Craig S. Lair’s Answers

Craig S. Lair

Little Rock Tax Lawyer.

Contributor Level 5
  1. LLC or S Corporation

    Answered over 4 years ago.

    1. Craig S. Lair
    2. Steven J. Fromm
    2 lawyer answers

    In most states, there is very little difference between the two. Both provide for limited liability and the flexibility to run a business as you see fit. Some accountants prefer the LLC because there are no elections that can be inproperly made or little ways of disqualifying yourself from pass through taxation. An S Corporation can become disqualified, for instance, if the shares are transferred to an entity or trust that isn't a qualified shareholder. Other accountants and...

    1 person marked this answer as helpful

  2. Dad died can I transfer mineral rights

    Answered over 4 years ago.

    1. Craig S. Lair
    1 lawyer answer

    1. Unless you live in a state with a "transfer on death" deed, the answer is likely yes. 2. Another alternative in many states is that you can use an affidavit or short-form administration if all your father's assets are less than a certain amount (most states that would range from $25,000 to $100,000).