We routinely work with business owners by helping them develop a plan to minimize personal liability exposure, protect the business from unnecessary taxation, and eventually transfer ownership of the business to the appropriate persons, trusts or other business entities. We often deal with business related issues in the context of a client’s overall estate plan, but in so doing we give special attention to the unique issues associated with a family-owned business.
More specifically, we assist business owners with the formation of the appropriate legal entity given the nature of their business as well as their long term goals and objectives. Examples of entities we have created for our clients include corporations, partnerships and limited liability companies. We also draft Buy-Sell Agreements, which provide the terms for the eventual sale of an owner’s interest back to the business itself or to the remaining owners.
Finally, we develop a succession plan for the eventual tax efficient transfer of a business to those persons or entities selected by our clients. In helping our clients with business succession planning, we often help our clients develop and implement a succession plan by counseling them as to the best methods for passing a business to the next generation.
In working with our business owner clients, we respect the hard work they have put into making their businesses successful, and we seek to honor their commitment by putting together a plan based on careful consideration of the complex issues that face each and every business entity.