Corporate Focus Newsletter

Corporate Focus: Spring 2016

What does personal goodwill have to do with ice cream?

Generally speaking, “goodwill” is an intangible asset, often representing something owned by a business entity that is not shown on a balance sheet. Goodwill represents the value of a business as a going concern, customer relationships, brand name, etc. Personal goodwill is the recognition that in some cases, those items are owned by an individual employee and/or shareholder, and not the business entity. Personal goodwill is a saleable asset, separate and distinct from corporate goodwill, which is owned by the business.

So, what does this have to do with ice cream?

To read more, click here.

Are your business interests titled in your trust?

While the threshold to avoid estate tax is rather high ($5.45 million at the federal level and $4 million at the state of Illinois level), the threshold to avoid probate in Illinois is only $100,000 (one hundred thousand dollars) and even less in many other states.

To read more about the importance of your estate plan as a business owner, click here.

Featured Attorneys

Mitchell D. Weinstein,
Principal and
Practice Group Leader

mweinstein@chuhak.com

William P. Ellsworth,
Principal

wellsworth@chuhak.com

Lindsey Paige Markus,
Principal

lmarkus@chuhak.com

Meet the rest of the Corporate attorneys

Is there a topic you would like to see covered in the newsletter?

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The Exit Strategy

Execution of a thoughtful, strategic plan to leave a business to the next generation doesn’t just give an owner better control of an exit method, but it enhances the value of the business. An exit plan adds value by reducing uncertainty among employees and it simultaneously aligns long-term business goals. Although a business can be sold to a strategic third party or to employees, usually through an employee stock option plan, this article focuses solely on the unique issues that arise when transferring a business to family members.

To read more, click here.

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