Articles Tagged with E Commerce

July 6, 2023

Are Smart Contracts Smart for Your Business?

Aret Smart Contracts Smart?

Imagine if the paper on which your business’ contracts are written could somehow come to life and automatically send payments to your collectors—and receive payments from your debtors—at the appropriate times, as different provisions of said contract are triggered.

That’s more or less how electronic smart contracts, self-enforcing pieces of computer code set up to execute on the blockchain, more efficiently streamline certain processes. While sometimes legally enforceable, they have their drawbacks and will probably never completely replace traditional legal contracts.

November 2, 2021

Tax Liability Stemming From Online Sales

by George Bellas

George Bellas advises on E-Commerce

There is no doubt that e-commerce sales have grown tremendously over the last 20-plus years. That is in part because online purchases are taxed differently than in person sales, and small businesses have noticed the advantages of this system.

The setup is quite simple: a small business may house their servers or warehouse their goods in one state, all while shipping their products to the other 49 states. It is important to know that small businesses are not required to collect sales tax in a state in which they have no physical presence. Until recently, small business owners could expand their consumer base across the country largely without ever collecting a penny in sales tax. This approach yields more clients, more sales, and more revenue. However, as the old cliché goes: “More money, more problems.” In this case, it’s “more money, more tax problems.”