Making It Legal:

Inspirational, thought-provoking and handy is this list of 101 Tips from 50 Small Business Bloggers, compiled by Gregory Go.  I particularly liked fellow attorney Anthony Cerminaro’s comment:  “If you don’t like what you’re doing, try something else.”  Kinda reminds me of the comedian Henny Youngman’s comments:  “If at first you don’t succeed … so much for skydiving.”

Yippy kai yay–we’ve made another list!  Check out 100 Best Blogs to Hone Your Entrepreneurial Instinct.  We’re  No. 2 in the “Starting Up” category (which places us, conveniently, at No. 2 on the list overall).  OK, so the title isn’t e-x-a-c-t-l-y right (”Make” It Legal?), but it links back to us and we’re proud.  Also pleased to see some of our WomenEntrepreneur.com colleagues mentioned (check out the section on “Women Entrepreneurs”):

• Bonnie Price
• Joanna Alberti
• Aliza Sherman
• Vanessa Summers (check out the “Money” section)

Congratulations to you!  Off to do another happy dance. 

Although my colleague, Howard Greenstein, wrote his post “How to Honor September 11th” several years ago, I still think it has enormous value today.

Wouldn’t it be something if we really could turn this day into a day of community service?

On September 11th, people made the ultimate sacrifice for our ignoring the warning signs and reports.  Our citizens and soldiers continue to put their lives on the line every day in ways and places where my grandmother would have asked, “You want to do what?  Where?  What kind of meshugeneh idea is that?”  I don’t know anyone personally who perished in the terrorist attacks of September 11th . . .  I only know people who did.  I have been supremely blessed.

There is a level of courage that human beings displayed when confronted with the unspeakable terror and horror of choosing the way they would die:  Jump from 80 stories or try to outrun thousands of tons of burning steel about to crush them.  They were tested in a way that I hope never to experience.  A day of working toward a better world, a smarter world, an aware world–away from the mind-numbing stupidity on television, in the political corridors, even in cyberspace–would be a profound way to honor those innocents who lost the gamble.

Some people may complain that they don’t need commmunity service–they’ll remember September 11th and its impact for as long as they live.  But what about those who aren’t born yet?  Or who were too young to remember?  As poet and philospher George Santayana once wrote, “Those who cannot remember the past are doomed to repeat it.”

Gotta toot my horn on this one:  Making It Legal made SheTakesOnTheWorld’s list of the Top 30 Business and Entrepreneurship Blogs by Women!  I’m joining illustrious company such as Escape from Cubicle Nation, Sparkplugging, Ali Brown’s Blog and Diva Marketing.

Now you’ll excuse me while I go do my “happy dance” in the living room. 

Although I wrote this article as an “ode to the end of summer,” it applies just as well at the beginning.  The invitations may be fewer and farther between in this economy, but you may still get invited to a golf outing or two this season.  I used to approach them with dread (especially as my golfing talents leave a lot to be desired).  But once I saw how they could provide me with valuable information, I appreciated them more.  Want theInsider’s Guide to Networking on the Gold Course? Read on for more. . . .

Remember the days when real estate seemed invincible, defying the laws of gravity? Well, the joke’s on us, and now many real estate investors are scrambling to dump their properties so that they don’t go down the valuation toilet with them.

Q: I bought some property and put 25 percent down; the owner financed the balance. After three years, the mortgage is down to $190,000, but the property may be only worth $190,000. The property is sort of break-even with tenants in, but if I lose them or can’t fill it in the future, it could start to drain me. Can I simply give the property back to the owner?

A.: The extent of your exposure depends on the wording of the mortgage note and other documents that sealed your deal when you bought the property. If you bought it in your name individually, it’s possible that the former owner/current mortgagor could come after your other assets (namely, your other real estate investments) depending on whether you own those individually as well. In these times, the former owner may not want the property back–after all, if you’ve found it enough of an albatross, the former owner might prefer the regular (cash) mortgage payments to owning property on which there will be maintenance obligations and expenses (not to mention taxes). Depending on the interest rate of your owner financing, you might want to explore other mortgage (bank) options–just to get a sense of the going rate that’s being offered. Review the documents with a real estate attorney to get a clear (and realistic) sense of your options–and what they’ll cost you.

It’s hard to let go of a dream.  But when that dream becomes a money pit, it’s no longer a dream:  It’s a nightmare.  How can you close it and let it go “gently into that good night?” (with apologies to Dylan Thomas)

The short and obvious answer is:  It depends.  It depends on when you started your business and whether you’ve filed all necessary tax returns.  It depends on whether there are creditors waiting to get paid.  It depends whether you’re a corporation or an LLC.

Assuming there are no creditors and all taxes have been paid, dissolving the company is usually a matter of filing a few forms with the secretary of state of your state and confirming with the state taxing authorities that no taxes are owed (it’s a slightly simpler process if you’re an LLC because your profits and losses would already have shown up on Schedule C of your tax return).

Don’t expect to avoid having to account for your taxes if you didn’t make any money.  Chances are, you earned something, so you’ll have to make a note of that.  But if your business expenses exceeded your business income, it may end up being  a wash.  Speak to your accountant and your attorney about the best way to handle the situation.

NOTE:  Make sure to have that conversation before the end of the year–some states charge companies an annual “franchise” tax (a nominal tax for the privilege of doing business in the state), and the tax is levied as of the beginning of the year.  A little pre-planning to ensure good timing can save you money.

St. Patrick’s Day is no stranger to legal controversy. Gay Irish groups in New York and Boston have had protracted (and unsuccessful) fights with city leaders over the right to march in the parades. And this year, there’s an unsual legal issue (albeit an ecclesiastical one). According to CNN online, for the first time since 1940, St. Patrick’s Day will fall during Holy Week, the sacred seven days preceding Easter. Liturgical rules say you can’t say Mass. And what do you do about the parade? Read the CNN report to find out how cities (and clerics) around the country are dealing with it.