What is business succession planning or exit planning for the LLC or corporation?
Small business owners are usually very busy running their respective businesses. Many times it is difficult for them to find time to do any additional business planning. One of the key areas for additional business planning is business succession planning or exit planning. Business owners want to leave their businesses on their timetable, on their terms and at the highest possible value. If the business owner fails to do any business succession planning, then it is very unlikely this will naturally occur. So business succession planning, or exit planning, is a deliberate effort to create an adaptable and customized process that a business owner can use to leave their business on their terms, their schedule and at the highest possible value. Business succession planning allows the business owner to maximize the business value, minimize the tax liability and many times fund their retirement plans for the future. Additionally, this business succession planning needs to be completely integ
Related Questions
- My business entity (Corporation, LLC, Partnership, etc) is entirely passive and/or dormant and it is just paying a minimum tax to the Secretary of State. Is it required to get a license?
- What is business succession planning or exit planning for the LLC or corporation?
- Why Business Succession Planning?
