The Corporate Transparency Act (the “CTA”) is a new federal law that became effective on January 1, 2024. Aiming to provide law enforcement with the tools and information to detect, prevent, and punish financial misconduct via business entities, this new law requires certain businesses to report “Beneficial Ownership Information” (or…
As a business owner, you want to make sure that your company successfully continues for generations to come. So, when you eventually retire or step down from your position, it is important to consider how you want to proceed with passing on your business to the next generation. Consider the…
1. Define your goals. What is your ultimate goal in transitioning your business? Do you plan on funding your retirement through this transition? Is it to leave a legacy? The reason behind your desire to transition will determine how you proceed. 2. Plan & Implement Your Strategies. Create a clear plan as you move…