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If you own a business, whether in Miami, South Florida or beyond, getting an appraisal of the worth of your company can bring many advantages. However, the costs associated with conducting a business appraisal can be prohibitive. These costs can put business owners off, but as any business broker worth their salt will tell you, not carrying out such an appraisal is a mistake. What follows is a list of important reasons why you should consider conducting a business appraisal in Miami even if you have no plans of selling your business any time soon.
1. Transferring Shares to Unincorporated Parties
In the United States, business owners are legally permitted to gift shares up to an exclusion amount of $14,000 to an unincorporated party such as a child or relative before being subject to federal gift taxation. A business appraisal at the time of transfer can help you know the value of your shares and whether your gifts comply with IRS requirements.
2. Securing Investment
Attracting new investment for your business usually proves impossible if you cannot supply potential investors with a comprehensive breakdown of how much your business is worth. While different metrics can be used to calculate the value of a business, using an accredited, third-party business appraisal is recommended.
3. Donating to Charity
An advantage of giving to charity may be that your business receives certain tax deductions for your generosity. In order to qualify for tax deductions, you first have to provide the IRS with an accurate and up-to-date valuation of your business. The best way to do this is by carrying out a business appraisal.
4. For Divorce Proceedings
On top of the emotional stress that can accompany divorce, the legal proceedings involved could have important financial implicatio… Read More
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