Business Law
Business Exit Planning for Closely Held Businesses
By: Brenda Geiger, J.D.
There are a few key reasons for doing exit planning. The first of which is to provide liquidity for the owners of the business. Another important reason for doing exit planning is the minimization of transfer taxes whether by gift or by bequest in a will or trust. Many business owners want to provide continuity for the business as well so that the employees that have depended upon their jobs for so many years will not be left jobless. Last but not least, doing proper succession planning can help a business owner plan fairly for his or her children and other family members down the road.
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