When Formulating a Business Succession Plan, the Owner Should Determine

question 79

Multiple Choice

When formulating a Business Succession Plan, the owner should determine several things. Which of the following is NOT considered?

• A) Should ownership be held by family members only?
• B) Does the owner want the business ownership to pass directly to the heirs or in trust?
• C) Are the owner and the spouse on the same page with respect to continuing the business?
• D) Should the business be sold to pay inheritance taxes?

---

Definitions:

Actual Damages

Monetary compensation awarded to a plaintiff for proven harm, loss, or injury they have suffered due to the defendant's actions.

Deceptive Act

A deliberate action intended to mislead or trick others.

Federal Law

Statutes, regulations, and legal precedents established by the federal government of the United States that apply to all states and territories within the nation.

Food Product Labels

Information provided on packaging of food items, including ingredients, nutrition facts, and expiration dates, complying with government regulations.