Business Planning

Sole proprietorships and partnerships can be simple forms of conducting business. The owners make all of the decisions relating to the business and are taxed on business income and loss as individuals, with no taxation at the entity level, as […]

The limited liability company (LLC) form of entity is the appropriate form of conducting business for, many, if not most, sole proprietors. The primary reason for this is that this form of entity permits an individual to enjoy the benefits […]

Statutorily Imposed Duties. State statutes provide that individuals associated with partnerships shall discharge his or her duties in good faith, with the care an ordinarily prudent person in the like position would exercise under similar circumstances and in a manner […]

What is a Limited Liability Company? Basically, a limited liability company (LLC) is a legal entity that became available under Washington law. An LLC is an unincorporated association that provides its members with the beneficial tax aspects of a partnership […]

One popular yet confusing estate planning tool is the Family Limited Liability Company (“FLLC”). FLLCs are frequently created as part of an estate planning strategy used to facilitate gift giving to a person’s children and grandchildren. FLLCs are also used […]

For family business owners, estate planning is crucial to the success of the business. If you have not already drafted an estate plan that includes the succession of your business, begin today. Not only will early planning allow you to […]

February 20, 2012 You’ve worked hard building your business, but have you thought about what will happen when you are no longer there running the show? According to one study (Small Business Review, Summer 2001), only 30% of all family-owned […]

February 10, 2012   Business Planning How to Transfer Your Business (and Other Assets) to Your Children Without Losing Control A family limited partnership will let you remove your business, and any future appreciation on it, from your estate now, […]