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  • Minimizing taxes upon sale of business.

    updated 1 year, 2 months ago 0 Member · 1 Post
  • Katie

    Member
    September 27, 2021 at 8:23 am

    Thank you everyone who responded to my last post. I have a follow up question. Here’s how my last post began: Pardon my ignorance folks, but I’m a novice in this stuff, and I’m trying to help my 70 year old dad sell his frozen yogurt shop so he can retire. He physically can’t handle it anymore. I apologize if this question annoys any of you. My question is about how the cash on hand figures in the valuation of a business. Here’s my question: once my dad sells his business, is there anything he can do with the proceeds – without putting it into another active business he has to manage – to minimize or avoid the tax hit he’ll take? Are there any passive investment vehicles or legal entities he can put it in to do this? (He’s currently an LLC taxed as an S Corp.) Any ideas are appreciated. Thank you again for your help in advance. – by /hq/621J3 – –

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