Business Life Insurance. As a small business owner you had a
dream to own and successfully operate your own business. After the ups
and downs and a tough learning process you experience these dreams
develop into an extremely profitable enterprise.
Your desire is to see the success continue. How do you guarantee this? What actions do you need to take to assure this reality? What key aspects of your business do you need to take a serious look at? It all boils down to proper planning.
What will happen to your family when you die? Have they been provided
for? Life Insurance is the solution and we can help. Compare Multiple
Quotes from Highly Ranked Carriers and Save up to 70%! Getting your
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It takes a unique type of person to make a business successful and to effectively assure its continuation. Planning for death, retirement or disability are things we just must take the time to do. Ignoring these things could be a costly mistake. It is good common sense to have a business life insurance expert work with you when looking into these things.
Key Employee And Business Life Insurance
The Key Employee is usually the backbone of the small business. The Key Employee is in many cases the business owner himself. The premature death of this person can be very costly to the business. Proper life insurance can offset these costs thereby allowing the business to comfortably readjust.
The Sole Proprietorship And Business Life Insurance
The owner of a Sole Proprietorship is not a separate entity from the business. The Sole Proprietorship and the business owner are one in the same. Whatever liabilities the business incurs so does the owner. When the owner dies so does the business. Although the assets of the business can legally be transferred to a beneficiary upon the death of the owner the business has to be dissolved. The new owner has to start a new business in his or her name. The transition period can be costly. With careful planning and adequate life insurance, however, the business can continue without much problems.
The Partnership And Business Life Insurance
Two or more people get together to form a Partnership. Unlike the Sole Proprietorship the Partnership is a separate entity. In the event of the death of one of the partners the share of the deceased partner is of immediate concern. In order to avoid a problem in this type of situation the partners have a Buy-Sell agreement drawn up. This agreement...
Business Life Insurance For S Corporations, C Corporations And Limited Liability Companies.
The S Corporation, C Corporation and Limited Liability Companies are separate entities with separate lives. The corporation is a conduit that passes gains and losses to it's owners or shareholders. A Buy-Sell agreement should be drawn up similar to that of the partnership. It would be funded by life insurance as that would be the least costly for the corporation. Upon the death of one of the shareholders the proceeds of the policy would be paid to the corporation which would in turn purchase the deceased shares from his or her survivors. This transaction is of great advantage to the heirs as well as the corporation.
A good understanding of life insurance can save the small business owner devastating problems. I have attempted here to give you a brief look at how it works. It may be wise to get the expert advice of a professional in this area if business life insurance is not an area of your expertise.
Can you think of anything more important than your Family's Security? What would happen to Your Family if you died? Would they be provided for? Compare Quality Life Insurance Quotes from Quality Carriers and Save. Click Here For More Info
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