Ukuqonda indlela abaTyalo-mali abangayenza ngayo abacebileyo kwi-Corporate Spin-Off
Yintoni i-Tax Free-Off Off-Off?
Ngexesha elide, ulawulo lwenkampani, mhlawumbi ekubongozwa kwebhodi yabalawuli , uxinzelelo lwabaontanga ukusuka kumncintisana, okanye ukukhwabanisa (abanobubele okanye ngenye indlela) evela ngaphandle kwabatshali-zimali abasebenza njengemali- mboleko , banquma ukubandakanya uhlengahlengiso olufuna ukuchitha impahla ethile okanye ukuphuma kwamashishini onke.
Xa inkampani ithe yagqiba ekubeni ihlule ishishini okanye ishishini elinalo, zikho iindlela ezintathu ezinokukhishwa ngaphandle komnyango:
- Thengisa ngokucacileyo kumqhubi, ukuthenga iqela, okanye ngomnikelo wokuqala uluntu, usebenzisa imali ukuhlawula ityala, ukuthenga i-stock , ukuhlawula isahlulo esikhethekileyo esisodwa, ukwenza iimfuno okanye ezinye iinjongo zenkampani jikelele.
- Memezela ukungeniswa kwentela kwi-shareholders ekhoyo.
- Memezela ukuhlukaniswa kweerhafu ngaphandle kwabanikezeli-mali abanamalungelo apho banokuthi bathengise amaqabane abo kwenkampani yomzali kwizabelo zenkampani esanda kumela. Oku kusetyenziswe xa ulawulo lufuna ukuvelisa inkqubo enkulu yokubuyisela yonke into ngexesha elilodwa ngokusebenza kakuhle.
Indlela yokuqala-ukuthengisa i-subsidiary - yenziwe kodwa abatyala-mali bathambekele ekuthandeni ngenxa yokuba kungabangela ukuzuza kwexabiso elikhulu kunye nokulahlekelwa kweemfanelo zerhafu ezichaziweyo, ezifumana inzuzo yokubuyisela imali .
Umzekelo odumileyo kumbali yakutshanje yinkampani yaseKraft, eyayiyithengisa ngobuqhophololo amashishini e-pizza axabisekileyo kwiinkalo zamashishini atyala uWarren Buffett, ngoko ke umnini mkhulu, othotyelwa esidlangalaleni ngokuthi "uyisimungulu"; Amazwi anamandla kakhulu kubaphathi bamazwe bemarike yemasheya.
(Ukuba unomdla wokufunda okungakumbi malunga nesi sihloko, ndakhawuleza ndabhala inqaku elixubusha ngenzuzo kunye neentlonelo ezibizwa ngokuba yi- Spin-Offs vs. Sale of Subsidiaries ezingakunceda uqonde ukuhlukana.)
Indlela yesithathu - ukuhlukana-kuye kwavela ngokuqhelekileyo kwiminyaka elishumi okanye elishumi elingaphelanga, ngokuqhelekileyo kube yintlonelo yabatyalo-mali abakhetha ukhetho lwe-spin-offs, endaweni yoko. Inyanzela abanini-nxaxheba ukuba benze isigqibo. Ukuze uthole izabelo zeshishini elitsha, kufuneka banike iikomiti zenkampani yomzali. I-McDonald's Corporation yenza oku ngePototle. USara Lee wenza oku kunye noMqeqeshi. I-General Electric yenza oku nge Synchrony.
Usebenza njani nge-Off-Off Off Off?
Ngokuqhelekileyo, inkampani yomzali ixhasa umrhumo wokuqala, okanye i-IPO , ye-subsidiary, evumela ukuba phakathi kwe-10% kunye ne-20% ye-stock ye-stock ithengiswe kubatyalomali abatsha kwiimakethe ezivulekileyo. Oku kusekwa kwimbali yorhweba kunye nexabiso elifanelekileyo. Ikhampani ibelwe isimboli sayo sekhayibhile , kufuneka ukuba ifake ifom ye-Form 10-K kunye ne- proxy statement ; kuthatha ubomi babo. Emva kwexesha eliqhelekileyo, ngokuqhelekileyo unyaka okanye ezimbini, inkampani yomzali isasaza zonke iisitoreji ezisele zihlala kule shishini elitsha elizimeleyo - elinye i-80% okanye i-90%-kubanikazi bamasheya njengesahlulo esikhethekileyo esekelwe kwindlela ethile yokutshintshiselana.
Ngokomzekelo, ukuba unayo izabelo ezi-1,000 zeNkampani ye-ABC, ibhodi yabaqondisi ingasichazela ukuba iya kuhlenga isahlulo. Bathumela isabelo 1 seshishini elitsha abaye bahlukanayo, i-Inkampani ye-XYZ, kuzo zonke izabelo ezine ze-ABC. Kule meko, uya kufumana izabelo ezingama-250 ze-XYZ njenge-spin-off. Uza kuvuswa ngelinye ilanga uze ubafumane behleli kwi- akhawunti yakho yomrhweba, i-akhawunti yokugcinwa kwehlabathi , okanye i-akhawunti yomhlalaphantsi, njengeRoth IRA .
Ziziphi izizathu I-Corporation inokufumana i-Tax-Free Off Off?
Izizathu zokuhlukana kunye neenkxaso-mali ezinokuthi zinokuhluka. Mhlawumbi le mi sebenzi ayincedisi kwinkqubo esemqoka yezo shishini, ekhonza njengento ephazamisayo. Ngamanye amaxesha, kunokuba neengozi ezivela kwi-subsidiary ezingafanelanga iphrofayili yengozi yenkampani yomzali.
Kwamanye amaxesha, ulawulo luchukunyiswa ngumnqweno wokuvumela abanini-nxaxheba ukuba banandiphe amathuba okukhula ngokukhawuleza ngenxa yomsebenzi omtsha omthembisayo okanye umncinci wokuqala weemarike . Olunye ukhuthazo oludumileyo lokukhishwa kwamashishini kukukhulula inkampani yomzali okanye umntu ongekho phantsi kolawulo lokubambisana olubopha enye yezinto zombini, ukuyigcina ekusebenziseni amathuba akhe angcono.
I-Off-Off Free Offs inokubangela ngokubalulekayo ukubuyiswa kwabakwaSabelo
Ndibhalile malunga nesi sihloko ngokuphindaphindiweyo kwezihlandlo ezili-12 kwiminyaka embalwa edluleyo, ngakumbi kwiblogi yam, kodwa kubaluleke kakhulu kubalulekile ukuphinda ixesha elilodwa: Awukwazi ukukhupha isatifiketi yesitoreji kwaye uqikelele ukubuya kwehlabathi lenene umtyalomali uza kuba namava amaninzi. Ukukhutshwa kweentlawulo ezingenzi-ntlawulo akudlala nendima encinci kuloo nto.
Cinga ngolu hlobo lweeSears. Umthengisi oyingqungquthela uye wajikeleza i-drain for years, akakwazi ukusinda njengoko ihlawulela impahla yayo ye-estate kwaye ijika into eyayisakuba ngumbuso onamandla njengoWal-Mart okanye i-Great American ne-Pacific Tea Inkampani kwi-shell yezona zinto bakholelwa ukuba mhlawumbi uya kufikelela enkundleni yebhanki. Ukususela ekuqaleni kwee-1990, kubonakala ngathi umtyalo-mali obenesitokisini uza kuba yinkcitho enkulu kwi- S & P 500 .
Akukho nto.
I-Sears iye yaxhaswa ezininzi kwiinkampani ezithintekayo kwikota yexesha elidlulileyo okanye ukwenzela ukuba ukuthenga nokugcina umtyalo-mali bekuya kubetha i-S & P 500 nantoni na ebonakalayo, kwiphepha okanye kwi-chart yesitokethi yedijithali, ukuba kube nzima ukusebenza. Uya kuba ehleli kwiipotifoliyo ezahlukahlukeneyo ezibonisa amashishini amaninzi kunye namacandelo .
Ngomnyaka we-1931, iiSears zaqala umthumeli womshuwalense wangaphakathi kwendlu. Emva kokuxhaswa nge-IPO, i-80% eseleyo yesitokisi esincinci yaxhaswa kubanikazi abanini-mali ngomhla we-30 ka-30, ngo-1995 kwisilinganiso sama-0.93 esahluko se-Allstate ngasinye kwisabelo seMpahla.
Iminyaka embalwa ngaphambi kokuba, iiflethi zahlutha isabelo sayo se-80% seDean Witter, Discover & Inkampani ngokusebenzisa isahlulo esikhethekileyo emva kwe-IPO yangaphambili. Ngokutsho kweNew York Times , ngoJulayi 1, 1993, abatyali-mali bafumana "malunga neyeshumi kwisabelo seDean Witter kwisabelo ngasinye seSears ababenabo [kwi-transaction-free]".
Abo bahlawulelwayo baqhubeka ukudibanisa okanye bahlasele ngokwabo ngokubhekiselele ekuhlawuleni izabelo zabo. Fumana Iimali, i-giant card card eqalise njenge-Sears kwikhaya lekhredithi yomnini-mboleko, yahlulwa nguMorgan Stanley.
Ukuphela Kwemihlaba Kwagqitywa ngo-2014.
I-Sears Canada yachithwa ngo-2012.
Ukunikezelwa kweeNkcazo zeeNkcenkceshi kwagqitywa ngo-2011.
Kukho amahemuhemu Amasheya aya kuthatha iphothifoliyo enkulu ye-real estate, ayifake kwi -REIT esebenzayo yerhafu kwaye axhaswe ukucinywa kwayo, nayo.
Nangona umthengisi uya kuphazamiseka, abatyali-mali bexesha elide baya kuba banotyebi kakhulu kwiindawo zabo kuba benamathele kuyo ngoxinzelelo kwaye bancinci. Ihlawulela ukucinga ngokucwangcisekileyo, gxininisa utyalo-mali olude kwaye ukhumbule ukuba ukubuyiswa ngokupheleleyo , kungekhona imali yentengo, ebalulekileyo ekupheleni.
Le patheni iphinda iphinde iphinde iphinde iphinde iphinde iphinde iphinde iphinde iphinde iphinde iphinde iphinde iphinde iphindwe Ngaphambili ndathi uSara Lee. Emva kokuziphulaphula, ukuthengisa ihafu yesibindi kwi-firm-based coffee firm, abafakeli-mali bexesha elide babeya kuphelisa nge-spin-offs e-Hillshire Brands, umenzi wezinto zonke ukusuka kwi-sausages ukuya kwi-cheese, kunye ne-fashion house Coach, oye wafumana ukukhula okuqhubisayo kangangokuba ekugqibeleni ubukhulu becala lenkampani yomzali wangaphambili (ekugqibeleni eyona nto yahlukana, kungekhona ukuhlulwa; kufuneka ukuba ukhethe ukuthabatha inxaxheba ukuba ufuna inxaxheba). I-Hillshire Brands yafunyanwa yiTyson Foods, iprojekthi yeesibini ezinkulu kunazo zonke ze-ngulube, inyama yenkomo nenkukhu.
Mhlawumbi ininzi idumiweyo yezohwebo ngexesha lonke yayingekho enye intengiso kodwa, kunoko, uchungechunge lweziganeko ezaziphuma kumdala uFilipu Morris. Inqaba yecuba ityundela i-subsidiary yayo yaseCraft, eyaza yahlukana nayo kwiCraft Foods Group kunye ne-Mondelez International, emva koko eyayidibanisa noHJ Heinz, i-ketchup giant. Yayiqamba iqela i-Altria Group yabuya iqhekeza ukwahlukana kwayo ngamazwe ngamazwe njengoFilipu Morris International. Umtyalo-mali onamathele kwi-spin-off nganye kunye nokudibanisa ngoku uqokelela igalelo kuyo yonke into evela kwiCadbury chocolate kunye nee-cookie ze-Oreo kwikofi yaseMaxwell House kunye ne-coladelphia cheese; i-e cigarettes ukufuna ugwayi. Ivule ubuninzi obungabonakali bobuncwane obuncitshisayo abanini bemigangatho ehloniphekileyo ngemali banokuthumela abantwana babo nabazukulwana babo kwikholejini.
Ngaba Ufanele Ukubamba Ukushiya Kwequmrhu okanye Ukuthengisa?
Ekugqibeleni isigqibo malunga nokuba okanye ukungabi nobuni kwi-spin-off ye-tax free off to a particular situation. Akuyiyo yonke i-spin-offs esebenza kakuhle. Udinga ukufundela inkampani esandula ukuzimela njengoko unokwenza enye inkampani kwaye uzibuze ukuba ubungayivuyiswa ngokuyithengayo ukuthenga okokuqala, kwakungekho nxu lumano lwakho lwabiwo lwangaphambili. Ukuba impendulo "ayi" - mhlawumbi ayifanelekanga imeko yakho okanye iimfuno zengeniso engenayo - kungabulumko ukuba uhlawule izabelo uze uzibuyisele into efanelekileyo.