Business Succession Planning
If you own a business, it may be important for you to keep that business in your family. In addition to understanding the dynamics among family members, there are corporate law, income tax law and estate tax law implications to be considered. It is easy to forget to plan for the continuity of your business after you no longer wish, or are no longer able, to work. Fortunately, there are steps you can take to insure that your business is successful after you are no longer able to control it. As you well know, running a business can be complicated and it is important to train someone else to maintain control of the business should you no longer be able to run it.
One of the most important aspects of preparing your business to be run by another person is giving them legal control of the business. Another option in business succession planning is to allow your partners to maintain control of the business. Whatever you decide to do, there are a variety of business estate planning tools to enable you to help your business succeed in the future.
Business succession planning can never start too early and should be addressed at creation. In addition, the business succession plan should be reviewed on a regular basis to ensure that the plan still meets the realities of the business and the family relationships. Curnalia Law, LLC, can assist in drafting a business plan and an estate plan that incorporates your business succession plan needs.