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Business Formation and Succession
One of the biggest mistakes a business owner can make is to put off proper planning. The opportunity costs of putting off planning until a major event (such as a lawsuit, sale, retirement, disability or death) can be very damaging to the business and to the owners. We can help you to build planning techniques into every stage of your business.
Consider:
- The implications of your choice of entity, including taxes, asset protection and succession planning
- Including others in the ownership by gifting or selling
- Tax planning well in advance of a public offering or other value-exploding event
- Developing a plan for retirement, disability or death
- A buy-sell agreement to protect owners in the event of dispute, bankruptcy or other unforeseen circumstances
- Limited Liability Companies
- Discount Entities in Estate Planning
FYI
Buy-sell agreements are as important for small family businesses as they are for unrelated parties. Consider the five d's - divorce, debt, disability, disputes and death. If any of these events impacts an owner, it can cause a lot of harm to an unprepared business. If you are in business with a family member, consider what happens with his or her interest in the business in the event of death, divorce, etc.
