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Businesses

Business Risk Management

In addition to your sweat equity and elbow grease, your business represents a substantial investment of your ideas, time and money. You want to protect your investment by securing a business insurance option (or group of options) that can reasonably protect your business from vulnerability, and also aid in attracting and retaining employees.

Why is Business Insurance So Important?

  • To Protect Against Risks and Perils to Property
  • To protect against liability claims
  • To protect human assets
  • To attract and retain employees
  • Because businesses are not covered under homeowner's insurance (if company is operated from home)
  • Because coverage may be required by law
  • Because coverage may be required under the terms of your contracts

Group Retirement/Benefits

With an overwhelming array of retirement packages to choose from for your organization, it is important to first define your goals and objectives for a benefit plan offering before attempting to choose one. We make sure you are considering all of the significant variables necessary to make an informed decision.

Retirement Plans

Most retirement plans fall within two major categories: IRA-based or qualified. Before determining which plan (or combination of plans) you choose to offer your employees, it is important to consider the ultimate goal and all relevant tax and contribution variables before committing. Here are some of the most common retirement offerings:

IRA BASED PLANS
Simplified Employee Pensions
Simple IRAs

QUALIFIED PLANS
401(k)s
Profit Sharing Plans
Defined Benefit Plans

Group Health Insurance

Navigating the Affordable Care Act, otherwise known as Obamacare, can be difficult and cumbersome without the guidance of informed industry professionals. Most American companies find that there is not a one-size-fits-all, mutually beneficial approach to providing healthcare options for employees. By working with our team of professionals, we can help you right-size your group health insurance offering, and continuously educate you on any state and/or federal policy changes that may affect your particular business.

Continuation Planning

Your business is likely one of your family's most valuable interests worth protecting. The way you structure your business continuation plan can determine the safe, timely transfer of duties in the event of an unexpected loss in leadership. Just as estate planning is critically important to a family's transfer of wealth, a business continuation plan is critically important for the seamless transfer of ownership/leadership for your family business, its employees and its client base. The key is to pick the most meaningful plan for your circumstances and goals, and work with an experienced team of financial and legal advisors to help sculpt an air-tight course of action.

The Importance of Succession Planning

Whether you decide to sell, transfer or gift your business to the next generation of leadership, the means by which you transfer your interest can have important implications. In order for your desires for business continuation to be met and carried out, it requires the collaboration of any number of financial, legal and tax-savvy professionals. Common business succession planning objectives include, but are not limited to:

  • Ensure smooth, seamless transfer of ownership
  • Transfer business to the next generation,
  • Ensure business continuity
  • Ensure retirement income to outgoing leadership
  • Minimize gift and estate taxes

Beronio Wealth Planning Solutions and LPL Financial do not provide legal advice or services.

Entities & Tax Planning

There are four basic categories of business entities: sole proprietorships, partnerships, limited liability companies, and corporations.  Each one has its own set of unique rules and advantages, however it's important to outline your goals with a coordinated team of financial, legal and tax professionals to determine which entity is right for your business.

Sole Proprietorship

 

Partnership

  • Limited Partnership (LP)
  • Limited Liability Partnership (LLP)

Limited Liability Company (LLC)

 

Corporation

  • C Corporation
  • S Corporation

Beronio Wealth Planning Solutions and LPL Financial do not provide legal advice or services.