Why Business Planning in important.
As a business owner, you will be thinking about the every day tasks of keeping your business running smoothly. However, with owning a business comes critical questions like:
What happens to my business if I get into horrible accident and I become incapacitated? Who will take care of my business when I can't?
What happens to my business interest when I die?
As my business grows in value over the years, how can I pass that along to the next generation without losing a large portion of it to taxes?
How we can help.
There are three main solutions that many business owners choose, in order to protect their assets and investments: Such as:
Buy-Sell Agreement - This approach is used by sole proprietorships, partnerships and closed corporations to divide the business share or interest of a proprietor, partner or shareholder. The owner of the business interest must be disabled, deceased, retired or have expressed interest in selling.
Family Limited Partnership - This is a type of partnership designed to centralize family business or investment accounts. Parties to this Partnership would put their assets into a single family-owned business of which the family members would own shares of.
Limited Liability Company - This is used so that members of the company cannot be held personally liable for the company's debts or liabilities.