When you own a business in Massachusetts, you may think you have plenty of time to choose a successor. However, it is important to have a succession plan in place before you need one. There are a few things to consider as you pick a successor and put a plan together.
How do you pick a business successor?
Dealing with your 401k during your divorce
As you enter into your divorce proceedings in Lexington, one asset that you will want to prepare for when dealing with property division is your 401k. Many often ask us here at Kajko, Weisman & Colasanti, LLP why their 401k's are considered marital assets when such account are funded through their individual employment efforts. We remind them that the income they earn from their jobs during their marriage is considered a marital asset, and given that a 401k is funded largely by one's income, it too falls under the same category. This brings us to the next important topic: how is it too be divided?
Borrowing money from family and friends for a business
You are ready to launch a business. However, banks and traditional investors are reluctant to fund your venture. Family and friends may be your best option for securing the needed funding. But you must be careful, thoughtful and have a plan in place before approaching your family and friends for business loans. Money and relationships are at stake. You don’t want to lose either of them.
Alimony, gender and taxes
Long gone are the days when getting a divorce is an unusual thing for couples in Massachusetts but simply the act of getting divorced is not the only thing that has changed over the past several decades. Even the face of divorce itself looks different today than it once did.
