No matter where you are in the life cycle of your business – whether you are in early start-up phase or beginning to wind down – there are legal structures that need to be in place to ensure your business interests are protected for yourself and for your loved ones.
When starting a business, you may choose from several business forms or organizations. A variety of organizational structures are available for transacting business in your state. Choosing the proper business entity for your company is vital to the success of your project.
One of the primary considerations in selecting a business organization is protection of the owners of the business from liability. Other considerations include tax treatment by the federal and state governments, management structure, future ownership, and capitalization. State laws determine how particular entities should be set up and conduct their business. These laws are very specific and set out the legal responsibility of each business form. Taxing authorities and regulatory agencies also have laws that pertain to business. The most common business structures include:
Limited Liability Partnership
Limited Liability Limited Partnership
Limited Liability Company
We work with business owners to create a Business Succession Plan that is a road map for partners, heirs and successors to follow in the event of your death, disability or retirement. The plan can include a program for distribution of business stock and other assets, debt retirement schedules, life insurance policies, buy-sell agreements between partners and heirs, division of responsibilities among successors, and any other elements that affect your business assets. The plan may also establish the value of your business.
In the succession planning process, we work with business owners to first clearly establish their goals and objectives, as well as the company’s current human and financial resources. How much control of the business do you want to maintain? Is there someone capable of running the business once you step down? Are there key employees who must be retained? Are there sufficient assets to pay the estate tax, equalize the estate and keep the business? How much money do you need to reach your financial goals? From there, we can work together to create a Business Succession Plan tailored to your business and your goals.
Our Business Succession Plans work in harmony with your Estate Plan to ensure your overall objectives are achieved for you and your family.