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IF YOU ARE A GENERAL PARTNERSHIP
Choosing your partner was based upon many things. It could be because your partner has expertise in areas in which you don't and thus, you compliment eachother. This makes each one of you valuable to your business and to eachother.
It could be because you just see things the same way, have the same expertise in your area of business and want to strike out together in a joint enterprise to create a legacy and hopefully make some money along the way.
For whatever reason you are a general partnership, for most people, the idea is to remain partners with only the person you chose to be your partner. Sadly, that may change:
An important area of planning if you are a general partnership is to address several key questions:
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Who will run my business in the event of the death or disability of my partner?
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How can I make sure my partner's spouse or heirs will not inherit their share of the business? I went into business with my partner, not their family members or lawyer.
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How can I make sure that the business will be mine 100% in the event my partner dies, becomes disabled or simply wants to retire?
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How will I make sure my family will keep the same standard of living in the event of my death?
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How will I make sure my family receives the value of my business without the hassles of running my business in the event of my death?
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What are the ways in which we can protect ourselves and families in the event of the death of either partner?
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If one of us decides to keep the business, where will the money come from to buy out the heirs, as well as create a fund to replace the deceased partner, so that we can hire someone in their place?
How do we create a plan? How do we implement it? What are the tax ramifications of such a plan? Does the plan we have now comply with current tax laws?
We have the expertise and over 25 years of experience in helping our business clients solve these very important issues. We know you are proud of your business. We know you are busy running your business. We assume you do not want the death, disability or retirement of your partner to put you out of business.
As with every type of business structure, we also provide employee benefits, such as group health, returement planning and estate planning for your company and also as an individual.
Call us for your no charge consultation. Let us put a plan in place, designed for your company, to protect your families and your business...
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