Once you have decided to go into business with someone (or several people), the next decision you must make is how to structure your new company. A Limited Liability Company (LLC) may offer you some benefits. LLCs are widely accepted as a means of structuring a business.What is an LLC?Is an LLC a partnership? Yes and no. The LLC is formed when the owners, or members of the company, enter into an Operating Agreement.
The United States is a land of family-owned businesses. These start-up and do-it-yourself enterprises make up between 80 and 90 percent of all companies in the United States, according to the Family Firm Institute. And yet, many smart, capable business owners lack a comprehensive succession plan that addresses the various issues that will crop up when they leave the business for retirement or other reasons, including sudden illness.
Succession planning can be an exciting, satisfying process for owners of closely held businesses, but it also involves difficult issues that must be tackled head on. One of the major challenges that entrepreneurs encounter is determining the best way to pass on the ownership of their business to their children or other heirs.The business owner can choose any number of methods of transferring ownership of a company, while simultaneously minimizing gift and estate taxes and probate costs.