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Business Succession Planning
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Business Succession PlanningDo you own a business? If so, you need to be sure that your documents and business affairs thoroughly address what will happen to your business in the case of death, divorce, or at the sale of the business.
Here are some areas you should be thinking about:
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- What language is in place to avoid the hassles of probate? If you own a business that requires a professional license, there are additional issues to consider since ownership of the business can’t be passed to non-licensed family members.
- Is there a particular business legacy or set of values or ethics you want to be sure to transfer during an ownership or management transition?
- Is your business designed to properly protect you and/or your heirs from creditors or from an ex-spouse?
- Have you structured your business properly to take into account all tax issues at the sale or transfer of your business or business assets?
E-book: "Estate Planning For Founders, Pharaohs, and Pioneers"Close to 70 % of all businesses in the United States are closely held or family owned. Business owners are perhaps most in need of proper planning and often most oblivious to it. Our upcoming E-Book, "Estate Planning for Founders, Pharaohs, and Pioneers" walks a family business through planning needs from formation all the way to succession as well as how to protect themselves from liability, how to plan around taxes, and how to protect what makes their business special. In short, every small business needs it.
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