Entrepreneurs are typically a different breed. They are never off the clock and often take on many roles within the business to maintain efficiency and profitably. When we work with business owners, our goal is not only to make your business progression a part of your overall financial plan, but to ensure that you are providing a cost effective benefit structure for you and your employees. When retirement approaches, we can assist in crafting a succession plan for a seamless exit. If you are unsure where to start, a member of our team can ask the right questions to help you make the right decisions.
Business Start-Up
When starting a business, or restructuring an expanding business, it is important that the owners/shareholders understand how different business entity types can impact such things as liability protection, ease of formation, ability to raise funds, and much more. Also, the structure chosen for your business will have important tax ramifications that may affect your bottom line. Knowing the importance of making the correct decision, we outline an overview of available options, the positive and negative impacts of each, and long term impacts for you and your business going forward.
Entity Types:
- Sole proprietorship
- General partnership
- Limited partnership
- C-corporation
- S-corporation
- Limited Liability Company
All of these options differ in their liability protections, regulatory burdens, and tax treatments. A member of our team can help you narrow down the most appropriate options for you and your business.
Retirement Benefits
We offer retirement plan options for businesses of all shapes and sizes. Like choosing an entity-type, it is important that the business owner(s) understand the mechanics of all the appropriate options and what their responsibilities will be in maintaining and making contributions. Not every plan can work for every business, but there is almost always a viable option that will help make your business a more attractive place to work.
Plan Options:
- SIMPLE IRA
- SEP IRA
- 401(k)
- ROTH 401(k)
- Self Employed 401(k)
- Self Employed ROTH 401(k)
Investment Only Account
This option is for business owners that have a third party administrators and need their investments invested in a “non-prototype” plan account. We are happy to accommodate your individual circumstances if need be.
Health Insurance Benefits:
Small Group Insurance – For business owners who have 50 or less employees, a small group plan can be structured so you can share costs with your employees for their plan, and members of their household.
Large Group Insurance – For businesses with over 50 employees, a large group plan can offer plan savings due to number pf participating employees. These plans are also flexible with discretionary premium cost sharing between the employee and employer.
When establishing a group insurance plan, the employer must make plan options, eligibility and cost sharing clear to their employees. We can help you structure your group insurance plan costs so you and your employees balance the premium costs efficiently and fairly.
Buy Sell Agreements:
A business buy-sell agreement is a legally binding contract between shareholders that stipulates how an owner’s shares will be reassigned, transferred or redeemed in the case of an unforeseeable event. Whether it is a cross-purchase agreement, a redemption agreement, or a combination of the two, this is a smart strategy to ensure business continuity, and may help compensate a key employee’s estate in the event of an early passing.
