Launching your own company in Indiana can be an exciting and rewarding endeavor. It can also be stressful and, perhaps, a bit frightening, at times. Especially if you’re going “all in,” meaning that your new business will be your sole means of income, you’ve got a lot...
Even for small businesses, there are aspects of law that must be considered during the framing of the business. What if one partner wants to sell out, but the other does not?
Even business owners who are in good health and who intend to run their businesses up until they die – need contingency planning in consideration of their family members, employees, and customers.
A news story about a Dubai billionaire’s death highlights the need for careful estate planning and business succession planning.
ESOP plans are tax-deferred retirement plans that help business owners save taxes, passing along their business interests to chosen individuals.
Estate should be handled very much like LLCs, with two classes of owners. Three elements of any assets include control, equity, and cash flow, and not all need to be vested in the same individual.
Successful transfer of business interests requires very careful planning. Simply leaving a business in equal shares to all children can be a recipe for disaster. Estate planning is for everyone, but particularly for business owners!
Business planning and estate planning are inevitably intertwined. In addition to selecting the correct business entity, there are many other important decisions to be made upfront.
One way or another, the value of your business is going to directly affect the amount of tax you – or your heirs – will owe. Having a handle on your business value will prove invaluable.
A business plan includes a review of your book of business, a description of the vision, company financials, and key objectives. Planning must be done for growth between the planning and the eventual passing of the owner.
