If you are like most entrepreneurs, you don’t expect the business you worked so hard to establish to falter when you are no longer here to run it. But sometimes, when business owners die without leaving wills or estate plans, the business must be liquidated to pay the tax liability, or the company collapses because family members have not been sufficiently prepared to take over operations. If you own a family business, you may want to consider taking steps now to help ensure this valuable asset will remain intact for your children, grandchildren, and others.
You’re an entrepreneur and you’re not looking back. You’ve opened your own business, whether alone or with partners, and you’ve achieved success. Now you’re thinking about retirement, not just for you, but also for your employees. Offering a retirement plan can help your business attract and retain employees, while making it easier for you to save for your own retirement. Here are some of the options available to business owners:
Would you hesitate to buy fire insurance for your lab or office building? Of course not. What about liability insurance in case someone slips on your steps? Same answer. But have you insured what could be your most valuable asset—your top employees? If not, you should consider "key-person" insurance.
Proprietorship. Partnership. S corporation. Limited liability company. C corporation. Which form is best for your new business? The decision can be difficult. Each business form offers you both advantages and disadvantages.
Securities: Arizona, California, Colorado, Florida, Hawaii, Massachusetts, Nevada, New York, North Carolina, Oregon, Texas, Utah, Wyoming
**This internal award is given to LFN planners each year and is based on sales, quality of service, and commitment to Lincoln’s principles, and is selected by Lincoln senior managers.
Insurance: Arizona, California, Hawaii, North Carolina, Texas, Wyoming, Utah
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