Tag Archives: business

What Is a Limited Liability Company?

If you want your business to be successful, you must put forth a great deal of effort. It takes a great business plan, a strong work ethic, and a good bit of talent to become a successful businessperson. Because you worked so hard for your success, you clearly want to make sure that you protect your personal resources. This can sometimes be done through the creation of a limited liability company. A limited liability company gives you the best of both worlds to a certain extent. You enjoy the personal asset protection that would be afforded to a corporation, but you can take advantage of flow-through taxation. When your business entity is a limited liability company, your personal assets are protected from the actions of the business. If someone wanted to sue the limited liability company, only the company s assets would be in play. However, even though you have this level of asset protection, you can still claim the profits and losses from a limited liability company on your personal
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Is There an Estate Planning Solution for Small Business Partners?

Many people drag their feet when it comes to estate planning, because they do not know where to start. They recognize the need for a plan, but they have questions, and the matter seems complicated. This can be true for anyone, but it is especially true for small business partners. If you are a partner in a small business, you may face a somewhat difficult estate planning scenario. What would happen to your share of the business after you pass away, and how do you see to it that the liquidity is spread among your surviving family members? This is just one question, but the next question would be this: Where would liquidation of your share leave the surviving partners? A buyer could come along, and the intentions of the buyer may not be consistent with the wishes of the surviving partners. Without question, this is a tricky situation. However, there is an estate planning solution that is often implemented called a buy-sell agreement. Insurance Proceeds Insurance policy proceeds are at t
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How Can I Balance Inheritances as a Family Business Owner?

Estate planning can present challenges when certain conditions exist. When you are the owner of a family run business, you may well face some vexing circumstances. To explain by way of example, let s say that you have two sons and a daughter, and you have operated a business throughout your adult life. Early on, your sons decided that they would like to help you run the business, and they have done just that. You would like your sons to continue to run the business after you pass away, and they want to carry the torch. The business may be your most valuable asset, so if you leave the entire business to your sons, where does that leave your daughter? This is the matter of inheritance balancing. If you are in this situation, you could potentially utilize life insurance to balance the inheritances that your children receive. You could determine the value of the share that each son will have in the business, and you can take out a life insurance policy that will provide a payout that is e
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