Owning and operating any type of business comes with certain risks, including exposure to legal and financial liabilities. However, not every business owners recognize ever risk, legal or financial, to which they are exposed. Every legally binding agreement that you enter into has specific consequences that should be considered carefully. With appropriate El Segundo small business planning, you can reduce and possibly eliminate financial and legal risks. El Segundo strategies for promoting … [Read more...] about The Importance of El Segundo Small Business Planning
family-owned business
New Retail Furniture Chain Coming to Huntington Beach
By 2018, Bob’s Discount Furniture will be opening six stores in Orange and Los Angeles Counties. This retailer is known across the East Coast and Midwest. The Bob’s Discount Furniture shop coming to Huntington Beach will replace the closed Sports Chalet store that closed in 2016 due to bankruptcy. The new stores plan to open on February 15th and will be the first of their kind on the West Coast. The success of this retailer is no doubt a result of good business planning. The success of Bob’s … [Read more...] about New Retail Furniture Chain Coming to Huntington Beach
LA County Fair has Huge Economic Impact on Business
If you haven't heard, the LA County Fair has returned to Pomona for the entire month of September. It is said that the volume of business the fair brings to the area is of "Super Bowl proportions." According to some reports, the economic impact of the LA County Fair to the Los Angeles region was close to $300 million in the past. That includes both direct and indirect spending related to the event. Officials are expecting the impact to be the same this year. If your local business benefits from … [Read more...] about LA County Fair has Huge Economic Impact on Business
What Happens to Your Business After a Divorce?
Business owners are often too caught up in promoting the growth of their businesses that they fail to take into considerations the consequences divorce may have on that business. The same is true for happily married couples, who never consider the possibility of divorce. But the reality is, if the terms of a divorce are not handled properly, the business could suffer. The potential for serious consequences to your business after divorce can be managed, or even eliminated, if you plan for … [Read more...] about What Happens to Your Business After a Divorce?
Understanding the Benefits of Pass-through Businesses
Pass-through businesses are the most common entity chosen for family-owned and closely-held businesses. Consequently, the number of pass-through business entities has increased substantially over the last 30 years. On the other hand, the number of traditional corporations has decreased. Now, pass-through businesses make up nearly 94% of all businesses, and they earn more than 64% of total business net income in the United States. Also, pass-through businesses employ more than half of the … [Read more...] about Understanding the Benefits of Pass-through Businesses
What is a Buy-Sell Agreement?
The purpose of estate planning is to plan for the future. If you own a business, some day the control of that business will need to pass on to someone else. There are provisions in most state laws that will determine who will be next in line to manage your business. However, you can make that decision for yourself now, through proper estate and business planning. Planning ahead can reduce the conflict between family members later on, while reducing taxes and ensuring that your desires for … [Read more...] about What is a Buy-Sell Agreement?
What is a Family Limited Partnership?
When used properly, a Family Limited Partnership can help families in handling their money, property and other family investments. This is especially important to families that have considerable real estate holdings. Family Limited Partnerships can actually be very profitable, saving families thousands of dollars in estate and gift taxes, while providing protection from creditors. What is a Family Limited Partnership and how can it help you? This article will answer those questions for … [Read more...] about What is a Family Limited Partnership?
What is Succession Planning?
If you would like to see your family-owned business, and the legacy it creates, be passed down to your children and grandchildren, for generations to come, it is crucial that you consider the succession of your business. For that, you need to create a proper business succession plan. The benefits of a business succession plan At some point, you will begin to consider retirement from managing your family-owned business. But, it will not be as easy as submitting your letter of resignation. … [Read more...] about What is Succession Planning?
How to Avoid the Fight over the Family Farm
Family businesses, and family farms in particular, involve unique legal issues in estate planning. The estate plan itself can be complex, as it covers a wide range of legal issues, including planning for death, disability and incapacity. There are certain tax and business succession concerns that are unique to family farms, especially. However, nothing holds a candle to the deep emotional attachments that form amongst family members with regard to family farms. This emotional element of a … [Read more...] about How to Avoid the Fight over the Family Farm
Do You Have a Disaster Plan for your Farm Animals?
Disaster preparedness is important for all of us, including our pets and other animals in our care. That especially includes livestock. If you own a farm, you know that the size of the animals and their shelter and transportation needs make them a special burden. A disaster can happen any time, and anywhere. Danger can come from hurricanes and tornadoes, or even barn fires. Regardless of whether you need to evacuate or shelter in place, it is essential that you have a plan, so you can … [Read more...] about Do You Have a Disaster Plan for your Farm Animals?
