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Offering Benefits

May 23, 2019

I have a small company, but want to offer benefits. What are my options? Any benefit provided will enhance employee retention. There are companies across the United States that specialize in benefits planning for small businesses. In addition to the usual insurance plans for life, health, dental, vision, and disability, there are a wide range… Read more »

I Have a Will or a Trust. Isn’t That Enough?

May 23, 2019

First of all, consider that a will takes effect only upon your death.. It has no bearing on how you and your business are cared for during your life when you can’t take care of yourself. An often-overlooked part of estate planning is planning for mental disability. Perhaps you’ve been in the uncomfortable position of… Read more »

Asset Protection Trusts

May 23, 2019

What Are Asset Protection Trusts? Generally, Asset Protection Trusts are irrevocable trusts that are established by the business owner for his own benefit (referred to as “self-settled”) and the benefit of his or her spouse and family. The trust is a discretionary trust, that is, no one can compel the trustee to make distributions. It… Read more »

The Importance of Succession Planning

May 17, 2019

Why is Succession Planning Important in the Running of a Family Business Ironically, Companies pour considerable resources into marketing, research and development, information technology and personnel development, but fail to plan for the succession of the company. It is extremely important to have a succession plan in place, and to communicate that plan to the… Read more »

Successfully Transferring a Small Business

May 16, 2019

There are four primary goals of a successful transfer: Generating sufficient financial reserves for the owner’s retirement after active involvement in the business ends. Transferring the business intact (and for its maximum value if sold to a third party) to the owner’s chosen beneficiaries Minimizing the cost of transfer Providing sufficient liquidity to pay the… Read more »

Will My Business’ Equity Affect My Personal Taxes?

May 11, 2019

If you are a business owner, it can be difficult at times to separate your personal and business financial matters. If your business is a sole proprietorship or a single member limited liability company, it is common for you to take a draw out on the earnings of the business to pay yourself. Some business… Read more »

Venture Capital Disputes: What to Expect in Your Case

May 10, 2019

Were you recently involved in the launch of a product or business? Were you the one who supplied the majority of the funds? If you feel that you have not received your full share of the profits that you were promised, you can take action.  This is also true if you have not even received… Read more »

Why You Need Representation in Tax Court

May 10, 2019

Do you have a dispute with the IRS that’s headed to tax court? Don’t try to take on the IRS on your own. You need to work with tax lawyers in Chicago like Anthony J. Madonia & Associates. If your tax dispute is headed to tax court, it means you’ve exhausted all other options. As… Read more »

Investment Strategies

April 15, 2019

Does My Investment Strategy Depend on my Age? Age is definitely one factor that is considered in a risk analysis when discussing investment strategy. Some have used a rule of thumb called the “rule of 100.” That involves subtracting your current age from 100. If you are 70 years old, for example, the resulting number… Read more »

Keeping the Business in the Family

April 11, 2019

Buy/Sell Agreement to Ensure Your Business Stays in the Family A buy/sell agreement is the best way to ensure the business goes to your family, along with a source to fund the transfer of the business to them. Normally, the company carries enough insurance to allow the company to either buy out non-family members or… Read more »

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