The Importance of Succession Planning
May 17, 2019Why is Succession Planning Important in the Running of a Family Business Family businesses and other companies can live forever, not so the management. A crucial part of long-term growth for a business is succession planning. Companies pour considerable resources into marketing, research and development and more, but fail to plan for the succession… Read more »
Successfully Transferring a Small Business
May 16, 2019Learn the Steps to Transferring a Small Business The time has come to sell, leave, or change ownership of your Limited Liability Company (LLC). Fortunately, transferring control of your business to someone else is relatively straightforward. We’ll guide you through the necessary steps to leave your LLC in safe hands. How do you handle transferring… Read more »
Will My Business’ Equity Affect My Personal Taxes?
May 11, 2019Understanding Business’ Equity Vs. Personal Taxes If you are a business owner, it can be difficult at times to separate your personal and business financial matters. What is business equity anyway? In the world of business and finance, equity refers to the value of ownership in something. Equity can be used to measure the value… Read more »
Venture Capital Disputes: What to Expect in Your Case
May 10, 2019Venture Capital Disputes Cause Concern 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 promised profits, you can take action. But what can you expect in your case?… Read more »
Why You Need Representation in Tax Court
May 10, 2019A Brief Explanation of Why You Should Have Representation in Tax Court 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… Read more »
Investment Strategies-Are they Dependent on Age?
April 15, 2019Do Investment Strategies 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 is… Read more »
Keeping the Business in the Family
April 11, 2019How To Go About Keeping the Business in the Family Many family businesses have enjoyed success for decades, even centuries. Given that family businesses—companies in which two or more family members exercise control, concurrently or sequentially—represent an estimated 85% of the world’s companies, ensuring their longevity is essential. The United States alone has 5.5 million of… Read more »
Buy-Sell Agreements
April 11, 2019Is a Buy-Sell Agreement Needed for Any Reason Other Than the Death of an Owner? While it is critical that buy-sell agreements provide for the successful transfer of a business owner’s interest in the business after his or her death, it is equally important that the agreement take into account other critical life events such… Read more »
The Two Types of Charitable Remainder Trusts and How They Differ
March 29, 2019Charitable Remainder Trusts and How They Differ The two basic types of the charitable remainder trusts are the Charitable Remainder Annuity Trust (CRAT) and the Charitable Remainder UniTrust (CRUT). Both the CRAT and the CRUT are irrevocable trusts. Irrevocable trusts provide for an annual payment to a non-charitable beneficiary or beneficiaries (usually including the trust maker… Read more »
What is a Charitable Remainder Trust?
March 28, 2019Charitable Remainder Trust Is Good for Split Interests A charitable remainder trust (CRT) is an irrevocable trust that generates a potential income stream for you, as the donor to the CRT, or other beneficiaries, with the remainder of the donated assets going to your favorite charity or charities. This charitable giving strategy generates income and can… Read more »