If you are like the vast majority of the business owners we represent, your business represents years of hard work, a substantial investment of personal assets and a significant portion of your overall estate. This is what makes business planning an essential component of any business owner’s comprehensive estate plan, and why a business owner should have his or her business plan designed by an attorney who focuses on this area of the law.
Your business plan should take into account the possibility of your business growing rapidly, while at the same time protect against downturns in the economy. It should also shield your personal assets against business setbacks, losses and potential threats, including:
- Frivolous lawsuits
- The possibility of you becoming incapacitated or passing away suddenly
- The timing and manner of your exit from the business
- Tax minimization
- Difficult partners, employees or former employees
Finally, your plan should ensure that you receive the greatest possible return on your investment of time and money when you transition out of the business.
At the Law Offices of Clifford M. Cohen, we can design a business plan that helps you at start-up, exit and at every stage in between. We understand that the best plans are the result of close collaboration with your existing executives, board members, attorney, Certified Public Accountant, and other key advisors. Depending on your particular needs, we can provide you with all or just some of the following services:
- Business formation: incorporation, forming a partnership, limited liability company (LLC) or other organization
- Business planning: Preparation of by-laws, operating agreements and buy-sell and cross-purchase agreements
- Corporate filings and records such as annual meetings, minutes and resolutions
- Financing and taxation
- Contract negotiations and corporate transactions
- Mergers, acquisitions and divestitures
Discover how our extensive experience, and mastery of business law can be put to work on your behalf, and why so many business owners turn to us for counsel. Contact us today for an initial consultation.
Business Succession Planning
The amount you ultimately earn from your business is determined not just by the efficacy of your original business plan and transactional acumen, but also by your succession strategy. Unfortunately, many business owners don’t think about the most profitable way to transition out of their business until just before they attempt to do so. We believe, and recommend to all of our clients who own a business, that a succession plan should be in place at least three years before you expect to exit your business.
We can design and implement a plan that allows you to leave your business when you want, how you want, and to the people you want. If your goal is to leave your business to members of your family, we can show you the best ways to do it, and how not to do it. On the other hand, if you want to sell your business outright, we can make sure you receive the maximum price and pay the least possible amount in taxes. With proper succession planning, it is even possible to earn as much from your business after you sell it as when you were still running it. To learn more, contact us to schedule a consultation.