Posts Tagged ‘Succession Planning’
THE LIFE INSURANCE LLC: A POTENTIAL SOLUTION TO THE BUY-SELL TAX BASIS CONUNDRUM
Life Insurance LLC A “Life Insurance LLC” can creatively address the problems business owners face when developing a buy-sell agreement. Buy-Sell Agreements have several hurdles: Death benefits funded with corporate owned life insurance may lead to unintended and unwelcome income tax consequences. Businesses with more than two owners in a cross purchase agreement tend to…
Read MoreLimited Partnership – Legal Services
Limited Partnership (LP, LLP, LLLP) With rare exceptions, when we form a LP, we prepare complete documentation as needed for the LP to operate, function, and carry out its intended business purposes. Often, a Business Limited Partnership will operate as a “Family Bank” and serve as a parent entity to own other assets and subsidiary…
Read MoreFamily Councils: The Prosperity Key
The Durfee Family Council in this sketch could have been based on actual Family Councils my family has held. Its charts, tripods, business agenda, candid performance reviews, bad news delivery, weird humor, conflict resolution, and parental double teaming are very familiar to my children. It is no accident that it is about a “Durfee” Family meeting. Of all…
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