For the vast majority of business owners, their business represents years of hard work, investment of personal resources, and a sizable portion of the family’s overall estate. This is why an effective estate plan for a business owner is predicated on having an effective business plan as well. The two should work hand in hand.
Your business plan must take into account the possibility of rapid growth, while at the same time protect against changes in the business climate and downturns in the economy. It must also protect your personal assets from those of the business. In addition, your business plan must shield the business against threats and other potential problems, including:
- Lawsuits from creditors, predators, difficult partners, former employees, former spouses, former in-laws, and many more
- The inability of family members and loved ones to reach business assets should you become incapacitated or pass away suddenly
- When and how you transition out of the business, particularly if you have concerns about your children or their spouses
- Minimizing taxes
A properly designed and implemented business plan can also enable you to receive the greatest possible return on your initial investment when you sell or otherwise transition out of your business.
At the Pasadena Law Group, we can design and implement an effective business plan to help you at start-up, exit and at every stage in between. As Pasadena Business Planning Lawyers, we understand that the best plans are the result of close collaboration with you, your existing executives, CPAs, and other key advisors. We welcome the opportunity to work with all the people whose counsel you have come to trust.
Depending on your particular situation, we can provide you with all or just some of the following services:
- Company formation
- Choice of business entity
- Structure of business entity
- Purchase or sale of a business
- Ownership issues
- General legal counsel to businesses and individual owners
- Coordination of personal, estate and business plans
- Tax planning
- Shareholder control agreements
- Voting agreements
- Buy-sell agreements
- Sales and disposition of businesses
- Succession planning
Contact us – Pasadena Business Planning Lawyers today to learn how our experience and mastery of business law can be put to work on your behalf.