In this week's episode of the Maximize Business Value Podcast, we explore Chapter 22 - "Re-Examine Your Tax Status." Join us as we delve into the crucial aspects of understanding and optimizing your business's tax status.
Tom emphasizes that while most business owners can identify their corporate structure (C Corp, S Corp, LLC, Partnership, etc.), many can't explain why they've chosen that structure or when they made that decision. It's common for business owners to consult with an attorney or CPA during the initial setup of their corporate structure, but this is often the last time they revisit this important aspect of their business.
However, it's essential to recognize that business situations evolve over time. Tax laws change, ownership may shift, and what was the best structure for your business five, ten, or twenty years ago might not be ideal today.
Tom highlights the importance of engaging in a three-way conversation between you, a tax professional, and a business attorney. This approach ensures that your corporate structure aligns with your business situation.
Join us on the Maximize Business Value Podcast as we explore Chapter 22, "Re-Examine Your Tax Status." It's your roadmap to tax efficiency and optimal corporate structure!
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Mastery Partners
Elevating Businesses to Achieve The Business Owner’s Dream Exit
The unfortunate reality is that for every business that comes on the market (for whatever reason), only 17% of them achieve a successful exit. You read that right. 83% of attempted business transitions never reach the closing table. Mastery Partners is on a mission to change that. We ELEVATE businesses to achieve maximum value and reach that dream exit.
Our objectives are simple - understand where the business is today, identify opportunities for dramatic improvement, and offer solutions to enhance the business, making it more marketable and valuable. And that all starts with understanding the business owner’s definition of his or her dream exit.
Mastery has developed a 4-Step Process to help business owners achieve their dreams.
STEP 1: Transition Readiness Assessment
STEP 2: Roadmap for Value Acceleration
STEP 3: Relentless Execution
STEP 4: Decision: Now that desired results are achieved, the business is ready for the next step in the journey!
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