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Business Succession

Business planning is a process that protects business owners and their families against unnecessary financial hardship and stress during the formation, operation and ultimate disposition of the family business. Whether at the outset of a new business venture, or during the operation of the business, a prudent business owner will take advantage of the business planning process to:

  • Analyze, select and form the proper business entity (e.g. corporation, limited liability company, limited partnership)

  • Determine whether to make an election for a corporation to be taxed as an S-corporation to avoid double taxation

  • Prepare a Shareholder Agreement or Buy-Sell Agreement to address the death, disability, or insolvency of a fellow business owner in a multi-owner entity

  • Prepare employment agreements for management and key employees

  • Develop deferred compensation plans for owners and key employees

  • Analyze the acquisition of, or merger with, a target business

  • Select and implement the proper tax-free reorganization with one or more business entities

  • Structure and implement the sale of the business

  • Design a succession plan to ensure the continuation of a business after the death of the owner
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