Business succession
This item highlights eight principles of succession. It is important that tax advisers not only provide guidance on the tax implications of their clients' succession plans, but that they also help their clients understand these important business succession principles.
Succession planning for the privately held business results in an orderly transfer of the ownership and management of the business to the next generation in a tax-efficient manner.
A buy/sell agreement is a contract that restricts business owners from freely transferring their ownership interests in the business; they are a tool in providing for a planned and orderly transfer of a business interest.
