SES client Modern Group welcomed Representative Fitzpatrick from Pennsylvania's 8th District to tour their Bristol facility and meet with employees.
Dave Griffith, CEO of Modern Group, gave the Congressman an overview of the company and its ESOP, and asked for his support of the current pro-ESOP bill in the House, HR 1244. He also requested that the Congressman voice his opposition to the proposed DOL regulation that would make appraisers ESOP fiduciaries. Rep. Fitzpatrick was supportive of both of these initiatives, ...
S. 1512 has been introduced by Senators Benjamin Cardin (D-MD), Pat Roberts (R-KS) and Olympia J. Snowe (R-ME) as the Senate counterpart to H.R. 1244, the “Promotion and Expansion of Private Employee Ownership Act of 2011.” If passed, S. 1512 will:
Permit owners of S stock to sell the stock to an ESOP and defer the capital gains tax on his/her gain if the proceeds are reinvested in the equities of U.S. operating corporations as owners of C corporations stock have done ...
Philadelphia, Pa. – September 16, 2011 – SES client Eileen Fisher is quoted in the How We Got Started section of CNNMoney.com.
"Over the years we considered whether we should sell the business or go public, but none of those things ever felt right. We tend to make longer-term decisions, so we thought reporting quarterly profits might not work for us. We also wanted our employees to have a sense of ownership. In the early days I gave people profit sharing. ...
When business owners think about succession planning, they often picture selling to a competitor, a private equity firm or their management team. But there’s also a lesser-known option that can ensure business continuity while reaping tax benefits and motivating loyal employees — an Employee Stock Ownership Plan, or ESOP.
To read the full story from the Northern California edition of Smart Business, visit www.sbnonline.com.
House Resolution 1244, the Promotion and Expansion of Private Employee Ownership Act of 2011, was introduced by a bi-partisan group of key members of the House Ways and Means Committee. H.R. 1244 has four main objectives:
Permits owners of S stock to sell the stock to an ESOP and defer the capital gains tax on his/her gain if the proceeds are reinvested in the equities of U.S. operating corporations
Permits lenders to S corporations with 50% or more ESOP ownership to exclude ...