2022

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  • What is a Retention Bonus and How Does it Work? Photo
    What is a Retention Bonus and How Does it Work?
    Zell Law, PLLC ·
    Retention bonuses are a valuable tool in ensuring that key employees stay employed, focused, and are committed to your company’s success after a business sale. Those employees may help seller achieve additional payouts that are earned based upon the sold company's performance.
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  • Do I Need a Management Succession Plan (MSP)? Photo
    Do I Need a Management Succession Plan (MSP)?
    Zell Law, PLLC ·
    Your MSP should contain a short-term component that outlines what would happen if you died or became disabled tomorrow. It also will include your longer-term strategy if the unexpected happens, which will vary depending on where your business falls within the three frameworks described in the next section.
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  • What is an Irrevocable Life Insurance Trust (ILIT) Photo
    What is an Irrevocable Life Insurance Trust (ILIT)
    Zell Law, PLLC ·
    An irrevocable life insurance trust (ILIT) is an effective estate planning tool designed to collect the proceeds of your life insurance from a term insurance, permanent insurance, or second-to-die policy for the benefit of your family or other heirs without incurring federal or state income taxes or transfer (i.e., estate or generation-skipping transfer tax) taxes.
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  • What is the difference between a Board of Advisors and a Board of Directors? Photo
    What is the difference between a Board of Advisors and a Board of Directors?
    Zell Law, PLLC ·
    You’re probably familiar with the role of a board of directors (BoD). A board of advisors (BoA) usually is formed by informal action. The advisors don’t have the fiduciary duties or potential liabilities inherent in a board of directors. A CEO can handpick who serves, and no shareholder or board of directors’ approval is required. The advisors are governed by contract with the business.
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  • Sole Proprietorships and the Business Owner Photo
    Sole Proprietorships and the Business Owner
    Zell Law, PLLC ·
    For anybody starting a business, the choice of entity is a crucial initial decision. A sole proprietorship is perhaps the most straightforward and least complex business entity, and it’s important to understand what a sole proprietorship is and why it may or may not be an appropriate choice for your new venture.
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  • Who Tells the Doctor to Pull the Plug? Photo
    Who Tells the Doctor to Pull the Plug?
    Zell Law, PLLC ·
    The topic of death is not common during an everyday conversation and may be difficult to discuss, however, planning for it can save both you and your loved one’s valuable time, as well as ease some stress for your family.
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  • Your Multimillion Dollar Exit – Preparing to Sell Your Business Photo
    Your Multimillion Dollar Exit – Preparing to Sell Your Business
    Zell Law, PLLC ·
    Selling your business involves some corporate house cleaning. You will want to do some due diligence before you unleash a prospective buyer on your books and records. Getting your business ready for the transaction includes a lot of steps.
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  • Who Should Be My Trustee? Photo
    Who Should Be My Trustee?
    Zell Law, PLLC ·
    The fiduciary is the executor or personal representative of your estate, the trustee of your trusts, or the agent under your powers of attorney, whether they're financial or healthcare oriented, it may be an individual. It may be a family member. If you choose a family member or friend, he/she should be financially sharp, and good with money.
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