bankruptcy code 541 a 1

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There is nothing like it to break for a family business in anger, the ruin Christmas. This is a time when many family businesses begin closing the annual Pounds – and family members throughout the year had large gains and large distributions dreams often get disappointed by the reality. It is also a time because many hard-cash, shrinking in sales pushed down or working hours have abated, and the payroll is.

Stress in the family as easily strained. Misunderstandings can lead to poorly chosen words. Words lead to conflicts, and presto, there goes Christmas Cheer and the goodwill down the drain or out the window.

There are a few rules of thumb to help avoid that should be all that and Standard Operating Procedure for family businesses. Remember, if they are already in force. Put them in place if you do not already have them in place. It helps not only your Christmas mood and family relationships but also the company itself

1. Only have a boss. Make sure it all agree that whoever boss.

2. Only hire people, whether family or no family on the basis of qualifications.

3. You will be notified in writing to keep everyone on a regular basis. If there is disappointment or surprises at the end of the year, it means there was not adequate communication each month during the year.

4. Declare gains, dividends, Premiums and payouts on an objective basis agreed at the beginning of each year will not be discussed at the end of the year. Make sure to maintain proper working conditions Capital and capital reserves. In other words, the payment need to provide a sound business basis, not on the basis of the family.

5. Keep the annual Meetings brief, objective, and to the point. Make sure there is ample documentation of the data in writing the last several weeks before the annual meeting quarterly. Make sure to have this meeting!

Two suggestions: First, are these hard times. Inevitably, a family member to borrow money from the family business. Bonds the economy is not good business. So instead, why not create a private contingency fund, set the rules for borrowing and interest rates before the time of publishing and the family members the details of how these funds can be accessed? Then make sure that everyone understands that there is no possibility borrow from the company itself. In some cases, the creation of a trust that receives dividends from the companies to be advisable, is do so, that included taxes.

Second suggestion: Pay attention to taxes. For example, if one of the owners of a family business dies, inherits their share of the company? What would the inheritance tax, state and federal level? Sometimes the taxes are levied on the inheritance crush the heirs or the ruin of the company. Be sure to regularly using the CPA or tax adviser must be examined. Remember to seek the advice of lawyers: better legal guidance before.

Friendship and good will end approximately $ 85.00 – if you let it. As the commercial says, some things, such as Christmas, priceless. Do not let an unnecessary Business dispute ruining it for your family or your business.

Losoncy is the president of Clean Up America, Inc., and an executive business coach. His company markets the Eloo, a waterless evaporative sanitation system. To learn more go to For inquiries about executive coaching services:

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