Business Succession Planning

Owners of successful businesses are faced with numerous challenges and opportunities when planning for the orderly transfer of their business interests during life or at death. Whether a sole proprietorship, closely-held corporation, general partnership, limited partnership, limited liability company, S-Corporation or any other form of enterprise is involved, the owner of a business interest needs expert advice in dealing with the many issues that arise in planning for the future.
Business succession planning is imperative to avoid disputes over ownership and control of the business after you are gone. At the The Pollock Firm LLC, we provide advice and counsel to business owners in all aspects of business succession planning including:
  • Estate Planning—A business succession plan must be coordinated with your overall estate plan to ensure that your assets will go where you wish them to go and that you designate appropriate people to carry out your plan. A business succession plan may also involve Planned Gifting of business interests to your heirs or trusts for their benefit.
  • Tax Planning—Minimization of state taxes and federal taxes, including capital gains taxes, federal income taxes, state income taxes, federal estate taxes, state estate taxes, state inheritance taxes and business payroll taxes is imperative when creating any business succession plan.
  • Business Formations—Creation of limited liability companies, general partnerships, limited partnerships, C-Corporations and S-Corporations
  • Creation and review of shareholder agreements, operating agreements and partnership agreements.
  • Structuring sales of business interests, including drafting Buy-Sell Agreements.
  • Advising you on the appropriateness of funding mechanisms for Buy-Sell Agreements – It is vital that you ensure your that there is proper liquidity to pay for the purchase or sale of any business interest. It is also essential to ensure that you have enough liquidity to pay for any
  • Ensuring that Corporate Records are properly maintained (such as Corporate Minutes and Banking Resolutions).
  • Drafting employment agreements and independent contractor agreements.
  • Business restructuring, such as tax-free reorganizations.
  • Helping to you to identify exit strategies
  • Helping you obtain Key person insurance.

For more information on Business Succession Planning, please visit my blog: Kevin A. Pollock BLAWG

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