Each business has its own goals, structure, and personality. There is no one size fits all to business decisions, whether it is for forming a business, maintaining the business, or making a business succession plan. Business decisions leave a lasting impact. Business owners should carefully consider their options at each step of the way. The Law Office of Jeremy D. Price can assist you in analyzing the options and helping your business stay on the successful path.
What type of business? This is one of the first questions that is answered when an individual or a group first decide to start a business. How business owners answer this question determines the basic structure of the business, liabilities, taxes, and how well business owners are personally protected. The different options available to business owners should be carefully considered.
The most common types of business entities include: sole proprietorships, corporations, and limited liability companies (LLCs).
Business Succession Planning
Succession Planning is determining what happens when you no longer want to or can no longer operate your business. It is not required and is therefore an often overlooked issue when setting up a business or operating a successful mature company. A succession plan is a key part of both a business and estate plan.
The Law Office of Jeremy D. Price works closely with business owners to ensure that a proper business succession plan is in place before it is actually needed. Owning a business often includes persevering through difficulty and developing an emotional attachment to what they created. Thinking about one day leaving the business may seem difficult. Planning can provide peace of mind that your business will be taken care if something happens to you. It also can protect you from being forced into business with your partner’s spouse or heirs.
Succession planning is a complex area. The Law Office of Jeremy D. Price can work with you and others to deal with the legal, accounting, investment, and insurance issues involved with creating a plan that meets your needs.