Establishing a New Business
While traditional corporations are still popular, Limited Liability Companies (LLC’s) have become the entity of choice for most operating businesses. They combine tax planning flexibility with administrative simplicity, legitimate asset protection, and a built-in plan for succession of interest after the business owner retires or dies.
LLC’s provide a powerful tool for estate planning, too. Even families that do not operate going businesses may benefit from the protection and flexibility LLC’s provide, by creating a proven and reliable structure to manage and distribute family property to children and future generations.
We can help you tackle the issues inherent in owning a business. With our firm’s experience in both running businesses and helping others run businesses, we have probably dealt with whatever problem you are facing. We strongly believe in assembling a team consisting of our firm and your accountant, financial advisor, and insurance consultant. This holistic approach results in increased efficiency, more effective communication, less wasted time, and a better return on your investment.
Business Succession Planning
Have you been looking forward to the day you can retire, perhaps turn your business over to a son or daughter, or sell it? Even if you are not planning to stop working, you need to plan for the possibility you cannot run your business due to unforeseen disability or death. You don’t want the business you spent your life building to be sold for a fraction of its value because you did not have a plan.
Planning how you will exit from your business should be an integral part of your financial and estate planning. Proper planning now will result in you and your family receiving the best possible results, both now and after your retirement, disability or death. You can receive retirement income; you can transfer your business to your family, your employees or an outside buyer; you can make a difference for a charity or your community; and you can do all of this with reduced income, gift and estate taxes.