August 29, 2018
Ah, wouldn’t it be nice . . . to cash out of your business and have the time, freedom and buckaroos to lounge in Tahiti, build that extra extension on the house or give to the charity of your choice. But there’s more that has to go on behind the scenes–before you get to that big splash with lots of zeros to the left of the decimal point. Particularly in the realm of tax planning. (Because you can be sure that when there’s a windfall, Uncle Sam will be right there next to you with his hand out!) Here are some steps to think about (and AllBusiness.com neatly outlines): What are you selling? There are two ways to sell your business: Sell the entire thing, entity and all, or sell the assets (and leave you holding the shell of the old entity). No surprise, sellers usually want to unload the whole kit and caboodle. Buyers usually want to avoid the liabilities that the business may have accumulated, so generally prefer to cherry-pick the assets. What…
Continue ReadingQ.: What kind of financial reports are minimally required of an LLC, and how often should they be made available to the partners? A.: Minimally, LLCs are required to file annual tax returns for…
Read MoreQ.: I have a great deal of creative content that is produced in-house, all copywritten materials owned by my company. I am not only better suited to creating the content, I also prefer to spend…
Read MoreListen to the Episode Below: Your clients are buying your expertise, but if you’re only selling your time, then you limit your business to the hours of the day. How can you leverage your efforts…
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I know first-hand that running a knowledge-based service business has unique challenges. It’s so much easier when you have an advocate in your corner. Over the past 25 years, I’ve worked with thousands of New York business professionals who want a legal advisor to guide and support them as they navigate the business world.
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