Trusts and Estates

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How To Increase The Value of Your Coaching Business

Elena Volkova, Esq. on June 2, 2016

What does “owning a business” really mean? Do you have to incorporate? What if you want to sell your business someday? How do you know what it’s worth? How do you protect (and grow) your most valuable assets? These are the types of questions that often hang out in the back of a small business owner’s mind – but it can be hard to find the time to figure out the answers. That’s why I recently sat down to speak with my colleague, Barbara Vrancik, a financial consultant and angel investor. Barbara is an expert in showing small business owners Read More…

Business and Personal: Good Idea to Keep Them Separate

Elena Volkova, Esq. on April 6, 2016

The other day I was watching a movie “The Intern” (I know, I am behind on current cinema), and of all the wonderful things that the movie talks about, one thing that I focused on was how liberally Jules, the CEO of the company, played by Anne Hathaway, was using a company’s employee to do her personal chores. In the movie, Jules’s husband is “sick” and cannot take their young daughter to a birthday party. The CEO of a company turns around and asks Ben, the driver (who happens to be an intern) to take the daughter to the birthday Read More…

How to protect your business (and keep it running) when you ARE the business (Part 2)

Elena Volkova, Esq. on March 14, 2016

In Part 1, we opened the discussion on how to protect your business when YOU are the key component in your business. Today, we’re going to continue that discussion… The next problem many licensed professionals encounter is creating a salable or marketable practice. As much as we may think our businesses are salable, not all of them are. I recently talked to someone who had a friend with a physical therapy practice. She wanted to sell, but it was really hard for her to package it. It took her a few years to find the right buyer. So the Read More…

How to protect your business (and keep it running) when you ARE the business (Part 1)

Elena Volkova, Esq. on March 14, 2016

There’s a common conundrum among licensed professionals… The entire business model depends on your talent and your ability to show up for work. I’m talking about physical therapists, dentists, CPAs, public accountants, architects, attorneys – any kind of talent for which you actually need a license to work in that line of profession. I love working with these types of business owners because they tend to be incredibly dedicated to their service and their clients. But I’ve also discovered that these talented professionals are so used to putting other people’s interests first, that they often forget to mind their own Read More…

A lesson from AriZona: Standard of Business Valuation in New York

Corey Lederman and Elena Volkova, Esq. on February 5, 2016

When a business gets to the point of dissolution, or when a shareholder wishes to depart, the ultimate question is… How much will a shareholder walk away with? In order to answer that question, the business’s value must be determined. If shareholders don’t see eye-to-eye and cannot come to an agreement themselves, it will be up to the courts to assign a value to the business. Unfortunately, there is a lack of a definition of “fair value” in the New York Business Corporation Law, and New York courts have had to approach valuation of businesses in a myriad of ways. Read More…

Beyond Mom Mixer, June 17, 2015

Volkova Law PLLC on January 13, 2016

Beyond Mom Mixer, February 6, 2014

Volkova Law PLLC on January 13, 2016

Beyond Mom Interview, November 17, 2014

Volkova Law PLLC on January 13, 2016

Elena Volkova’s passion for supporting women entrepreneurs is clear through her work with her law firm, the Volkova Law Group PPLC. This successful Beyond Mom also guides new families with estate and legal planning with an upbeat attitude. As a Mom, business owner, wife and friend, Elena finds a fruitful life balance! 1) What makes you a Beyond Mom? Beyond Mom is a community of women who are constantly stretching their ambitions Beyond what is expected of them. These women thrive and surprise – and we have fun while doing it! I love being a Read More…

Interview with In Good Company

Volkova Law PLLC on January 13, 2016

ELENA VOLKOVA OF VOLKOVA LAW GROUP PLLC CLOSED HER FIRST DEAL WHEN SHE WAS FIVE YEARS OLD. Business Name Volkova Law Group PLLC Business Description Volkova Law Group PLLC helps family businesses protect their wealth and get organized—putting in place the necessary legal documents and structures to safeguard these companies and help them run more smoothly. Start Date November 2011 Best thing about working for yourself? It’s brought out my creative side, which I hadn’t used in a while and wasn’t sure I still had! Running my own business has also helped me grow as a person. Read More…

Team Building Done Right (Part 2): Accidental Employees, Owners, and Accidental Owners

Elena Volkova, Esq. on January 7, 2016

In the first part of the article on team building, I covered independent contractors, free labor and formal employees. In this second part of the article, we’ll go over: Accidental Employees Owners Accidental Owners (Yes, there is such a thing as “accidental” employees and owners. Read on to find out more!) Accidental Employees If I could have a penny for every time someone mistakenly tells me, “I have independent contractors working for me,” I would be rich. It is a very common misperception and a myth. Just because you and your contractor called him or her Read More…

Team Building Done Right (Part 1): Free Labor, Independent Contractors, and Employee

Elena Volkova, Esq. on January 7, 2016

Recently, I’ve been asked to talk about the right and the wrong way to build a team, from a legal point of view. Here is a quick rule of thumb for you: When we hire people, we have to pay them. (Okay, there IS such a thing as free labor. But it’s a tricky beast, as you’ll discover in just a moment.) For today’s purposes, we’ll look at: Free Labor Business-To-Business (Independent Contractors) Employees Free Labor The short answer? Never a good idea. People are often surprised to hear this because there are so many stories of relatives and friends Read More…

Valuing Intangible Assets

Jessica Timmerman, CVA, Senior Manager at Quantive Business Valuations, a national, full service valuation firm. on November 17, 2015

Intangible assets are “assets, other than a financial asset, that lack physical substance.” They are a critical consideration when valuing a company for conversion or sale, determining damages in an infringement case, negotiating a property settlement, and quantifying a charitable donation. Despite their many applications, intangible assets are often underestimated or overlooked in the valuation process, particularly when they are non-revenue generating assets. Common examples of intangible assets include: Copyright Internet domain names Goodwill Computer software Proprietary lists Existing contracts Patents and trademarks It is important to remember that because an asset does not generate revenue does not mean it Read More…

How to Marry in Business

Elena Volkova, Esq. on November 17, 2015

In our previous article, we discussed the definition of the joint venture and how it can be created by using a contract. As an example, I used American Express Small Business joint marketing campaign. In today’s article, I want to discuss how to form a joint venture by forming a separate company with another business. Why would someone want to create a special-purpose company with another business? Simple answer: Leverage. Let me illustrate with a fictional story. Let’s say you are a business coach, and you have an established private practice, coaching business owners on how to set and achieve Read More…

Loosey-Goosey Business Arrangements Will Bite You Every Time

Elena Volkova, Esq. on November 17, 2015

In this final article on how to create joint ventures, I am going to touch upon the most undesirable way to structure a business relationship – unincorporated general partnership. A general partnership can be formed (in writing or accidentally) when two or more individuals or entities come together to conduct business and spread the costs, profits and losses of the co-venture. Without a partnership agreement or corporate form, a general partnership may be created by implication if two parties are working together to share profits and losses. The only advantage of a general business partnership is that it is flexible. Read More…

Simple Ways to Utilize Your Local Bank To Distribute Your Assets

Corey Lederman on October 14, 2015

Life is full of surprises. It’s never too soon to start thinking about the future, and more precisely, how your family will be taken care of. There are many ways to transfer assets when you die, some more involved than others. Luckily, many of our local banks make it very easy to take care of transferring the contents of basic bank accounts. If you die intestate, that is-without a will, your assets will be divided in accordance with the state laws of intestacy. This is a cumbersome and time-consuming process, and best avoided, if possible. A will and/or trust are Read More…

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