The Chemung County Chamber of Commerce recently shared the March edition of their newsletter "Today's Chamber". The first story highlights the 26th Annual Economic Forum which was held February 20th at the Holiday Inn. John Ullman, President of John G. Ullman & Associates, was featured as a panelist at the annual event. During his presentation [...]
By Alexander K. Ognenovski J.D. Strategies for Transitioning the Business at Death or Disability. Buy-Sell Agreements – A Quick Overview: An arrangement, typically established for closely held corporations or partnerships. May name co-owners, family members, or third parties to take over or buy (at a pre-determined price) an owner’s interest in the business. May [...]
Transferring a Business during Owner’s Lifetime – What Are Your Options? By Alexander K. Ognenovski J.D. Sale or Gift to Family Members. 1. Installment Sale: • Sale of stock in the business at a gain, where at least one payment is to be received after the year of sale. • Each installment payment includes [...]
By Alexander K. Ognenovski J.D. THE SUCCESSION PLANNING PROCESS: AN OUTLINE. Safeguarding the future of your business and your family. The main goal is to design a plan that will meet the expectations and hopes of the business owner. Often the most important goals are to keep the business and family together. Therefore, it is [...]
Passed in 2017, The Safety in Agriculture Tourism Act (“The Act”) affects the liability of business owners and visitors to agriculture tourism destinations such as indoor and outdoor equine activities. In addition to limiting the business’s liability, The Act imposes duties and responsibilities on the visitors to these facilities. Who is a visitor? The Act [...]
Passed in 2017, The Safety in Agriculture Tourism Act (“The Act”) affects the liability of agritourism business owners-operators and the visitors to these destinations, including those that offer indoor and outdoor equine activities. The Act limits the owner-operator’s liability provided they comply with the duties and responsibilities imposed on them. How does The Act limit [...]
By Cynthia Rivera, J.D. A spousal Individual Retirement Account (IRA) may not be considered a traditional Valentine’s gift, but the work, planning, thought and care that goes into funding and growing a spousal IRA can be a testimony of present love and care now and for years to come. What I like about the spousal [...]
By Andrew Baron, CFP® You have built a business. You have overcome obstacles and celebrated successes. With your continued efforts, your business has provided for your family and your employees alike. When considering the sale of your business, the timing can present complications affecting others both directly and indirectly. First, the timing of the sale [...]
By Sarah Collier, J.D. Growing up on a small farm, I know all too well that farmers take pride in their hard work on the farm. It’s those memorable events like three generations working together to build a barn that are the reasons why the farmer wants the family homestead to pass from generation [...]
By Cynthia Rivera, J.D. With today’s cost of a higher education, having insufficient funds to pay for college expenses is hardly an uncommon situation. In our previous article I discussed strategies that you may use when faced with the realization that the funds you dutifully invested over the years may not be enough to [...]
