May 24

The UK’s 3m family businesses account for over 30pc of gross domestic product, provide 65pc of the 4.5m private sector businesses, employ 9.5m and hand the Government £47bn in tax receipts a year, 10pc of the annual total.

However, many family businesses struggle with governance structures and an estimated 100,000 businesses pass out of family control each year because of the failure to draft succession plans or business pressures. Here Ian Hodgkinson corporate partner at Liverpool and Manchester based law firm Mace & Jones examines how to run a family businesses successfully.

According to the BDO Guide to Family Business, only 24% of UK family businesses survive through to the second generation and only 14% make it beyond the third. Ho

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May 24

You need motorcycle insurance. You’ve gotten two quotes and one is twice the price of the other. Should you just take the cheaper one? Not necessarily. In fact, with that big a price difference, chances are that you’re comparing two completely different insurance products. You need to decide what coverage you’d like and then compare prices on products that are as similar as possible. Here are seven factors to nail down when you’re comparing motorcycle insurance policies.

1. Rider Injury Coverage. If you are injured while riding your motorcycle, are medical expenses covered? Some policies do not cover your medical expenses. Many pe

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May 23

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    May 22

    We’ve talked budgeting, identity theft and college loans. Now onto a touchier topic — borrowing and lending between friends. A close pal needs help with a car down payment, or your well-to-do roommate offers to lend you cash for a trip. It’s a topic we’ve all pondered at one time another: is borrowing and lending cool between friends? Here are a few things to consider:

    1. Will the money cover wants or needs?
    If you’re trying to decide whether to loan a friend money, start by asking yourself if you want to fund what your friend is buying. If a friend who’s notoriously bad with money wants cash for a designer couch, a loan could just keep bad habits going. It’s a diff

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    May 22

    When you are about to start a business then one thing is sure that you want to be a self employed person. You will be deciding your own working hours and will be the boss of your own destiny. But starting a new venture without proper research can be quite risky. As your livelihood now depends on the success of this business, so you need to make sure that you have covered all the trouble areas related to the new venture. You need to take the business advice regarding what planning needs to be done. Along with this you also need to know that the area under your business has the sufficient demand for your product.

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    May 19

    Professional Disability Insurance

    What It Is

    So-called professional disability income insurance can address a combination of business and personal needs since the professional person’s work is the source of income that pays for both business and personal expenses. For insurance purposes, profes­sional DI policies are those written for people in certain occupations that generate incomes over $100,000 annually. Insurers write professional policies for individuals who need income replacement in the range of $20,000 to $30,000 per month.

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