December, 2018 Archives

Archives for December 2018

Your Corporate Shield: Guidelines for Small Businesses

Forming a corporate entity (either a limited liability company or corporation) is the first step for any small business owner to minimize personal liability for the financial risks of the company. Absent a corporate shield, entrepreneurs face liability for the debts and liabilities of their small business. Corporation vs. Partnership Originally, there were only two types of businesses: corporations and partnerships. Corporations were separate legal entities that could own property, sue and be … [Read more...]

Should a Family Limited Partnership Be Part of Your Estate Plan?

Family limited partnerships (FLPs), legal devices used to move wealth from one generation to the next while minimizing tax exposure, are a critical part of any estate plan. FLPs pool a family’s money to execute a business venture. The FLP has two types of partners: general and limited. The general partners manage the assets of the FLP while the limited partners possess equity interest but are unable to engage in the day-to-day management of the assets. However, in exchange for reduced … [Read more...]

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