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The Legal Checkup

Dentists typically recommend that a person’s teeth be cleaned every six months and that oral x-rays be taken at least once every year. Internists recommend that a person receive a physical examination annually. Pets visit the veterinarian for vaccinations and well-care appointments. Vehicles need oil changes and regular maintenance. Your personal and business legal affairs are no different and require regular “legal checkups.” Much like going to the dentist, the idea of meeting regularly with your attorney is probably not going to excite you; but now more than ever, periodic communication with your lawyer is essential. Unfortunately, far too many web entrepreneurs wait too long and ultimately reach out to their attorneys when trouble has already come their way. In many instances, the legal problems encountered could have been prevented had a “legal checkup” taken place. The law in the United States and throughout the world is constantly changing. It is naïve to think that just because a certain activity was legal in 1998, that it is still legal in 2017. In my experience, business operators can be stubborn and unintentionally engage in conduct that may have started as legal but is now considered unlawful. A turbulent or significant change…

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Corey D Silverstein and Nigel Williams

Let’s Talk Digital Marketing and Law

We had the pleasure to sit down and talk with Corey, owner of the Law Offices of Corey Silverstein, P.C.. Corey has extensive knowledge in the digital marketing field. When we asked Corey what he saw as the biggest errors for those just starting out in digital marketing make, he was quick to answer. You Need an Agreement This may seem a matter of common sense in most businesses, but Corey indicates people sometimes underestimate the need for a good agreement in their excitement over opening a digital business. He cautions that it is still a business and must be thought of as such. When asked what type of information is necessary in a good agreement, he named several factors: *Profit/Loss distribution - Everyone gets excited about the prospect of earning money and often don't consider how the profits will be divided. What is even more likely to cause conflict is deciding how a loss will effect each member of the deal. In regards to any business, Corey cautions, even family members need a legally binding agreement when money is involved. *Ending of partnership - What terms are in place if one partner decides to pull out of the business…

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Law Between the Sheets: Independent Contractor or Employee?

All too often, adult business operators spend so much time focusing on things such as obscenity, record-keeping and intellectual property that they neglect some important corporate issues, including taxation and employment law, which can have a tremendous impact on a business owner. Make no mistake about it, adult business operators need to be concerned with obscenity, record-keeping and intellectual property, but at the same time, they should not be forgetting about some other very important areas of corporate law. Every year around tax season, my office receives numerous telephone calls from clients (individuals and businesses) with concerns related to their own worker status or the worker status of someone providing services on their behalf. The classification of a worker as an employee or independent contractor is very important and any misclassification can create numerous issues. As you read through this article, it is essential to remember that you should always consult with your own attorney and accountant when it comes to employment law and taxations issues. Additionally, the IRS’ website, IRS.gov, contains a library of material that should be used as a resource for employers, employees and independent contractors. Please note that this article is based on U.S. federal tax…

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Acquiring Online Businesses

2013 was a busy year in the online adult industry; especially in terms of business purchases, sales and mergers. Online businesses were purchased at record prices in 2013 and I expect that 2014 will continue the trend. This is the first of a series in which I will discuss some of the more important do’s and don’ts when purchasing an online adult business. This article is not meant to replace the services of an attorney nor is it meant to be an inclusive list of everything that a purchaser should do. Part 1 will focus on a purchase from a buyer’s perspective while Part 2 will focus on a purchase from a seller’s perspective. Keep watch for Part 2 in XBIZ World. Due Diligence I am always amazed by how many purchasers contact my office in the course of purchasing an online business and have no idea what they are buying. The seller of an online business or any business for that matter is always going to present its business in the most favorable light in order to attract more potential buyers and obtain a better purchase price. As the saying goes “don’t buy a book by its cover;” do…

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Learning from the Financial Crisis in Cyprus

There are a multitude of reasons why you may want to have your adult entertainment business set up outside of the United States. Some of the reasons include favorable tax laws, decreased individual liabilities, and staying outside of the jurisdiction of state and federal agents and prosecutors, just to name a few. For the record, I am not suggesting that you pack up your bags and move your corporate entity and money overseas. Nor am I suggesting that setting up your corporate entity and bank relationships overseas is a bad idea. I am merely urging you to carefully analyze all of the legal and financial aspects of your decision whether or not to pursue an overseas business entity and banking relationship. Imagine that you were running a highly successful adult business that you spent a tremendous amount of time, money and energy setting up overseas. Imagine that your business was financially strong and that you had loads of cash in the bank. Finally, imagine that your hard-earned cash was being kept in your overseas bank account, safe from taxation. Sounds pretty good, doesn’t it? Now, I want you to imagine waking up one morning and realizing that you don’t have…

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