Setting Up Your Business for Success - Amazon … › 1575634668...Business for Success Protect &...
Transcript of Setting Up Your Business for Success - Amazon … › 1575634668...Business for Success Protect &...
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Setting Up Your Business for SuccessProtect & Preserve
YANN HARRISON
December 2019
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Recap, 2 D’s and 3 C’s please….
The 5 D’s
1. Death
2. Disability
3. Divorce
4. Disagreement
5. Distress
The 4 C’s
1. Human Capital
2. Customer Capital
3. Structural Capital
4. Social Capital
DD
CC
C
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Them, It, Me & mine ….
Me & mine, You & yours
It
Them
Human Capital
Death & Disability
Human, Customer
& Structural
Capital
Death & Disability
Human &
Structural Capital
Death & Disability
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Them
Participatory Incentives Risk Benefits
Retirement Provision
Employer
Tax deductible
No PRSI
Employee
No BIK
No medical
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It … Keyperson Cover
Tax deductible (?)
Taxable receipts (?)
Medical
Valuation (?)
Protects
Liabilities
Protects
Capital
Protects
against
losses
Protects
Profits
Ensures
Business
Continuity
Keyperson
Insurance
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How it Works
Premiums
Lump sum death benefit to offset loss of keyperson
Insurable interest
Key Person
Business Insurer
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Me and Mine, You and Yours
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Control Dilution…
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Too Many Cooks…
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How it works
Corporate
Co-director
Insurance
Life cover
Lump sum –
death / illness
Share buyback
Control retained
Dependents cared for
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Retirement Provision…
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Me
Now, is there
something I was
supposed to do
today?
Taxes
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Preserving Value…Call to Action
> Large amounts, regularly
> Defined exit
> Small amounts, regularly
> Revenue approved gift tax shelter
> Revenue approved inheritance tax shelter
> Succession structures – company, partnership, trust
> Will and Enduring Power of Attorney
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@RBK Chartered Accountants
@RBKCA
@RBK Chartered Accountants
www.rbk.ie
Thank You Yann Harrison
Director
T: (090) 6480600