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Law Donut Advises How to Transfer the Family Firm
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SME website offers expert advice on passing the business to the next generation
Bristol, UK, October 13, 2009 -- Successful passing on of a family business depends
on careful planning, according to the legal experts on SME website Law...
[Plus]
SME website offers expert advice on passing the business to the next generation
Bristol, UK, October 13, 2009 -- Successful passing on of a family business depends
on careful planning, according to the legal experts on SME website Law Donut.
In a set of FAQs relating to passing your business on to your family, Law Donut?s
specialists advise that in most cases it takes a period of at least two years to
prepare.
Among the most important areas to consider are:
whether you want to retain any investment in the business
whether you want to realise any capital from the business and whether the business
needs to raise additional financing to allow for this
how ownership of the business will be shared between yourself, your spouse, your
children and any other owners
how any transfers of shares or assets can be arranged tax-efficiently
who will manage the business, including whether you will have any future role in
management
grooming your chosen successor and planning the handover of control
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