Sole proprietorships are the most simple forms of business to set
up. When people start in business this is the type of business most
The business is not a separate entity. The owner of the business and the business itself are one in the same. The day to day responsibilities of running the business falls on the shoulders of the owner.
All the assets are his and all he enjoys the profits generated by this business. The business is managed by the owner and there is no board of directors.
Because the sole proprietor is the business all liabilities connected to the business are also his. All the personal assets of the proprietor are exposed to all debts and liabilities incurred by the business
Compare Multiple Quotes from a Highly Ranked Carrier and Save up to 70%! Getting your quote is easy and FREE. Click Here And Save
The Advantages Of Sole Proprietorships.
Here are some advantages to owning a sole proprietorship.
The Disadvantages Of Sole Proprietorships.
There are also disadvantages to owning a sole proprietorship. Here are some of them.
All income and expenses of the business must be included on the owners Form 1040 for income tax purposes. They are reported on a Schedule C attached to the Income Tax Return Form.
Why should the owners of sole proprietorships
buy life insurance?
As a sole proprietor you maintain the responsibility to see that your
business operates efficiently and at the same time you must ensure that
family is protected
in the event of your death.
You must set up a buy-sell agreement naming a specific person or persons to take over the business. This is usually a family member but could be a key Employee. The buy-sell agreement is a legal entity and is binding. The most efficient way to fund this agreement is through life insurance.
Family Member Buying The Business
If your buy-sell agreement states that a specific member of your
family will take over the business the bickering and disagreement that
sometimes arise over an estate will be eliminated. Moreover, the
purchase of the business will be funded by life insurance thereby
providing ready cash for the purchase.
Key Employee Buying The Business
If the key employee is taking over the business it may be difficult to come up with sufficient funds to buy the business over a reasonable period of time. The family surely will want settlement as quickly as possible. If the buy-sell agreement is funded by life insurance there will be sufficient cash for the transaction.
There is nothing more important than your family's security. What would happen to your family if you died? Would they be provided for? Compare Quality Quotes and Save up to 70%! The process is Fast, Easy and FREE. Click Here To Learn More
Business Life Insurance Sole Proprietorships Partnerships S Corporations C Corporations Limited Liability Companies 5 Year Term Life Insurance Policy 10 Year Term Life Insurance Policy 15 Year Term Life Insurance 20 Year Term Life Insurance 25 Year Term Life Insurance 30 Year Term Life Insurance Universal Life Insurance Quote Advantages Of Whole Life Insurance Term Life Insurance Rates Affordable Life Insurance Annual Renewable Term Life Insurance Best Life Insurance Policy Cashing A Life Insurance Policy Cash Values Cheapest Life Insurance Financial Planning Free Life Insurance Quote Graded Premium Life Insurance Incontestability Individual Disability Insurance Inexpensive Term Life Insurance
Copyright © 2004 - 2019 LifeInsuranceHub.Net. All Rights Reserved.
The amount of spendable income an individual has helps determine what is affordable life insurance.
You have been hounded by life insurance agents from your senior years in college. You just didn't see the need to buy personal life insurance.
Some people don't understand how you can buy term life insurance with no medical required. They are under this illusion that in order to issue such policies the premiums have to be higher than the nor
Term life insurance no exam necessary. These days, it appears that, everyone wants to buy term life insurance.
Finding the best term life insurance policy can be a very tedious exercise. What really is the best? It is important to make a decision as to why this life insurance is needed in the first place. We t…