Chart Your Course
In today’s uncertain economic environment and as business needs change, it is wise to prepare your company for the future. Our practice will work with you every step of the way from the creation of a new business entity, through its growth and maturity into an operating business, to passing it to family members or its ultimate sale or dissolution. The structure chosen for a business can make a big difference in the liability exposure of the owners and in the income tax burdens of owning, operating, and/or selling the business. Let us help maximize your opportunities and create a plan for tomorrow.
We assist clients in deciding whether to form a corporation, limited liability company (LLC), or a general or limited partnership. We also assist in decision-making, preparing partnership agreements, shareholder agreements and operating agreements that govern the relationships among owners, as well as employment and non-competition agreements and other business contracts. A well thought out agreement among owners of a business can avoid or minimize the opportunities for future disputes.
Family owned businesses create special opportunities. The business is often the primary source of the family’s net worth and income. Proper planning can improve the chances that the business can continue to grow and prosper, even as the founders wind down their involvement and pass the business to the next generation (if such a decision is appropriate). The owners of a family business should also coordinate their business needs and objectives with their estate planning desires and our attorneys can assist clients in that process.
When and if the time comes to sell a business, we can assist clients in negotiating the agreements that govern the sales transaction. The structure of a sale (an asset sale or a sale of the ownership interests) can make a big tax difference and qualified advisors are critical from the beginning of negotiations. Conversely, we can also advise a buyer of a business regarding the form of purchase designed to yield the best business and tax results.
The owners of a business can create a liability shield to protect their personal assets from creditors of the business. A properly formed business entity can provide that protection if certain formalities are respected with respect to the form of business chosen. We can help you make sure that your personal assets will be protected.