I have clients who recently formed a business partnership. Beyond signing paperwork and filing with the Commonwealth, there are many aspects of a partnership that are overlooked. We developed a business succession plan and both partners insured each other with a buy sell life insurance arrangement. This would allow cash flow and facilitate business continuity should one of the partners step out. The plans also will provide a tax-free income stream in retirement.
We also planned for the effect of a long term disability to a partner and solved the issue with specially designed tax-free income plans.
Although we are not at this point yet, I will be able to help them obtain medical and dental insurance for their company as well as set up a retirement plan.