Family Limited Partnership Failures

We see a lot of tax cases about family limited partnerships (FLPs) and family limited liability companies (FLLCs) that have bad facts that ultimately lead to the loss of any valuation adjustments for estate and gift tax purposes (e.g., discounts for lack of control or lack of marketability). Some of the more common “bad facts” …

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Key Person

We often think of key people with admiration. If it weren’t for them, your business certainly wouldn’t be what it is today. First, what is a key person? A key person is someone, who if they resigned, died, or became disabled, could not be readily replaced and the loss would negatively affect your business. While many …

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Fraud in the Workplace – A Novel Use of Bank Statements

Cora was a very bright accountant. She was also very creative at her job – especially when it came to stealing money from her company. Cora was the Controller for a commercial property management company, known as Promanco (well, actually, that’s not the company’s real name, but we’ll use it to protect the privacy of …

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Buy-Sell Agreement: Part II

Value is addressed in the Buy-Sell agreement. It can be a fixed price, a formula to determine value, or a process to determine value. A fixed price is perhaps the easiest to understand and the most at risk of rewarding one party at the expense of another. It may be a reasonable measure of value …

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Buy-Sell Agreement: Part I

Buy-Sell agreements can be an important part of your business, and should be well thought out. They can have legal, tax and valuation ramifications, so you should consult experts in each of these fields when drafting or modifying a Buy-Sell agreement. Buy-Sell agreements can be used for several purposes. The agreement can provide a market …

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Valuation Services as a Management Tool

Most of your clients come to us for business valuation services because of outside requirements. They need an appraisal for tax compliance, financial reporting, or estate and gift planning among other reasons. While these are all legitimate needs you may face, you should also want an appraisal. If you’re thinking, why do I want an …

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Surviving a Deposition: Part III

Tips for Deposition Testifying Following are some tips that may be of help to you should you ever be called to testify at a deposition: 1. Always prepare for your deposition with your attorney. Reviewing what the opposing attorney is going to ask you will do wonders in calming you. 2. Present your best appearance …

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