NC General Assembly Comments Evaluation Form Family-business owners, like others, must plan for the future.
Death is inevitable, retirement is likely, and disability is possible.
Some owners want to pass the business to the next generation, while others may want to sell the business outright. To protect a business and the hard work and investment it represents, owners must carefully consider the financial, tax, and management decisions that need to be made to ensure the smooth transition of the business to the new owners. Consider buy sell agreements and form of business ownership Sole proprietorships Corporations Limited liability companies and family limited partnerships Conclusion Estate taxes for the family business Estate taxes can be an extremely burdensome expense to the heirs of the owner of even a small business. Congress has recognized the burden placed upon families faced with the dilemma of whether to sell the business to pay taxes. In 1998, Congress passed the latest legislation to reduce the estate taxes for family-owned businesses.