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
401(k)s | Profit Sharing Plans | Defined Benefit Plans
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.
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:
Beronio Wealth Planning and LPL Financial do not provide legal advice or services.
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.
Limited Liability Company (LLC)Corporation
Beronio Wealth Planning Solutions and LPL Financial do not provide legal advice or services.