When you decide it is time to start that new business, there are many different business entities to choose from. The type of business entity you decide on, will determine many things, such as the extent of your legal liability and how you and your business will be taxed. The most common types of business entities are sole proprietorships, partnerships, limited liability companies and corporations. Business can also issue stock, in an effort to raise income for expansion. Depending on how … [Read more...] about What is a Closely Held Business?
Estate planning, in general, has many benefits. From protecting your assets from excessive taxes, to determining how your assets will be distributed upon your death, an estate plan can benefit anyone. The benefits of estate planning for family-owned businesses should not be overlooked. Family business owners need an estate plan for business, to aid in making important decisions regarding business organization and to prepare for succession of that business to the next generation. Business estate … [Read more...] about Why Do I Need an Estate Plan for Business?
Choosing a business entity can seem like a daunting task. But when you are familiar with your options, and the benefits of each type of business, the choice is easier to make. For example, different business formations come with different tax consequences, both good and bad. The basic business entities include sole proprietorships, partnerships, limited liability companies and corporations. If you know how to save on taxes when choosing your business entity, you will be well on your way to … [Read more...] about How to Save on Taxes When Choosing Your Business Entity
Sole proprietors need business estate planning, possibly more than other business entities. Sole proprietors need more protection because their personal assets are not actually separate from the business. That means, where you pass away, your business cannot continue unless you have a business estate plan in place. Unless you provide a specific plan of action in place, your expectations for business succession may not be realized. Why a business estate plan is essential All businesses involve … [Read more...] about Sole Proprietors Need Business Estate Planning
The purpose of limited liability companies, or LLCs, is to protect the personal assets of the business owner from liability. An LLC can limit the liability of the business from certain types of legal claims, as well. Limited Liability Companies and asset protection go hand in hand. These protections are only available, however, when the legal entities are created properly. What type of liability can an LLC protect against? The basic premise behind creating an LLC is to allow the business … [Read more...] about Limited Liability Companies and Asset Protection
In estate planning, a transfer refers to giving away a property interest (i.e., giving a gift). Property interests can be transferred either during your lifetime or upon your death. Whenever these transfers occur, taxes can be imposed. There are differences between lifetime transfers and testamentary transfers regarding taxes and applicable exclusions. Federal gift and estate taxes Although the federal and gift tax rates are the same, it is possible to transfer more assets, with lower gift … [Read more...] about Lifetime Transfers and Testamentary Transfers
As with all estate plans, there are many factors that must be considered to determine the options that are most beneficial to you, your business and your family. Topics covered in this whitepaper include: Tax Consequences for Sole-Proprietorships Tax Consequences for S-Corporations What Can Proper Estate Planning Do to Reduce These Tax Consequences? Family Limited Partnerships and Limited Liability Companies Irrevocable Life Insurance Trusts Personal Residence Trusts Joint Accounts and … [Read more...] about Free Report: Family-Owned Business Estate Planning in California
Family-Owned Business:Estate Planning in California from Scott Schomer There are a number of tools available to small and family-owned business owners to accomplish their estate planning goals. Learn more about family-owned business estate planning in California in this presentation. … [Read more...] about Family-Owned Business Estate Planning in California