Many people dream of owning a business one day. Maybe you envision running a pizza restaurant with your spouse and kids and grandkids one day, or perhaps it is a sleek Tech startup you see yourself leading. Whatever it is you imagine, there are a few steps, often more than a few, to turn a daydream into reality.
How do you know if you are ready?
Are you considering starting a new business? If you want to be successful and get funding, you will need to have a thorough plan. While you may think that writing a business plan is intimidating, you do not need to do anything fancy to put together a solid document.
As long as you have passion, vision and organization, you can write a compelling and informative company plan. Here are our top tips for crafting a business plan.
If you own a business in Colorado, one of the most important type of plans you should have concerns business succession. You need some form of arrangements in place to protect your business if something were to suddenly happen to you. Just ask yourself, what would happen to your company if you suffer a critical injury in a car accident or die from a heart attack? As depressing and unsettling as the thought of those situations are, thinking of them can help you to take measures to ensure your company’s longevity long after you are gone.
It is never too early for you to create your company’s succession plan. Take a look at some key considerations to include when drafting your business succession plan.
Buying a business can be an exciting and overwhelming venture. In order to obtain the most benefits, however, you have to choose the right business to purchase. Which one is the right fit depends on the answers to several important questions you must ask.
You can find much advice on what questions to ask owners about their companies. Before you take that step, though, you must first ask yourself the following questions to avoid any regrets.
This article by a Colorado lawyer is the second attorney I have found who is using the term LLC as an apparent shorthand for a limited liability company taxed as a partnership. All of the reasons he cites are good reasons not to use an LLC are reasons not to choose partnership taxation for your limited liability company. Some of them may also be reasons not to elect S corporation status for the LLC. These are reasons to have your entity taxed as a C Corporation.
You have invested a lot of thought into your estate planning, taking care to distribute your assets fairly and effectively. You definitely do not want your wishes challenged and your estate wasted in probate litigation after you pass.
Knowing the basics of a valid will can help you guard against contests based on technicality. Your attorney can also point out additional areas of likely challenges and devise a strategic approach.
When it comes to estate planning and retirement accounts in Colorado, the one thing you should try to avoid is making your estate the beneficiary. If you do not name your heirs on your IRA retirement accounts, then probate court will attach them to your estate, leaving it vulnerable to creditors. Not naming your loved ones as beneficiaries on your IRA accounts can also cheat them out the tax benefits and their inheritances.
Here is a brief overview on how you can protect your retirement accounts for your heirs.
If you want to ensure you have a say as far as who is going to receive your assets after your passing, it is essential that you create a will. Otherwise, you relinquish control over your own belongings, and the duty of distributing them falls into the hands of the state.
If you die without a will, the decision of who will ultimately inherit your estate depends on several factors. Generally, if you die intestate, the state will look to see, first, whether you have close relatives, and if so, they may assume control over your assets. The Colorado Probate Code outlines the rules of succession.
Many people in Colorado do not realize how important it is for them to establish health care power of attorney (POA) for the times they are unable to care for themselves. Accidents and illnesses can happen in the blink of an eye that could leave you unresponsive and unable to make critical decisions about your medical care. Even though you may want your family and loved ones to step up to make those decisions for you, without the right documentation in place, they may not be able to.
It is important for you to establish a health care power of attorney so you do not have to rely on a court-appointed stranger and your medical doctors to manage your medical care without regards to you and your family's wishes.
If you’re a grandparent with a large family, you likely take pride in all your grandchildren. As part of your estate plan, you may want to divide your finances and property among those grandkids.
However, this can be complicated—especially if you want to leave a house or other high-value physical property to your grandchildren.
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