& Business Planning
What do you need to know?
Owning a small business comes easy these days. Thousands of new businesses are started in Oregon each month. The younger generation is engaging more in the entrepreneurial world and exploring the various opportunities that arise with owning your own business. What is the key to success? The key is business planning.
Questions for Business Owners
As a business owner, you will be thinking about the every day affairs of keeping your business up and running smoothly. But with owning a business comes additional questions, like:
What if you got into a horrible accident and you became incapacitated, who who take care of your business while you were unable to do so?
If you have an interest in a business, and you passed away, what would happen to your interest?
As your business grows in value over the years, how can you pass that on to the next generation without losing a large portion of it to taxes?
Estate Planning Business Solutions
There are three main solutions that many business owners choose, in order to protect their assets and investments. And these are:
Buy-Sell Agreement – This approach is used by sole proprietorships, partnerships and closed corporations to divide the business share or interest of a proprietor, partner or shareholder. The owner of the business interest must be disabled, deceased, retired or have expressed interest in selling.
Family Limited Partnership – This is a type of partnership designed to centralize family business or investment accounts. Parties to this Partnership would put their assets into a single family-owned business of which the family members would own shares of.
Limited Liability Company – This is used so that members of the company cannot be held personally liable for the company's debts or liabilities.
In Oregon, many individuals own real estate and rent it out to make income. One thing to think about while doing this, is if you are protecting yourself against a lawsuit. One way to protect yourself, is by doing Asset Protection Planning.
Schneider Rasche LLC can help you protect your assets and pass your business on to the next generation. Call (503) 241-1215 or contact us today to discuss with one of our Estate Planning Attorney's how we can assist you with your business plan.
Estate Planning Articles
These reports are compliments of Schneider Rasche LLC and were written by The American Academy of Estate Planning Attorneys.