Understanding Business Formation Options

Choosing the right business structure is a necessary step in creating a successful, lucrative company, although oftentimes, it’s a step that gets overlooked. Several different business structures exist to provide a precise and dynamic legal fit for various companies. Additionally, your business’s structure influences everything from how much you pay in taxes and the kind of paperwork you must file, to your personal liability protections and ability to raise money. Below, we’ve outlined the four most common types of business formations and which ones work best for certain businesses. 

Ritter Spencer, PLLCUnderstanding Business Formation Options
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The Next Risk Inherent Cannabinoid: THC-O-acetate

As the hemp industry continues with the delta-8 THC craze, another minor cannabinoid is beginning to see market prevalence. THC-O-acetate, commonly referred to as THC-O or ATHC, has also been referred to as the “spiritual cannabinoid,” with some users likening the effect to psilocybin when ingested. Currently, there is a dearth of clinical research regarding efficacy, dosage, and benefits of THC-O.

Ritter Spencer, PLLCThe Next Risk Inherent Cannabinoid: THC-O-acetate
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Mexico Decriminalizes Recreational Marijuana, Moves Towards Legalization

On June 28, 2021, the Mexican Supreme Court voted in an 8-3 ruling in favor of the decriminalization of marijuana. This ruling comes after Congress stalled a decision over cannabis legalization for over three years. The Mexican Supreme Court’s monumental ruling exerts pressure on the Mexican Congress to vote on cannabis legalization. If approved by Congress, Mexico would become the largest cannabis market in the world. Below, we outline the history behind this controversial matter and dissect what it means for the marijuana industry as a whole.

Ritter Spencer, PLLCMexico Decriminalizes Recreational Marijuana, Moves Towards Legalization
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3 Advantages of Registering for a Copyright

Businesses today must use copyrights or trademarks to protect their creative works and assets from being used elsewhere without permission. Although a copyright typically arises automatically upon creation of an original work of authorship, a company can and should register its copyrights with the U.S. Copyright Office to increase the benefits of the copyright itself and elevate the value of the business or the business’s work. Below are three advantages of registering for a copyright. 

Ritter Spencer, PLLC3 Advantages of Registering for a Copyright
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Senate Majority Leader Chuck Schumer Proposes Legalization of Marijuana in New Bill

On July 14, 2021, Senate Majority Leader Chuck Schumer announced draft legislation to decriminalize marijuana at the federal level. This historic legislation proposition was presented by Senator Chuck Schumer, Senator Cory Booker (D-N.Y.), and Senator Ron Wyden (D-Ore). These senators announced the draft legislation while focusing on social justice reforms the bill would sponsor. 

Senator Schumer further stated that he would leverage his position as majority leader to make this legislation a top priority in the Senate, as cannabis is already legal in 19 states. 

Below, we break down what this historical draft legislation entails and examine the history of cannabis prohibition in the United States. 

Ritter Spencer, PLLCSenate Majority Leader Chuck Schumer Proposes Legalization of Marijuana in New Bill
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Connecticut Becomes the 19th State to Legalize Recreational Marijuana

On June 22, 2021, Governor Ned Lamont signed legislation that would make recreational marijuana legal in Connecticut as of July 1, 2021. With this landmark bill, Connecticut takes substantial steps towards reparations for those most affected by prohibition. New Hampshire and Rhode Island are now the only states in New England to criminalize recreational marijuana. With the passing of this bill, Connecticut becomes the 19th state to legalize recreational marijuana for adults in the United States. Below, we break down what this critical piece of legislation entails. 

Ritter Spencer, PLLCConnecticut Becomes the 19th State to Legalize Recreational Marijuana
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How a Bankruptcy Attorney Can Help Your Business Prepare for and Overcome a Recession

For many business owners, working with a bankruptcy attorney is often only considered in a worst-case scenario. And while bankruptcy lawyers are certainly experienced in helping companies navigate challenging financial situations, their expertise is not limited solely to formal bankruptcy proceedings. Any business, whether it is facing a decrease in income generation or increasing debts, can benefit from working with a bankruptcy attorney, which becomes especially beneficial if and when an economic recession takes place. Read below to learn more about how a bankruptcy attorney can help your business prepare for a recession. 

Ritter Spencer, PLLCHow a Bankruptcy Attorney Can Help Your Business Prepare for and Overcome a Recession
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Common Misconceptions about S-Corp and C-Corp Tax Designations

One of the most critical decisions an entrepreneur makes in the early days of a new venture is related to business formation and taxation. Selecting the right business entity is essential to a company’s successful future and impacts how an organization is taxed. Determining the correct tax designation is equally as important as properly organizing a business’s structure because this designation directly affects how a company’s profits or losses are distributed. Learn more about some of the common misconceptions regarding S-corp and C-corp tax designations and how a business attorney from the Dallas law firm of Ritter Spencer PLLC can help your business thrive.

MadisonCommon Misconceptions about S-Corp and C-Corp Tax Designations
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The Dos and Don’ts of Copyright Registration

Businesses of any size must protect their assets, both financial and creative, and copyrights and trademarks are some of the most reliable ways to ensure a business is not exploited. These useful tools are essential for any company, but the process of registering a copyright may feel intimidating. Read below to learn about the dos and don’ts of copyright registration and how the Dallas law firm of Ritter Spencer PLLC can help.

Ritter Spencer, PLLCThe Dos and Don’ts of Copyright Registration
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3 Common Legal Issues Faced by Small Businesses

Even the most educated entrepreneurs may make some unintentional mistakes as they take the first steps to start their business. While some of these errors may be easily remedied, others have more serious legal ramifications. With guidance from a corporate attorney, business owners can protect themselves from potentially damaging litigation. Read below to learn about some of the most common legal issues that small businesses face and how the Dallas law firm of Ritter Spencer PLLC can help.

Ritter Spencer, PLLC3 Common Legal Issues Faced by Small Businesses
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