Small Business Chapter 2
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Estate Planning
Preparing for the orderly transfer of the owner's equity in the business when death occurs
Buy-sell agreement
Provides for the corporation to buy back a shareholder's stock when he or she leaves the company
Family limited partnership
allows business owners to pass assets to heirs with a minimum of income and estate tax costs while retaining control of assets during their lifetime
Living trust
resembles a will but, in addition to providing for distributing personal assets on the maker's death, it also contains instructions for managing those assets would the person become disabled
