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Glossary of terms used on this site

There are 73 entries in this glossary.
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K

Term Definition
Key Person

Is an individual with unique skills and knowledge that will be difficult to replace and whose loss will impact on business viability.

KeyPerson Insurance

Is a tool to protect a business. Key Person insurance is of no direct value to an employee. This type of policy must be owned by a business and will provide cash, with income tax consequence for that business following the death of an identified key person or persons.

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Testimonials

Sean says

We are in business with my parents and brother. Some land had been transferred to my brother and I and we asked Jim to prepare a immediate exit strategy in case one of us had or wanted to withdraw. We sought bank finance to improve the land. Jim was able to do that plus discover a error in how the land was transferred that the bank had missed. Since then my brother has left the state and he is being paid out exactly as we set up; no argument.