WHAT IS THE BEST WAY TO TRANSFER MY SMALL BUSINESS TO MY SON?
johndmershon asked:
I wish to give my son my commercial operation though charging him any upfront money. we would similar to to lift a tiny income from a commercial operation any month as a retirement. we dont wish a share in a commercial operation only a on trial remuneration any month. we have been in commercial operation given 1983 as well as have annual normal income of $225,000. My son has been operative with me right away for a past 8 years as well as has shown good care skills.
we am endangered about things similar to taxation ramifications of not doing this properly. Our commercial operation isnt incorporated instead it is a solitary proprietorship. Would it be improved to soak up as well as keep a share of a commercial operation whilst giving my son a majority? Also we have a residence for sale now though it is pre foreslosure. we have a customer lined up as well as we have been in a surrounded by of negotiating a home sale. If a residence were to entirely be foreclosed would this start a commercial operation as well as maybe even blank a commercial operation sale?
Thank we for any honest advice.
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I wish to give my son my commercial operation though charging him any upfront money. we would similar to to lift a tiny income from a commercial operation any month as a retirement. we dont wish a share in a commercial operation only a on trial remuneration any month. we have been in commercial operation given 1983 as well as have annual normal income of $225,000. My son has been operative with me right away for a past 8 years as well as has shown good care skills.
we am endangered about things similar to taxation ramifications of not doing this properly. Our commercial operation isnt incorporated instead it is a solitary proprietorship. Would it be improved to soak up as well as keep a share of a commercial operation whilst giving my son a majority? Also we have a residence for sale now though it is pre foreslosure. we have a customer lined up as well as we have been in a surrounded by of negotiating a home sale. If a residence were to entirely be foreclosed would this start a commercial operation as well as maybe even blank a commercial operation sale?
Thank we for any honest advice.
Caffeinated Content
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Posted on November 8, 2009 at 11:40 pm by SetupBiz.com · Permalink
In: Small Business · Tagged with: 8 Years, Incorporate, Leadership Skills, Small Business, Tax Ramifications
In: Small Business · Tagged with: 8 Years, Incorporate, Leadership Skills, Small Business, Tax Ramifications
on November 11, 2009 at 7:02 pm
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Talk to you accountant for the tax implications.
on November 15, 2009 at 3:15 am
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If you own a small business, then you should at some point have had to consult with a CPA and a small business attorney…this should be best handled by your attorney. If you don’t have one, try calling around to see if you can get one recommended to you. Someone who handles real estate or retirement issues might be able to help as well. As with anything, if the company doesn’t make any money, your ‘guaranteed monthly retirement’ won’t always be there, so some of this rests on the fact that you believe the business will be successful enough under his command. There are never any guarantees….