If you are a business owner, you probably worry about your bottom line, employee retention, and health insurance premiums, but have you also considered what will happen to your business if you are in an accident? What if your business partner gets divorced and your partner’s ex-spouse is awarded part ownership of the business and wants to make decisions affecting …
How can the property and finances be split if a succession plan is Not in place? If you don’t have a plan in writing with a Last Will and Testament, Trust and/or business formation documents (e.g., Operating Agreement or Bylaws) then the law will decide for you. Everybody has an estate plan- it’s what the “default rules” are in your …
When starting a business, a business owner must first choose which type of entity to create. Two of the most popular entity types are the limited liability company (LLC) and the corporation. Choosing between these two types of entities can be difficult for business owners who are not familiar with the unique features of each type. To choose the right …
Business owners often find it necessary or desirable to keep valuable and sensitive information private. In some instances, a business may have developed certain key elements that help distinguish it from its competitors. In other instances, a business owner may handle sensitive information that a client would not want exposed or that is protected by law. If your business develops …
I am working on a video series on farm estate, business and succession planning. I would like to get a better feel for what is actually happening in this arena in agriculture. I have a quick 26 question survey on the topic and it would mean a lot to me if you would take a few minutes to answer these …
It is uncommon for agriculture producers and business owners to consider estate planning and succession planning for their agriculture operation in the midst of a divorce; however, divorcing farm families should consider this while negotiating the division of marital assets. These assets may include the farm or ranch business and its assets. After all, divorce is one of the Big …
You may have done your homework and weighed your options. Perhaps you’ve even considered the tax and non-tax implications for common business entities. We bet you’re also intrigued by the protections certain business entities afford their owners. The “corporate veil” that protects personal assets of the business owners can make a corporation or limited liability company (LLC) look very attractive. …
This presentation will be given to the Illinois Beef Association this Thursday in Galina, Illinois, at its annual meeting. It discusses the differences between estate planning, succession planning and business planning. Then it delves into the Who, What, When, Where, How and How Much. It too discusses how to have those difficult conversations and using mediation in this process. [slideshare …
I am oftentimes asked about the best choice of business entity for a farm/ranch, agri-business or food entrepreneur. There is no one-size fits all answer to that question as each type of business entity offers different strengths and weaknesses. It is important to pick the right business entity for your specific type of enterprise – the answer to that question may …
I am oftentimes asked about the best choice of business entity for a farm/ranch, agri-business or food entrepreneur. There is no one-size fits all answer to that question as each type of business entity offers different strengths and weaknesses. It is important to pick the right business entity for your specific type of enterprise – the answer to that question …
Despite popular belief, the succession and estate planning process is more than just getting a Last Will and Testament – it’s taking a solid look at your estate planning goals and coming up with a plan that works for you and your family farm (no matter the size). I think it’s really important for family farms to “improve the default …