Page, Lobo, Costales and Preston, PLC helps many businesses grow and form into larger businesses.
We would like to share with our readers the benefits of forming a limited partnership.
A limited partnership has both general and limited partners. Limited partners are mostly investors who do not have the same day to day responsibilities of a general partner.
The Pros Of A Limited Partnership:
Taxes – While limited partners in the partnership get to share in the profits and losses, they do not have to participate in paying personal income taxes.
Liability – A limited partners liability for the debt of the business is limited to the amount of money or property the individual partner contributed to the partnership.
No Day To Day – The general partners deal with day to day operations while the limited partners do not and are consulted for more major business decisions.
Free To Leave – A limited partner can be replaced or leave without breaking up the limited partnership.
Investment – A limited partnership offers investors the opportunity to benefit from the profits and losses of a business without them actually getting involved in the business.
If you are looking into forming a business, call Jonathon Preston at Page, Lobo, Costales and Preston, PLC.
Helpful tips to saving for your retirement.
Page, Lobo, Costales and Preston want to make sure you are avoiding financial trouble and planning for your future.
No one likes to have money worries and while we do counsel people when it comes to bankruptcy, we also want to help avoid large money issues and promote saving for retirement.
The following are 5 tips to saving for retirement:
- Save as early on as you can – It is pretty obvious but the earlier you begin saving the more time your money has to grow. Continue to build on your prior year’s gains.
- Contribute to a 401(k) – A 401(k) gives you an immediate tax deduction and tax deferred growth on your savings. Sometimes the company you work for will even match your 401(k) contribution.
- Set goals – Project how much you’ll need to save for retirement based on your needs. Be honest about how you will want to live on retirement and how much it will cost.
- Make tax efficient withdrawals – Once you retire, your assets can last longer if you withdraw money from your taxable accounts first and let tax-advantaged accounts compound for as long as possible.
- Work part time – If you stay working even just part time this will reduce the amount your nest egg you must withdraw annually once you retire.