Succession planning is the process of passing on the leadership of a company to others. Often, it involves training employees internally or recruiting qualified individuals from outside the organization.
No one is guaranteed to stay with any given company forever. A business’s current executive leaders and owners may retire, move on to other opportunities, or pass away, leaving a void that needs to be filled.
Asset protection for business owners can be complex, especially when business activities may put personal property at risk. Fortunately, there are many strategies business owners can use to protect personal and business property.
One of the most effective asset protection strategies is the limited liability company. LLCs separate the owners’ personal assets from those owned by the business, so if the company comes under fire, the owners’ personal belongings are kept safe from seizure.
Regulations, business trends, and socioeconomic factors can all impact the way corporations are run. As those factors change, so too will corporate governance best practices. In 2020, some of the major trends that corporations will need to account for are:
Your business’s intellectual property is among its most valuable assets, and it’s important to protect it. However, there may be instances where it is advantageous to let other entities make use of your patents, trademarks, and other IP.
Licensing your intellectual property can yield various benefits to your business, but it does come with its risks as well.
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