Business Planning and Asset Protection Services
As the era of big business and lifetime employment comes to a close, more and more Americans are showing their entrepreneurial spirit by starting their own company. Whether your small business is a one person operation or one that has its sights set on breaking into the Fortune 500 someday, the key to the success of your business lies in business planning.
The Challenges of Owning a Business
A business owner faces an untold number of daily challenges in the quest to get ahead. If you own a business, make sure that you don’t lose sight of the big picture because you are focusing on day to day concerns. Not only must you keep your business afloat on a daily basis, but you must also plan for worst case scenarios such as your own incapacity or death. Who will handle the management of your business if you are suddenly incapacitated in a tragic car accident? What happens to your interest in the business if you die tomorrow? How can you pass your business down to the next generation without losing a significant portion of its value to taxes? Growing a successful business from the ground up takes hard work and dedication. Don’t let that all go to waste because you failed to plan for the unexpected.
Estate Planning Solutions
Estate planning strategies offer a number of potential solutions and answers to these questions and concerns. Some common tools used by business owners to protect their investment and ensure the continuation of the business include:
- Buy-Sell Agreement – an agreement among partners in a business that ensures that the remaining partners will purchase your interest in the business should specific events occur such as your death, incapacity, or retirement. This ensures the continuation of the business and provides your surviving family members with liquid assets.
- Family Limited Partnership – allows you to manage to business while slowly transferring interest in the business to future generation.
- Limited Liability Company – offers tax-advantaged status and liability protection for the owners of a business.
The estate planning attorneys at the Law Offices of Richard B. Schneider, LLC are knowledgeable and experienced regarding the specific challenges faced by business owners. Contact us today by calling 503-241-1215 or through our online contact form so that we can begin creating an estate plan that will ensure the continuation of your business and protect your assets in the event something unexpected occurs.