Risks and opportunities in my business:
I’m concerned about the impact on my business if something were to happen to my business partner; how can I protect myself in this situation? What will be the tax consequences for my family or my estate if I die while still owning this business enterprise? How will my business function if one of my key employees were to leave or even worse, if they were to die? How do I pass my business on to my heirs without attracting too much tax?
What can I do to help my business retain its good employees? I am self-employed and insurance companies won’t set up a group health & dental plan just for me; is there any other way my business can pay for my health expenses? Is there a smarter, more tax efficient way to handle these legitimate health expenses?
I have built up a strong cash position in my business, but I want to get those funds working for me in other ways. Is there anything more that I can do to make these finances work for me? How can I get more of my retained earnings out of the business without attracting more taxes?How can I help my employees to save for their own retirement and make it beneficial for my business at the same time?
Apple Planning Services Business Planning Techniques:
Business Buy & Sell agreements are important to have, but without a proper funding mechanism in place they may fall short of accomplishing their intended purpose. Buy & Sell insurance is an essential tool to protect you from losing control of what you have worked so hard to build. Partners and key employees are vital assets that make your business successful, so finding ways to protect yourself just makes good business sense.
There are many benefits you can provide your employees such as Group Life Insurance, Health & Dental Plans, personal health spending accounts, company pension & group RSP plans. You may find that one or a combination of these plans will be more beneficial for your business. Your company can fund a Personal health spending account that will reimburse you personally for all of the same expenses a regular benefit plan would cover and more.
* Only Mutual Funds and related products referenced are offered through HollisWealth Advisory Services Inc.