Business planning involves advising clients on the most advantageous way to structure a business, to acquire and hold major assets for the business and to attract and retain key employees. For example, should the business be established as a proprietorship, a corporation, a partnership or a limited liability company. The choice of entity depends on the nature of business activity to be carried on, the risks involved in the activity, the role financing will play in the activity, the future plans of the client and other important issues. Business planning also encompasses advising existing business owners how best to provide for the trouble-free management of the business by the avoidance of disputes among co-owners and between the owners and employees. The business planner can provide advice to the business owner in deciding whether real property, machinery, and equipment should be acquired by purchase or lease and whether they should be owned by the business itself or by a separate entity. Designing employee benefit plans such as stock options and phantom ownership plans in order to attract and retain key management is also the province of the business planner. Finally, planning for the retirement, death or disability of an owner or key member of management is an aspect of business planning which is essential to the security of the business owner’s family and the preservation of the value of the business should the services of the owner or key manager no longer be available to the business. Although there are other aspects of business planning, those mentioned above are some of the more important ways Stefani & Stefani can be of assistance to you or your business.