Toxic Gas Lawsuits against Environmental Protection Agency
Toxic Gas Lawsuits vs Environmental Protection Agency (EPA)
How to guide to succession planning for successful estate planning and transitioning your business to your successors. Timelines, how to choose your successor and the transitional options available are discussed.
Step One of Succession Planning: Create a Timeline
Step Two: Choose an Appropriate Individual or Group of Individuals To Run Your Business
Step Three: Transitioning the Ownership of Your Business
- Gifting: This is an option that allows you to transfer ownership of your business over a set number of years without taxes, assuming you follow the current annual IRS gift limits. Gifting your business is also an excellent way to protect the financial security of your family and successors by removing the gifted amounts from your overall estate value. Staying within IRS limitations will help your family avoid gift and estate taxes which might otherwise cause them financial strain.
- Buy/Sell Agreements: These agreements are usually made between multiple shareholders in a company. A typical agreement might stipulate that if one shareholder decides to leave the company, the other shareholders are obligated to buy back his/her shares to keep the company from being sold to an outside party. Some agreements allow for all shares to be sold back to the business at fair market price, which means that employees other than the principals would have the opportunity to own part of the business.