Wealth Planning for Business Owners
A wise man once said, "if you love what you do, you never have to work again!" For the vast majority of entrepreneurs and small business owners, running their own business is not only a labor of love, but one which commands their full and immediate attention. While finding the time to consider Wealth Planning initiatives may be a challenge, integration of business objectives with life pursuits may serve to cultivate numerous untapped financial efficiencies.
From a business planning perspective, often several competing, yet related themes emerge as a result of the planning process – these may include taxation, business liability, asset and income protection, funding of retirement goals and succession planning, to name just a few...
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Choosing a suitable business structure
While for many business owners the focus is often related tax consequences, there is much more to consider when mulling whether or not to incorporate your active business. Protection from potential creditor claims may be a priority as well as set-up and ongoing administrative costs and complexity...more -
Protecting business & owner Interests
While personal liability and creditor concerns are often addressed as a result of the business structure adopted, whether it be a Sole Proprietorship, (General) Partnership or (Private) Corporation, or by other creditor proofing measures, risks associated with a business owner’s or key person’s death or disability can sometimes put the operational success of a business in peril. Fortunately measures can be taken to protect both business interests and the interests of owners and shareholders alike...more
