The vast majority of U.S. businesses are closely held. While there are many legal and financial advantages to various types of closely held business entities, interest in a closely held business can increase the complexity of estate planning. If you are in the process of estate planning and you own a closely held business, here is some information you should consider.
How to keep a New York business in the family
Succession planning should be a top priority for any entrepreneur who wishes to transfer a business to a family member at some point in the future. One way to do this is to ensure that the company has been sufficiently developed so that it can be operated by another person. This means researching economic trends and other issues that may influence how the company can be run in the future.
