BUSINESS SUCCESSION PLANNING — WHAT IS IT? One of the important decisions a business owner must face is when and how to step out of the business — in other words, business succession planning or exit planning. Do you expect to retire from your business? Do you have a plan in place? What would happen […]
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Funding a New Business
You’ve written your business plan, you’re excited about your business idea, and now it’s time to get started. One problem: You don’t have the financing to fully realize your dream. What are your options? Aside from using your own funds and borrowing from friends and family, there are numerous routes that you can take, and […]
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Life Insurance for Business Owners
If you own your own business, chances are you’ve at least thought about the conditions under which you will leave the business and who is going to take over after you’re gone. Business continuation is difficult enough under normal circumstances, but if it takes place following the unexpected death of a key person or owner, […]
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Choosing an Entity for Your Business
Now that you’ve decided to start a new business or buy an existing one, you need to consider the form of business entity that’s right for you. Basically, three separate categories of entities exist: partnerships, corporations, and limited liability companies. Each category has its own advantages, disadvantages, and special rules. It is also possible to […]
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Tax Planning for the Self-Employed
Self-employment is the opportunity to be your own boss, to come and go as you please, and oh yes, to establish a lifelong bond with your accountant. If you’re self-employed, you’ll need to pay your own FICA taxes and take charge of your own retirement plan, among other things. Here are some planning tips. UNDERSTAND […]