Outside General Counsel Services Are Tax-Deductible
by Noel Bagwell
for Executive Legal Professionals, PLLC
December 7, 2015
A Quick Refresher on General Counsel–Generally
In short, a General Counsel lawyer is the main lawyer who gives legal advice to a company or business. Executive Legal Professionals, PLLC (“ExecutiveLP™”) provides outside General Counsel to businesses, connecting businesses, in cost-effective ways, with attorneys who provide legal advice and other legal services. What makes ExecutiveLP™ different is how we provide legal services. We pride ourselves on delivering top-notch legal service for a flat fee or a recurring flat fee (i.e., on a subscription basis). We hate the billable hour.
These days, General Counsel lawyers do so much more than they did in their traditional role as a business’s lawyer. Today’s General Counsel attorneys are more multifaceted than ever. General Counsel attorneys are able to participate in strategic decision-making, counseling your business’s leadership as decisions are made, rather than just cleaning up the messes made by people who may not be aware of the legal ramifications of their actions, despite being otherwise competent businesspeople.
Having General Counsel on your team is essential to making the right decision the first time and avoiding expensive legal problems. Remember, as J. Sakiya Sandifer said, “True leaders don’t create followers; they create more leaders.” Let your General Counsel help you to be the best leader of your company you can be.
Outside General Counsel Services: A Great Tax-Deductible Service
The Internal Revenue Code (Title 26, Subtitle A, Chapter 1, Subchapter B, Part VI, Section 162; codified at 16 U.S.C. § 162) allows that, “
[t]here shall be allowed as a deduction all the ordinary and necessary expenses paid or incurred during the taxable year in carrying on any trade or business.” The fees for General Counsel services are ordinary and necessary expenses incurred in carrying on any trade or business; therefore, fees for General Counsel services are tax-deductible.
If you are looking for a tax-deduction for your business, and you want to ensure that the expenditure will be of great value to your business–even over and above the value of the deduction, itself–Signet™ General Counsel service from ExecutiveLP™ is an excellent choice. Signet™ offers a wide variety of key legal services for your business for a simple recurring flat fee, payable quarterly or annually.
One of the most important services we offer is Unlimited Remote Legal Consultation, enabling access to your attorney anytime, from anywhere, with no hourly billing! We even include, at no additional charge, de minimis legal services provided under the Signet™ plan. With Signet™, your business can get the General Counsel services it needs in a cost-effective, tax-deductible way, without having to worry about salaries, benefits, withholding, bonuses, Continuing Legal Education, and other expenses related to hiring an in-house attorney.
According to Robert Half’s 2015 Salary Guide, to hire in-house General Counsel, a business should expect to spend upwards of $81,000.00 per year, on average, for an attorney with zero to three years of experience. Signet™ General Counsel services from ExecutiveLP™ are available for a fraction of that expense–sometimes for under $8,000 per year (a more than 90% savings), depending on the size of the business being served.
General Counsel is a necessary expense for your business–a service every single business needs–and it is tax-deductible, to boot! So, what are you waiting for? Contact ExecutiveLP™, today, to get your Signet™ General Counsel services started! We’re just waiting to hear from you, and we’ll make sure you get connected, right away, to an attorney who can provide you a no-pressure, no-obligation initial consultation to determine your precise legal needs and customize your plan to suit those needs.
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