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Should an owner leave the company, conflicts can occur. For this reason, every business with multiple owners should have a buy-sell agreement in place. But that’s not enough; the agreement also needs to be kept up to date. This article describes the general aim of a buy-sell agreement and the events that can trigger it. It then discusses the different types of agreements and how to fund them. A sidebar looks at the tax quandaries of buy-sell agreements for C corporations.
Disaster planning isn’t just for businesses anymore. Individuals have as much — if not more — to lose from a calamity than a company. This article offers some general guidelines to consider when putting together or reinforcing a personal disaster plan. It discusses insurance policies, backup of physical and digital data, and having a ready supply of cash and physical goods.
This issue’s “Moneylines” discusses increased lending by large banks to small businesses; the difficulty that small businesses are having in finding qualified workers; and how the increasing complexity of federal, state and local income taxes — not to mention sales and use taxes — has put the onus on business owners to find flexible, evolving compliance solutions.
This issue’s “Practical Perspectives” examines the tax situation of newlyweds “Albert and Cyndi.” The couple initially seemed skeptical about the impact of tying the knot. But only Albert is presently working, and their tax advisor explains how the “marriage penalty” will affect them once both are employed.
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