Description:The Business Owner Planning (Business Succession Planning) Department works to develop a plan with business owners to ensure a smooth transition and continuation of a company upon the death, disability, retirement or sale of a business owner’s company. With a focus on asset protection and business preservation, our key services in Business Owner Planning include:
1.Selection and Formation of the most Suitable Entity for your Business: If you require assistance in selecting or forming a business entity that best suits your needs, whether that entity be a Corporation, Partnership, or Limited Liability Company, we can advise you and provide the services necessary to form the appropriate entity for your business.
2.Drafting and Structuring an Operating/Partnership/Shareholders Agreement tailored to your Business: If your business needs an Operating, Partnership or Shareholders Agreement that is tailored to meet the specific needs of your business, then we can work with you to develop, draft, and execute the appropriate agreement to suit the needs of your business.
3.Drafting and Negotiating Buy-Sell Agreements: If your business needs a buy-sell agreement to set forth the procedures upon the death, disability, or retirement of an owner, in order to provide for a smooth transition of the business in all phases to the remaining or new owner(s), than we can counsel, negotiate, and draft a buy-sell agreement that meets your business’ needs.
4.Advice and Consultation on your Business’ Existing Structure and Plan: Do you own a business and have already formed an entity, or executed an operating agreement or buy-sell agreement, but you are not sure whether the plan that you put in action is appropriate for your business’ needs? If so, we can review and consult with you regarding your plan, and change the existing plan to meet the needs of your business if necessary. If you are a Business Owner and you have questions regarding your business, call us to schedule an appointment to get the answers you need.
Types of Services
•Selection and Formation of Suitable Entity for a Company (Limited Liability Company, Partnership, or Corporation);
•Drafting or Comprehensive Review, Analysis, and Updating of existing Buy-Sell Agreements;
•Drafting or Comprehensive Review, Analysis and Updating of existing Operating, Partnership, or Shareholders Agreement;
•Implementation, Review, and Updating of Business Succession Plans;
•Drafting and Implementation of Note Sale in the Transfer of a Company;
•Transfers of ownership interests in a Company to an Intentionally Defective Grantor Trust as part of the Implementation of a Wealth Preservation Plan;
•Consult and/or Review the funding of a Buy-Sell Agreement, including Analysis of the proper Insurance Coverage (Life, Disability, Key Man or other insurance coverage) for Business Owners;
•Consult and/or Review Tax and Financial Planning of the Company.
.