What is Business Planning?
Approximately 70% of family-owned businesses do not successfully transition to the second generation, and about 90% do not positively transfer to the third generation. A plethora of situations must be considered prior to your passing if you own a business.
You must determine who will run the business, who will control the stock of the business, and who will take over the business after you pass away. Properly created estate plans should address if you want the business to continue after your death, as well as who should run the business and control the stocks. However, before making these decisions, it is important that the business owner discusses the options with those involved, including the family and business partners. After everyone reaches a conclusion, a business plan may be created within an estate plan.
If you wish to construct a business plan, contact Pederson Law Offices. We can help business owners with:
- Entity Formation: Selection of the proper business entity can provide benefits both during your lifetime and upon your passing. From liability protection during operation of your business to use as a wealth transfer vehicle, the proper business entity can serve many purposes. However, selection of the legal entity is critical, and many factors need to be analyzed. We will guide you to ensure proper selection of your entity as well as the ongoing maintenance of such.
- Buy / Sell Agreements: Our firm has the ability to assist business owners with buy/sell agreements and general business agreements. A buy/sell agreement is ideal to establish as soon as a business begins. It protects business owners if a co-owner becomes disabled, passes away, or voluntarily wishes to leave a company. A properly structured buy/sell agreement not only protects the business and the current business owners, but also protects the disabled, deceased, or retiring business owner and his or her family. We may also assist with creating business contracts. Our team knows who and what needs to be involved in constructing a business agreement, in order to prevent legal issues from arising at a later date.
Business Planning with a Ventura County, CA Lawyer
Please contact an attorney from Pederson Law Offices if you are interested in starting your own business and need contract and agreement or entity formation assistance. Our lawyers are more than happy to help the residents of Thousand Oaks, as well as individuals throughout Ventura County. We have been assisting people with business law, probate administration, and estate planning issues since 1978, and we have the ability to help those who require legal support.
Call our office today at (805) 495-3444 and schedule a free, no-obligation, 30-minute consultation.