Brazilian law has not always been very business-friendly, and in the view of many people, this lack of encouragement has been detrimental to the country’s development. However, things are slowly changing, and the government has introduced a new taxation system for very small businesses, also known as micro-businesses click here.
A micro-business is a one-person or two-person business. This definition includes freelancers, although lawyers are other service professionals are excluded from the definition in Brazil. Registering as a has a number of tax benefits, but is only possible if the business’s gross profits do not exceed 60,000 reais per year.
Individuals and partners who register as a micro-business pay a monthly pension contribution. Although they must file a federal tax return, they need only pay income tax if their net profit exceeds a certain percentage threshold over gross profits, which is 32% for most services, but lower for other businesses. Taxes are only owed on profits above that threshold, and personal deductions also apply to the taxable income.
These new small business registration schemes allow entrepreneurs to start small and build their business. As their profits grow, they may opt to incorporate their business or simply move up to other forms of small business organization.
Ricardo Tosto is a Brazilian attorney and expert in business law. His firm, Ricardo Tosto & Associates, was one of the first Brazilian law offices to offer large-scale dispute resolution solutions to corporations.
Ricardo Tosto earned his LLB and practiced as an in-house counsel before starting his firm. A well-regarded member of the Sao Paulo Bar, Ricardo Tosto is a frequent speaker at events, and strongly believes that the academic side of the law enhances its practice. In addition, Ricardo Tosto is known for his track record of legal publications and works on Brazilian legal history.
Sam Tabar is a New York based lawyer, entrepreneur and leader in business. He has been an investor for a number of years now and has created quite an influence in the business circles. The many people that know Sam do not understand the process and the journey that it has taken the man to get where he is. Below are some interesting things you may not know about Sam.
Sam is a native of Montreal, Quebec Canada. He started elementary school there and completed his high school education there. After performing exceptionally well in his high school, he got a chance to study at the University of Oxford. He graduated cum laude from the university and then proceeded to the University of Columbia’s law school. In 2001, he was admitted to the bar as an attorney at law. He was very active in writing and editing while at the University as he contributed to The Columbia Business Law Review.
His first Legal job was with the Skadden, Arps, Meagher and Flom LLP. He was to take care of the hedge fund clients and come up with strategies to help them make better investments. Sam Tabar worked for the firm for three years before he decided to move on.
What was shocking about his decision to move on was the fact that he decided to switch gears completely and get into the world of finance. He approached the Sparx group and started his career as a rookie, then, he worked his way up to a managerial position. At the time, he was the manager of a hedge fund that had grown to the amount of 2 billion dollars. Before he left the company, he had helped them raise over 1.2 billion dollars.
The next destination for Sam was the Bank of America. He was appointed to the post of Director and Head of Capital Strategy for the entire Asian and Pacific region. After rolling in the world of high finance, he decided it was time to rejoin the legal profession in 2013. He was invited to the position of senior associate at the Schulte Roth & Zabel LLP, where he managed hedge fund clients.