Jul 13, 2022
In General Discussions
For instance, if the entrepreneur is incapacitated Job Function Email List and cannot work or dies, obviously there needs to be a plan as to how the business continues and how the value Job Function Email List of the business can be realized through a sale to provide funds for the entrepreneur's family. For this purpose, the plan may be as simple as to train Job Function Email List employees to do certain facets of the entrepreneur's job and leave a list of potential buyers of the Job Function Email List firm, in case the unthinkable Job Function Email List happens. If the entrepreneur has Job Function Email List children involved in the business and children that are not involved in the business, the entrepreneur will have to decide over time Job Function Email List which child has the capability to manage the business and how the children can eventually buy the entrepreneur out. The entrepreneur will include provisions Job Function Email List in his or her will or trust to give the business to the children who work in the business and to provide alternative assets to the children who do not work in the business. As with many Job Function Email List entrepreneurs, the business may be the largest asset. So the entrepreneur may have to Job Function Email List seek some life insurance to equalize the value between the children who are receiving stock in the company and Job Function Email List those who are not. This dichotomy resolves the issue of children not working in the business expecting the same amount of distribution from the business as those Job Function Email List working in the business. Since those working in the business are receiving stock in the business and those not working in the business are receiving other assets or proceeds of life insurance, the children not involved in the business will not have the rights to any income from the business, only from their share of the other assets allocated to them.