The Fifth Edition of this legal guide to business planning builds on foundational business discussions by highlighting and explaining the planning implications of recent, unprecedented pro-business changes that have caused the small business optimism index to skyrocket to record-breaking levels. These changes include those arising from the Tax Cuts and Jobs Act of 2017, The Protecting Americans from Tax Hikes Act of 2015, recent SEC rulings and more. As explained in this new edition, these changes significantly impact many core planning challenges, including: choice-of-entity planning - capital-raising challenges - entity conversions - buying and selling a business - co-owner planning - business transitions to the next-generation - executive compensation - business life insurance planning - wealth diversification strategies - and more.