Q: As an employer, am I required to pay my employees sick time, vacation, and otherwise supply them with paid time off?
A: Under the Fair Labor Standards Act, there is no employer requirement to give employees paid time off. At the same time, states may vary on their time off requirements for employees, but generally there is no paid time off requirement.
Q: Where is the best place to store estate plan documents?
A: The best place to store estate plan documents is in a location where others a) know of, b) can get into when the time arises, and c) is secure. Storing the documents in a safe deposit box that a friend knows of can be a good place as long as that friend knows where to get the keys at. The location would be known, able to be opened, and secure. Hiding documents in a book or in a safe that nobody knows of or does not have the combination renders the documents useless to both you and those that are trying to help you.
Q: I have recently had my business valued. The value between what I believe the value should be and what is calculated are completely different. Why is this?
A: There could be any number of reasons for this dilemma. Valuations are based upon assumptions, figures provided, and calculations based upon them. The numbers, assumptions, and calculations may not necessarily reflect the value of the business to an owner. There are methods and procedures available to improve the value of a business to a willing buyer. It is with these improvements, a business’ value can be augmented.
By: Basi & Basi at the Center for Financial, Legal and Tax Planning for Transworld M&A Advisors