The concept of personal goodwill, though not widely known, is an important one to attorneys, accountants, and business people. Knowing and understanding personal goodwill provides an upper hand in issues where business assets are a key component. In this program, Roman A. Basi, attorney, certified public accountant (CPA), registered real estate broker, and President of The Center for Financial, Legal & Tax Planning, will discuss the effects of personal goodwill in business transactions and divorce cases.
Personal goodwill is a key element in the purchase or sale of a business. The separation of company goodwill from personal goodwill can have a major impact on the taxes paid by a seller of a business. More specifically, based on the corporate entity’s elected tax status, personal goodwill could be the ultimate determinant on a seller’s net cash when selling a business. Moreover, personal goodwill plays a role when a business owner is faced with a divorce. It is very important, when valuing a business that is subject to a divorce case, that the parties determine the value of the personal goodwill of the spouse that exercises ownership in the business. Ultimately this course will provide the need-to- know information when dealing with personal goodwill.
Examine how personal goodwill can affect business transactions, especially ones that may involve a divorce
Identify and understand the legal rules associated with personal goodwill
Develop policies for the allocation of personal goodwill in business transactions and contracts
Roman Basi, raised in Southern Illinois, began his working career at a young age umpiring little league base-ball games. He spent his teenage and college years working for his father’s varied business interests. These experiences helped develop his future interest in helping small business owners fulfill their business and succession plans.
He graduated from Millikin University obtaining a Bachelor’s of Science Degree with a minor in Psychology. After receiving his degree, he continued his studies earning an MBA from Southern Illinois University with an emphasis in Accounting. He continued on to law school receiving his JD (law degree) from Southern Illinois University. He is a licensed attorney in Illinois, Missouri, Florida and Arizona. Roman is also admitted to the United States District Court for the Southern District of Illinois, the United States Court of Appeals for the 7th Circuit, and admitted to practice in the United States Supreme Court.
Roman is also a licensed Certified Public Accountant (CPA). Roman is also a licensed Managing Real Estate Broker in Illinois with Heartland Realty & Rentals, Inc., a licensed Real Estate Sales Associate in Florida, a licensed Title Insurance Agent with ATG Fund, Inc. and a licensed Private Pilot with an Instrument Rating.
Over the past several years, Roman has worked on many business transactions and has lectured to various regional and national audiences throughout the country, including extensive work in the continuing education field for Attorneys and CPA’s as well as providing the education necessary for the Voluntary Tax Return Preparer Registry with the IRS. From these venues he has personally met and worked with business owners through-out the United States. He is President of The Center for Financial, Legal & Tax Planning, Inc. (DBA Basi, Basi & Associates) and is in high demand by business owners for his expertise in financial, legal and tax matters.
Roman has been published in the following publications: The Illinois State Bar Association Section on Federal Taxation, Productivity, Agency Sales, Industrial Distribution, Supply House Times, Distributor Link and the I.D.A. Management Journal.
Roman enjoys working with his father and with their national clientele. He is responsible for many of the legal contracts produced by The Center for Financial, Legal & Tax Planning, Inc. His areas of expertise include mergers and acquisitions, contracts, real estate law, tax and estate planning.
Roman is very active in his local community and is a member of numerous associations, and Boards of Directors and has served on various committees. He currently serves on the International Business Brokers Association Education Committee. He participates in the Illinois Department of Transportation Adopt-A-Highway Program. Roman is also a current member of the Arizona, Florida, Illinois and Missouri Bar Associations, the American Institute of CPA’s (AICPA) as well as a past member of the National, Illinois, Florida, Sarasota and Egyptian Boards of Realtors. He has previously served as a member on the Illinois State Bar Association’s Federal Taxation Section Council Committee, Director for the Illinois Association of Realtors, Officer and two term President for the Egyptian Board of Realtors, Director for the Marion, Illinois Chamber of Commerce, and volunteer for the Women’s Center of Carbondale, Illinois.
Roman and Brandi, his wife of 20 years, have two children: Marissa (18) and Alexis (16). They reside in Marion, Illinois. He enjoys spending time with his wife, attending his daughters’ various activities, playing golf, flying a 1982 Piper Saratoga and is an avid St. Louis Cardinals’ and Tennessee Titans fan.
An excellent presentation. One of the most informative I’ve seen on Lawline.
Thanks! Interesting introduction to goodwill.