If any privately held or publicly traded business did their books like Washington does, they would have been in jail a long time ago – forget about Sarbanes-Oxley.
In business, nothing moves faster than capital. These days—where billions can move halfway around the world with a mouse click, or professional football teams can change cities overnight—your success can be enhanced by a change in venue. Face it, some places want taxpaying, job creating, community-investing people like you, and some jurisdictions will take you [...]
It has become common for shareholders of closely held businesses to infuse and extract cash from their companies on a regular basis. These advances and withdrawals are often categorized as shareholder loans, but the documents supporting these loan categorizations are not often seen. Why should this concern you? Well, even if you call a transaction [...]
Over 90 percent of the businesses in the United States are closely held (nonpublic). More than two-thirds of those are family owned and controlled. Unfortunately, approximately 70 percent of them will not survive past the death of their founder, and 85 percent will not survive past the death of the next generation. Yet, only 30 [...]