Because of the new tax bill, there are potentially large tax planning opportunities here. If you own a pass through business (or any business other than a C-Corp), you could save thousands in taxes over the next several years by ensuring you qualify for the maximum deduction.
All businesses are different, and risk can come from many different sources. That said, one risk common to all businesses (assuming you rely on partners or employees) is the unexpected incapacity of one. The death or disability of a key staff member can cripple any operation. Along with losing a valued member of your management team, you could also be losing a manager’s skill, “know-how” and, important business relationships he or she has cultivated over the years.