This document discusses common business problems that arise in estate administration, including family feuds over control of family businesses, failure to adequately plan for transferring ownership between generations, and unclear records of business ownership. It notes that without proper planning, family businesses often end up being sold to outside parties in order to raise cash to pay estate taxes. The document recommends establishing buy-sell agreements that resolve disputes over business valuation and control in advance, maintaining clear corporate records of ownership, and showing consistent profits to justify a high valuation if the business needs to be sold.
This presentation was done by Myers, Fletcher & Gordon at the International Reggae Studies Conference 2010. It focuses on the different company structures and what is required.
In depth presentation on considerations for choosing the most beneficial entity for a particular business or financial situation - LLC, Sole Proprietorship, General Partnership, etc. Contact Goldin Peiser & Peiser, LLP for more information or visit www.gppcpa.com.
This presentation was done by Myers, Fletcher & Gordon at the International Reggae Studies Conference 2010. It focuses on the different company structures and what is required.
In depth presentation on considerations for choosing the most beneficial entity for a particular business or financial situation - LLC, Sole Proprietorship, General Partnership, etc. Contact Goldin Peiser & Peiser, LLP for more information or visit www.gppcpa.com.
What is LLC?
A limited Liability Company profoundly known as LLC is important as it provides a business structure that offers limited liability protection and also pass-through taxation. The LLC exists as a separate unit from its owners so the owners are not held accountable for any kind of business debt and liability.
Benefits of having LLC:
As compared to a general partnership LLC benefits a business to have limited liability, flexible partnership, shareholders are the managers, pass-through taxation, heightened credibility, limited compliance requirements, owner-pleased income distribution, and also helps in keeping records and costs.
This is the ppt about partnership i hav done for my project and i am implementing it here so it will be helpful to everyone particularly who search for this topic
THANK Q
What are sole proprietorship? What does it mean when people refer to general partnership, and is it applicable to your business or startup.
Get answers that are specific to your business and concerns and learn from queries and responses given to others based on real life ongoing business challenges.
What advantages and disadvantages are there to illinois s corporations and ll...www.growthlaw.com
This memo describes the state tax, liability, and agency authority differences between Illinois business corporations with a subchapter S federal tax election and Illinois limited liability companies with the same election. It also discusses how the differences in entity type and location may relate to mergers and acquisitions.
Small and medium sized businesses are the engines which drive the North American economy. Increasingly, people go in to their own business. Often spouses and other family members are in business together. Because of mutual trust and sharing which exists at the start of these arrangements, spouses tend not to make agrements about what will happen if the marriage breaks down.
When spouses who are in business together divorce, there are also consequences for the business. Who will keep the business? What will the spouses be able to work together? How much is the business worth? Who should buy the business? How will a buyout be funded? These questions are just the tip of the iceberg.
In this PowerPoint slide presentation, we provide useful information about the legal problems confronting separating or divorcing couples who are in business together. By reviewing these slides you will gain important insights about the issues lawyers have to deal with in these situations. What law applies? What other kinds of experts do you need? What legal advice will you need to find a workable resolution? What evidence will you need if the case has to go to trial? What procedure must be followed? If you are in business with your spouse or life partner, the information in these slides provides a few pointers about Ontario law even if the relationship is continuing. Sometimes, a unanimous shareholders’ agreement or some strategic advice can help avoid expensive litigation down the road.
These slides were part of a presentation at a lawyers conference conducted by Osgoode Professional Development in Toronto on March 27, 2012. They are intended as information only and not legal advice.
The authors are experienced litigation and arbitration lawyers in Toronto, Ontario, Canada, who act on complex shareholder disputes, typically involving closely-held corporations.
What is LLC?
A limited Liability Company profoundly known as LLC is important as it provides a business structure that offers limited liability protection and also pass-through taxation. The LLC exists as a separate unit from its owners so the owners are not held accountable for any kind of business debt and liability.
Benefits of having LLC:
As compared to a general partnership LLC benefits a business to have limited liability, flexible partnership, shareholders are the managers, pass-through taxation, heightened credibility, limited compliance requirements, owner-pleased income distribution, and also helps in keeping records and costs.
This is the ppt about partnership i hav done for my project and i am implementing it here so it will be helpful to everyone particularly who search for this topic
THANK Q
What are sole proprietorship? What does it mean when people refer to general partnership, and is it applicable to your business or startup.
Get answers that are specific to your business and concerns and learn from queries and responses given to others based on real life ongoing business challenges.
What advantages and disadvantages are there to illinois s corporations and ll...www.growthlaw.com
This memo describes the state tax, liability, and agency authority differences between Illinois business corporations with a subchapter S federal tax election and Illinois limited liability companies with the same election. It also discusses how the differences in entity type and location may relate to mergers and acquisitions.
Small and medium sized businesses are the engines which drive the North American economy. Increasingly, people go in to their own business. Often spouses and other family members are in business together. Because of mutual trust and sharing which exists at the start of these arrangements, spouses tend not to make agrements about what will happen if the marriage breaks down.
When spouses who are in business together divorce, there are also consequences for the business. Who will keep the business? What will the spouses be able to work together? How much is the business worth? Who should buy the business? How will a buyout be funded? These questions are just the tip of the iceberg.
In this PowerPoint slide presentation, we provide useful information about the legal problems confronting separating or divorcing couples who are in business together. By reviewing these slides you will gain important insights about the issues lawyers have to deal with in these situations. What law applies? What other kinds of experts do you need? What legal advice will you need to find a workable resolution? What evidence will you need if the case has to go to trial? What procedure must be followed? If you are in business with your spouse or life partner, the information in these slides provides a few pointers about Ontario law even if the relationship is continuing. Sometimes, a unanimous shareholders’ agreement or some strategic advice can help avoid expensive litigation down the road.
These slides were part of a presentation at a lawyers conference conducted by Osgoode Professional Development in Toronto on March 27, 2012. They are intended as information only and not legal advice.
The authors are experienced litigation and arbitration lawyers in Toronto, Ontario, Canada, who act on complex shareholder disputes, typically involving closely-held corporations.
This talk describes different ways of getting into international markets. It provides information on US government and international loan guarantee and political risk insurance, legal issues for exporters and importers, and business questions you should explore as you seek international customers. Trade finance methods and letters of credit, arbitration, and other ways to be sure you get paid are also described.
This talk describes different types of strategic alliances small businesses may form. It also discusses the partnership law and tax issues that may be relevant to alliance members.
Family Business Succession: What You Need to Know to Effectively Advise Busin...Nicole Garton
The owners of half of all small and medium size enterprises in Canada in Canada are set to retire in the next decade, with an estimated $1.9 trillion dollars of assets poised to change hands. Learn how to help your clients establish a successful plan for the transfer of ownership and management of the business to a chosen successor.
Business Law 101 aka Why the Heck Do I Need a Business Lawyer?Jeffrey O'Brien
An overview of basic business law concepts and a discussion of some common mistakes which your business attorney - if you have one, that is -- can help you avoid.
Succeed from the start, your guide to bringing your business to the U.S.Global Delaware
Learn the steps of opening your U.S. branch office from beginning to end - how to incorporate, navigate Federal and State requirements, taxes, visas and hiring local employees. Brought to you by the Global Delaware Concierge Team for International Business.
Succeed from the start, your guide to bringing your business to the U.S.Emma Cowdery
Learn the steps of opening a business in the U.S. from beginning to end. Brought to you by the Delaware Concierge Team for International Business, this guide outlines the necessary components of setting up your U.S. branch office from incorporating, taxes, visas, hiring employees and more. Read success stories of other international firms and get connected with experts that will help you.
Presentation on business entity types in the USA and elsewhere covering operating entities versus holding entities, for profits versus nonprofits, international and US entities, choice of state for incoporation, and use of entity groups
This presentation shows what official forms need to be filed to organize an Illinois business corporation or LLC, to get federal tax registration and keep or avoid entity level tax treatment, to register for state income, sales, and unemployment tax reporting, to register for local tax in Chicago, and to get state and local licenses to operate.
This talk describes the various pitfalls and sources of securities law, corporate law, fraud, and other liability crowdfunding project sponsors and their advisors may suffer. FIRA guidelines for private offerings are mentioned, as are other ways to provide full disclosure and avoid liability.
This talk describes the representations and warranties clauses in a typical business purchase contract, the clauses limiting time in which such clauses may be enforceable, the dollar limits on same, and other non-contract ways to enforce your deals, such as reps and warranties insurance, fraudulent transfer litigation, arbitration, and suits against negligent deal intermediaries
Filings Required To Close Out An Illinois Business Entitywww.growthlaw.com
This checklist describes the actions (like collecting all payments due and paying what you owe), tax returns, and entity filings appropriate to closing out various forms of Illinois business entities, with statutory references and links for forms downloads
Legal and business options to reduce your business's costs from sickness, improve resistance to getting sued, avoid cash flow problems that can sink your venture, and clear away obstacles to business growth.
D-Day history reminds us that fast motor torpedo boats were the best defense for our invasion fleet. The article reviews extremely fast ocean racing craft now available that could counter Chinese and other inshore threats
Legal Issues In Business Sales: The Pilgrim's Purchasewww.growthlaw.com
This talk outlines the issues, documents, due diligence, characters, and problems to consider in the course of looking for and negotiating a business purchase.
This is a comprehensive presentation scheduled for delivery at an Illinois State Bar Association seminar April 3, 2014. It covers Regulation D rules for private (though publicly announced) securities offerings as modified by the JOBS Act, Illinois securities law, accredited investor status verification, public announcements of securities offerings, securities fraud, the disclosures required, and the detailed parts of the private placement memo and file
This is my chapter 3 for the Illinois Institute on Continuing Legal Education's LLC's and S Corporations text. It describes in detail the process for organizing an Illinois limited liability company, compares tax, liability, and control in LLC's to other entities, and provides information on tax and other elections available for new LLC's.
Private offerings and broker dealer registration exemptionswww.growthlaw.com
This slide deck describes current legislation that would exempt merger and acquisition professionals from broker-dealer registration requirements, lists SEC rules governing raising capital through private securities offerings, and shows the difference the JOBS Act made in those rules
This presentation outlines the disclosure and other legal issues franchisors face, the important parts of the franchise disclosure document, the number of franchise systems, the supplier and customer and liability issues franchisees need to address, and the lawsuit types franchisors and franchisees, franchisees and customers, franchisees and suppliers, and franchise investors have faced in recent years. Franchisor fraud, employment law, financing, and other business agreements are explained.
Legal and practical issues for developers, consultants, and realtors who work with EB-5 and other entrepreneurs seeking US visas by making qualifying investments in new or rescued US businesses
Cracking the Workplace Discipline Code Main.pptxWorkforce Group
Cultivating and maintaining discipline within teams is a critical differentiator for successful organisations.
Forward-thinking leaders and business managers understand the impact that discipline has on organisational success. A disciplined workforce operates with clarity, focus, and a shared understanding of expectations, ultimately driving better results, optimising productivity, and facilitating seamless collaboration.
Although discipline is not a one-size-fits-all approach, it can help create a work environment that encourages personal growth and accountability rather than solely relying on punitive measures.
In this deck, you will learn the significance of workplace discipline for organisational success. You’ll also learn
• Four (4) workplace discipline methods you should consider
• The best and most practical approach to implementing workplace discipline.
• Three (3) key tips to maintain a disciplined workplace.
The world of search engine optimization (SEO) is buzzing with discussions after Google confirmed that around 2,500 leaked internal documents related to its Search feature are indeed authentic. The revelation has sparked significant concerns within the SEO community. The leaked documents were initially reported by SEO experts Rand Fishkin and Mike King, igniting widespread analysis and discourse. For More Info:- https://news.arihantwebtech.com/search-disrupted-googles-leaked-documents-rock-the-seo-world/
"𝑩𝑬𝑮𝑼𝑵 𝑾𝑰𝑻𝑯 𝑻𝑱 𝑰𝑺 𝑯𝑨𝑳𝑭 𝑫𝑶𝑵𝑬"
𝐓𝐉 𝐂𝐨𝐦𝐬 (𝐓𝐉 𝐂𝐨𝐦𝐦𝐮𝐧𝐢𝐜𝐚𝐭𝐢𝐨𝐧𝐬) is a professional event agency that includes experts in the event-organizing market in Vietnam, Korea, and ASEAN countries. We provide unlimited types of events from Music concerts, Fan meetings, and Culture festivals to Corporate events, Internal company events, Golf tournaments, MICE events, and Exhibitions.
𝐓𝐉 𝐂𝐨𝐦𝐬 provides unlimited package services including such as Event organizing, Event planning, Event production, Manpower, PR marketing, Design 2D/3D, VIP protocols, Interpreter agency, etc.
Sports events - Golf competitions/billiards competitions/company sports events: dynamic and challenging
⭐ 𝐅𝐞𝐚𝐭𝐮𝐫𝐞𝐝 𝐩𝐫𝐨𝐣𝐞𝐜𝐭𝐬:
➢ 2024 BAEKHYUN [Lonsdaleite] IN HO CHI MINH
➢ SUPER JUNIOR-L.S.S. THE SHOW : Th3ee Guys in HO CHI MINH
➢FreenBecky 1st Fan Meeting in Vietnam
➢CHILDREN ART EXHIBITION 2024: BEYOND BARRIERS
➢ WOW K-Music Festival 2023
➢ Winner [CROSS] Tour in HCM
➢ Super Show 9 in HCM with Super Junior
➢ HCMC - Gyeongsangbuk-do Culture and Tourism Festival
➢ Korean Vietnam Partnership - Fair with LG
➢ Korean President visits Samsung Electronics R&D Center
➢ Vietnam Food Expo with Lotte Wellfood
"𝐄𝐯𝐞𝐫𝐲 𝐞𝐯𝐞𝐧𝐭 𝐢𝐬 𝐚 𝐬𝐭𝐨𝐫𝐲, 𝐚 𝐬𝐩𝐞𝐜𝐢𝐚𝐥 𝐣𝐨𝐮𝐫𝐧𝐞𝐲. 𝐖𝐞 𝐚𝐥𝐰𝐚𝐲𝐬 𝐛𝐞𝐥𝐢𝐞𝐯𝐞 𝐭𝐡𝐚𝐭 𝐬𝐡𝐨𝐫𝐭𝐥𝐲 𝐲𝐨𝐮 𝐰𝐢𝐥𝐥 𝐛𝐞 𝐚 𝐩𝐚𝐫𝐭 𝐨𝐟 𝐨𝐮𝐫 𝐬𝐭𝐨𝐫𝐢𝐞𝐬."
Enterprise Excellence is Inclusive Excellence.pdfKaiNexus
Enterprise excellence and inclusive excellence are closely linked, and real-world challenges have shown that both are essential to the success of any organization. To achieve enterprise excellence, organizations must focus on improving their operations and processes while creating an inclusive environment that engages everyone. In this interactive session, the facilitator will highlight commonly established business practices and how they limit our ability to engage everyone every day. More importantly, though, participants will likely gain increased awareness of what we can do differently to maximize enterprise excellence through deliberate inclusion.
What is Enterprise Excellence?
Enterprise Excellence is a holistic approach that's aimed at achieving world-class performance across all aspects of the organization.
What might I learn?
A way to engage all in creating Inclusive Excellence. Lessons from the US military and their parallels to the story of Harry Potter. How belt systems and CI teams can destroy inclusive practices. How leadership language invites people to the party. There are three things leaders can do to engage everyone every day: maximizing psychological safety to create environments where folks learn, contribute, and challenge the status quo.
Who might benefit? Anyone and everyone leading folks from the shop floor to top floor.
Dr. William Harvey is a seasoned Operations Leader with extensive experience in chemical processing, manufacturing, and operations management. At Michelman, he currently oversees multiple sites, leading teams in strategic planning and coaching/practicing continuous improvement. William is set to start his eighth year of teaching at the University of Cincinnati where he teaches marketing, finance, and management. William holds various certifications in change management, quality, leadership, operational excellence, team building, and DiSC, among others.
RMD24 | Debunking the non-endemic revenue myth Marvin Vacquier Droop | First ...BBPMedia1
Marvin neemt je in deze presentatie mee in de voordelen van non-endemic advertising op retail media netwerken. Hij brengt ook de uitdagingen in beeld die de markt op dit moment heeft op het gebied van retail media voor niet-leveranciers.
Retail media wordt gezien als het nieuwe advertising-medium en ook mediabureaus richten massaal retail media-afdelingen op. Merken die niet in de betreffende winkel liggen staan ook nog niet in de rij om op de retail media netwerken te adverteren. Marvin belicht de uitdagingen die er zijn om echt aansluiting te vinden op die markt van non-endemic advertising.
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3.0 Project 2_ Developing My Brand Identity Kit.pptxtanyjahb
A personal brand exploration presentation summarizes an individual's unique qualities and goals, covering strengths, values, passions, and target audience. It helps individuals understand what makes them stand out, their desired image, and how they aim to achieve it.
Attending a job Interview for B1 and B2 Englsih learnersErika906060
It is a sample of an interview for a business english class for pre-intermediate and intermediate english students with emphasis on the speking ability.
RMD24 | Retail media: hoe zet je dit in als je geen AH of Unilever bent? Heid...BBPMedia1
Grote partijen zijn al een tijdje onderweg met retail media. Ondertussen worden in dit domein ook de kansen zichtbaar voor andere spelers in de markt. Maar met die kansen ontstaan ook vragen: Zelf retail media worden of erop adverteren? In welke fase van de funnel past het en hoe integreer je het in een mediaplan? Wat is nu precies het verschil met marketplaces en Programmatic ads? In dit half uur beslechten we de dilemma's en krijg je antwoorden op wanneer het voor jou tijd is om de volgende stap te zetten.
Discover the innovative and creative projects that highlight my journey throu...dylandmeas
Discover the innovative and creative projects that highlight my journey through Full Sail University. Below, you’ll find a collection of my work showcasing my skills and expertise in digital marketing, event planning, and media production.
Memorandum Of Association Constitution of Company.pptseri bangash
www.seribangash.com
A Memorandum of Association (MOA) is a legal document that outlines the fundamental principles and objectives upon which a company operates. It serves as the company's charter or constitution and defines the scope of its activities. Here's a detailed note on the MOA:
Contents of Memorandum of Association:
Name Clause: This clause states the name of the company, which should end with words like "Limited" or "Ltd." for a public limited company and "Private Limited" or "Pvt. Ltd." for a private limited company.
https://seribangash.com/article-of-association-is-legal-doc-of-company/
Registered Office Clause: It specifies the location where the company's registered office is situated. This office is where all official communications and notices are sent.
Objective Clause: This clause delineates the main objectives for which the company is formed. It's important to define these objectives clearly, as the company cannot undertake activities beyond those mentioned in this clause.
www.seribangash.com
Liability Clause: It outlines the extent of liability of the company's members. In the case of companies limited by shares, the liability of members is limited to the amount unpaid on their shares. For companies limited by guarantee, members' liability is limited to the amount they undertake to contribute if the company is wound up.
https://seribangash.com/promotors-is-person-conceived-formation-company/
Capital Clause: This clause specifies the authorized capital of the company, i.e., the maximum amount of share capital the company is authorized to issue. It also mentions the division of this capital into shares and their respective nominal value.
Association Clause: It simply states that the subscribers wish to form a company and agree to become members of it, in accordance with the terms of the MOA.
Importance of Memorandum of Association:
Legal Requirement: The MOA is a legal requirement for the formation of a company. It must be filed with the Registrar of Companies during the incorporation process.
Constitutional Document: It serves as the company's constitutional document, defining its scope, powers, and limitations.
Protection of Members: It protects the interests of the company's members by clearly defining the objectives and limiting their liability.
External Communication: It provides clarity to external parties, such as investors, creditors, and regulatory authorities, regarding the company's objectives and powers.
https://seribangash.com/difference-public-and-private-company-law/
Binding Authority: The company and its members are bound by the provisions of the MOA. Any action taken beyond its scope may be considered ultra vires (beyond the powers) of the company and therefore void.
Amendment of MOA:
While the MOA lays down the company's fundamental principles, it is not entirely immutable. It can be amended, but only under specific circumstances and in compliance with legal procedures. Amendments typically require shareholder
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1. 1
Business Problems In Estate Administration
DuPage County Bar Association Seminar
March 10, 2015
I. Family Feuds
74% or more of companies in the US are family owned and managed
25% of these go out of family control every generation
Most spouses and children are not competent to run the family company: they
want cash, NOW!
II. Failure To Plan
Wrigley Co.: small now since 1977 deaths without trusts to cover growth in value
of company against income taxes, followed by 1999 death when younger wife
could claim Wisconsin community property – and estate subject to Wisconsin
income tax rate, then twice that of Illinois
The company’s cash flow is usually the only asset available: most buy-sell
agreements and estate plans lack “Key Man” insurance or other sources of funds
except a sale
This means a sale to insiders or outsiders to obtain funds: and a company run to
save taxes may have no profits to justify high business valuation for purchase
III. Who Owns This Place?
Private Companies Keep Their Own Share Or Membership Records: Badly
Due Diligence Counsel will require a full “corporate book” going back to the
entity’s founding, with all share or interest transactions, debts, other contracts
affecting control (like joint ventures). What does your book look like?
IV. Who Has Authority To Manage The Company, And To Make Contracts?
Corporation: only Presidents (probably dead now) have apparent authority to
contract: otherwise Board of Directors. Cf. Fritsche et. al. v. LaPlante et. al. No.
2-09-0329, Ill. App. 2 Dist. Ap. 5, 2010 (revoked Power of Attorney and property
transfer actions authorized and attested to by family member who was corporate
Secretary, not President). Incumbent actions may be later contested as unfair and
wrongful to other owners/heirs, cf. In Re Bachrach Clothing, Inc., 480 B.R. 820,
2. 2
US Bk Ct. N.D. Ill. Oct. 10, 2012 (BK Court may resolve fraudulent transfer
claims.) And Cf. 805 ILCS 5/9.10, Board authority to make distributions only if
does not render organization insolvent.
Limited Liability Company: Managers in manager-managed, Members in
Member-Managed LLC’s have authority to bind entity in contract with third
parties. Action may be wrongful.
Partnership/Limited Partnership: Any general partner can bind entity, LP no
authority except may replace GP by terms of agreement
Trusts: Trustee with remainder or other distribution interest may be removed for
conflict of interest in trustee and recipient roles, cf. Faville v. Burns, 2011 IL App
(1st) 110335
V. Dispute Resolution Options
Buy Out The Objectors: see Noonan v. Harrington, U.S.D.C. Il. 2010, 740
F.Supp.2d 970 (Sale price to minority owners incorporated all future value, no
right to continued dividends case could proceed.). Note dissenter’s rights section
11.70 of BCA, means dissenters may be entitled to fair value, not fair market
value, if dissent from fundamental corporate action
Distribute Something Early: see Estate of Boyar, 2012 IL App (1st) 111013,
heirs who took some personalty from executor’s distribution could not then
contest the will, based on doctrine of election
Try Mediation: Unlike arbitration, this isn’t binding, but a trusted mediator may
be able to get the parties to recognize the value of family relations over money
amounts less than the cost of litigation
Get professional management, to maximize EBITDA for sale: The Turnaround
Management has more than 6,000 members, the Midwest Business Brokers and
Intermediaries has more than 240: there are experts who can help maximize
returns and minimize estate and income taxes on sale or intra-family transfer of
business interests
VI. Current Client Checklist
Get a buy-sell agreement in place that resolves valuation and control disputes in
advance, and fund it with “key man” insurance if possible, to buy out decedent’s
share so remainder of the family can continue the business
Check the corporate book and financial records so the property can be sold
“Clear the underbrush” of family members not working in the business, so long-
running minority interest disputes can be avoided
Show a healthy profit on the company’s annual tax returns, so the sales price will
be healthy if sale is needed: estate taxes are much higher than income tax, and
planning options can reduce both types of tax.