Insights
Choosing a Retirement Plan for Your Business
Small businesses and their owners have many retirement plan options. Choosing the right plan or combination of plans can be helpful as part of running the business and helpful to the owner for his or her retirement planning. The rules can get complex and you should consult with a retirement plan professional as part of the decision making process.
New Business Considerations
Going into business for yourself may seem like an overwhelming task. However, millions of others have done it. Many have been successful while others have failed. There are no guarantees, but here are some of the issues you should consider.
If You Co-Own a Business, You May Need a Buy-Sell Agreement
If you co-own a business, it's generally a good idea to have a well-drafted buy-sell agreement to protect everyone's interests. Here are some basics about this important document, including the valuation methods used. There are two basic varieties of buy sell agreements. The first type is a contract between the parties to have remaining co-owners buy out the interest of a withdrawing co-owner. This arrangement is called a cross-purchase agreement.
Executive Long-Term Care Plans Grow in Popularity
Providing executives with long-term care coverage is becoming increasingly prevalent. Small and medium-sized companies, in particular, are realizing that offering long-term care benefits can help them attract and retain quality senior managerial staff. In the past, these companies may have lost ideal potential employees to a bidding war with larger companies who could offer a bigger paycheck. These days, however, an attractive benefits package -- that includes perks such as long-term care coverage -- often catches the attention of similarly qualified job applicants.
Consider Leasing Instead of Buying Business Equipment
Most business owners spend considerable time analyzing and trying to improve the cash flow of the business for day-to-day operations and for growing the business. One method of improving a company's cash flow is to lease necessary equipment instead of buying it outright.
