Faulkner, Cody Fry, Sarah Margaret Huff, Rayvon Owen and previous Showcase alumni

5:30 p.m. in Massey Concert Hall

No Cover

Tuesday, February 7^th

BMI Presents:

Chase Yaklin / Duane Cliatt / Angela James / Shannon LaBrie

6 p.m. at 12^th and Porter

No Cover

Saturday, February 11^th

Cherub Album Release Party – “Mom & Dad”

ft. Keegan Dewitt & Brandon Jazz and His Armed Forces

9 p.m. at Mercy Lounge

Cover: $10-$15

Tickets Available Here

Rent or Build?

Betsy — Fri, 03 Feb 2012 20:04:28 +0000

Today’s blog entry is by Linas Sudzius, a principal and President of ICS Law Group, PC.

Linas spoke with Dow Smith of Dow Smith Contracting Company, Inc about advice to business owners on whether to rent or build.

Click on the link below to hear the interview:

Interview with Dow Smith

For more information, visit their website: Dow Smith Contracting Company, Inc

Music Mondays with Matt

Betsy — Mon, 30 Jan 2012 19:05:23 +0000

Music Monday’s with Matt is a weekly post with event updates and information written by our Entertainment Attorney, Matt Cottingham.

Attention Independent Artists! You need to check out an incredible new software platform called Artist Growth.

According to the website, Artist Growth helps integrate finances, gig calendars, inventory, industry contacts, social media, performing rights organizations, and even provide mentoring resources from some of the industry’s top experts. It puts the business of artist development directly in the artist’s hands! You can access this via your smart phone or the internet. Visit their website: www.artistgrowth.com

Click on the link below for a short video on Artist Growth:

Meet Artist Growth

For a few more tutorials on how Artist Growth works, visit their Facebook page or you can find them on Twitter.com/artistgrowth.

Question of the Day – January 26

Betsy — Thu, 26 Jan 2012 16:26:08 +0000

Today’s blog is by our Business Attorney, Gaylord Gardner.

Question: I own a Tennessee corporation. I started doing business under a different service name even though I am providing the services through my corporation. I have customers now making out checks to the service name instead of my corporation. Because of this, I am having trouble cashing checks with the service name on them. What can I do?

Answer: The simplest approach is to file a Registration of Assumed Name for the service name with the Secretary of State. This notifies the state that your corporation is operating under a different name than the corporation’s name. Once filed, take the registration to your bank and they will note the assumed name with the corporation’s bank account. The cost of registration in Tennessee is $20. A corporation is not limited to the number of assumed names it can have on file with the state so a corporation can file for multiple assumed names.