If you are like the vast majority of the business owners we assist, 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. It is also why any business owner should have his or her business plan designed by an attorney who focuses on this area of the law.
Key Facets of a Comprehensive Business Plan
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 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
Your plan should ensure that you receive the highest possible return on investment for your time and money when you transition out of the business. Many of these considerations are often overlooked by those who attempt business planning independent of legal counsel. Acquire the services of an attorney who can help ensure that you have all bases covered while also taking your concerns into account.
The Role of a DC Business Planning Lawyer
The DC business planning lawyer at the Law Offices of Clifford M. Cohen can design a business plan that helps you from start-up to exit and 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 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 to your benefit. Contact us today for a free initial consultation and find out why so many business owners turn to us for counsel.
DC 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. This is a problem in several respects.
If your plan is to sell, there may not be time to maximize the value of the business. If you plan to keep the business for your loved ones, there isn’t time to groom the next CEO or ensure that there are enough funds available after payment of taxes to operate the business. And, what if you die unexpectedly? In that case, your heirs may be forced to sell the business at a substantially reduced price. Accordingly, we recommend to all of our clients who own a business, that they create a succession plan as soon as possible even if they don’t intend to exit the business anytime soon.
If you plan ahead, 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. Whether your goal is to leave your business to the next generation or sell your business for the maximum price, we can show you the most efficient way to do it while paying the least amount of tax.
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.
Get Professional Help from a Seasoned Attorney
If you are the type of person to open and operate a business, you understand the vitality of having a plan in place. Ensure that your business has the legal backing it needs to thrive for many years in advance by securing the legal counsel of an experienced business planning attorney. The DC business planning lawyer at The Law Offices of Clifford M. Cohen is well-versed in the complex aspects of business planning and can help guide you every step of the way.
With over 35 years of experience, we understand that all businesses are different which is why we take the time to construct a comprehensive plan catered to your unique needs and concerns. Take the steps necessary to secure your business’ future. Contact us today at 202-895-2799 for a free case evaluation.