This month’s Business Bytes highlights sale representatives, like-kind exchanges, and aging trustees.
Sales Representatives. The right sales representative can be a substantial asset to your business. Once you find the right representative, you need to ensure you retain him or her and protect your business as well. Engaging and retaining a good sales representative begins with a written agreement that complies with applicable laws and regulations. READ MORE.
Like-Kind Exchange. Taxes on the gain from the sale of commercial real estate can be deferred by engaging in a like-kind exchange pursuant to IRS Section 1031. If you sell a qualified property and timely use the proceeds to acquire a qualified property you can upgrade without creating a taxable event. While the rules are tricky and require strict compliance, there are many services and experienced attorneys available to guide you. READ MORE.
Aging Trustees. If you appointed guardians, power of attorney holders, trustees, or executors for your care or estate plan years ago, it is important to review those selections periodically. Their situations, abilities, and relationships may not be the same as they were when you appointed them. While your estate and life care plans may still be good, be sure those you entrusted to fulfill them are still able to do so. READ MORE.
