Tax planning is a juggling act for business owners. You have to keep your eye on your company’s income and expenses and applicable tax breaks, especially if you own a pass-through entity. But you also should look out for your own financial future. For example, you...
You’ve spent years building your company and now are ready to move on to something else, whether launching a new business, taking advantage of another career opportunity or retiring. Whatever your plans, you want to get the return from your business that you’ve earned...
In a small business, the loss of any single employee may lead to some dire consequences. Building a strong team can hedge against this risk. Even so, your company may want to acquire key employee insurance to provide needed cash in a worst-case scenario. Life...
With an employee stock ownership plan (ESOP), employee participants take part ownership of the business through a retirement savings arrangement. Meanwhile, the business and its existing owners can benefit from some potential tax breaks, an extra-motivated workforce...
Private companies with more than one owner should have a buy-sell agreement to spell out how ownership shares will change hands should an owner depart. For businesses structured as C corporations, the agreements also have significant tax implications that are...
Among the retirement plans that small businesses can offer to their workers are Employee Stock Ownership Plans (ESOPs). As the title indicates, an ESOP is a process for transferring ownership of the company to employees. How does that work as a retirement plan? In...
For business owners who are seeking a successor, the right person might be obvious. If you have a co-owner or partner, a buy-sell agreement can set the terms. If a younger family member is willing and able, you can decide on a way to transfer control. Otherwise, there...
Whether you’re selling your small business or acquiring another company, the tax consequences can have a major impact on the transaction’s success or failure. Consider installment sales, for example. The sale of a small business might be structured as an installment...
Small business owners should have an exit strategy - a plan for the time when they’re either unwilling or unable to keep running their company. That plan should include both a current business continuity plan for relatively young business owners and a future long-term...
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