Planning Ahead To Preserve Your North Carolina Business
Growing a successful business takes time, resources and patience. At Salem Law, our business succession planning lawyer and founding attorney, Daniel Umlauf, helps clients prepare for the future by customizing estate plans tailored to meet each client’s needs. You worked hard to create your business. We want to help you protect its future.
Crafting A Customized Business Succession Plan
No matter what your business is, it deserves to be protected in the event unforeseen circumstances arise. For the sake of your clients, customers, patients, employees and partners, planning an orderly and expedient transition of power is critical for your company’s future. More importantly, a business succession plan will protect your family. We will assess your business needs and customize a tailored business succession plan using a wide range of legal tools.
Using Buy And Sell Agreements For Succession Planning
Buy-sell agreements outline specific actions that will occur in the event of the death, disability, divorce or insolvency of yourself or your partners. They can specify who will assume decision-making responsibilities when you or a colleague are unable to do so. They can also dictate under what terms your partners will be able to buy out your shares should you pass away. Knowing there is a transition plan in place gives business partners, family members, clients or customers, insurance companies and even bank and loan officers peace of mind.
Protecting Specialty Professions And Private Practices
America is a litigious culture. Any person, at any time, can be sued in the United States. Business owners who are in high-risk specialty professions include:
- Dentists
- Accountants
- Lawyers
- Architects
- Real estate investors or developers
- Owners of rental properties
But even more important, these practices took time to build and cultivate. Having a comprehensive business plan in place will protect what you’ve built and safeguard your clients, customers and family members in the event of any unforeseen circumstances.
Depending on your profession and business, there are multiple legal strategies to ethically safeguard your wealth while allowing you to maintain control and retain tax advantages in the event of a lawsuit. We work with owners of professional practices to help develop a custom, comprehensive plan.
Protecting Assets With A Limited Liability Company (LLC) Shield
A limited liability company (LLC) is a corporate structure that can shield the members of the company from liability should the company – or any of its employees – sue or get sued. This corporate structure is specifically advantageous for small businesses. An LLC is easier to manage and set up. No matter what sort of business operation you are running, a limited liability could protect your personal assets. Further, LLCs provide for easy administration. Many sophisticated entities are incorporated as an LLC, including Salem Law.
Family Limited Partnerships And Family Limited Liability Companies
A family limited partnership, or family limited liability company, is a specialized business or investment vehicle. Its provisions are designed to allocate control and ownership of the entity properly. It allows those who should be in charge to be in charge and ensures that those who should benefit. Additionally, family limited partnerships and family limited liability companies can include provisions to ensure that ownership stays in the family. Finally, these are popular vehicles, whether for stock, real estate or other investments or for currently running business enterprises to minimize or eliminate estate taxes.
Our firm also works with family farmers and landowners to protect farmland and farm assets that have been in families for generations. If your family is in the farming industry, our business succession lawyer can make sure that your family land and business are protected.
Preparing For A Smooth Transition
A smooth transition for decision-making upon your death or disability arises almost to the level of a moral obligation. These plans are legitimate business expenses and without them, countless otherwise thriving businesses have failed. Let our legal team at Salem Law help you prepare for the unknown.
Contact A Business Succession Planning Attorney
Our estate planning and business succession lawyer is available for consultation appointments. To schedule an initial consultation, contact our office at 336-715-1311 or send us an email using the firm’s contact form.
We also offer regular workshops. These complimentary workshops address commonly asked estate planning questions and discuss Medicaid planning. Anyone who attends a Salem Law workshop is also eligible for a complimentary initial consultation to discuss estate and Medicaid planning.