Business Planning

Our business practice assists clients in every step from the creation of a new business entity through its growth and maturity into an operating business to its ultimate sale or dissolution. The structure chosen for a business can make a big difference in the liability exposure of the owners and the income tax burdens of owning, operating, and/or selling the business.

We assist clients in deciding whether to form a corporation, limited liability company (LLC), or a general or limited partnership. We also assist in the decision-making and prepare partnership agreements, shareholder agreements, and operating agreements (for LLCs) that govern the relationships among owners, as well as employment and non-competition agreements and other business contracts. A well thought out agreement among owners of a business can avoid or minimize the opportunities for future disputes.

Family owned businesses create special opportunities. The business is often the primary source of the family’s net worth. Proper planning can improve the chances that the business can continue to grow and prosper, even as the founders wind down their involvement and pass the business to the next generation (if that makes sense). The owners of a family business should also coordinate their business needs and objectives with their estate planning and our attorneys can assist clients in that process.

When and if the time comes to sell a business, we can assist clients in negotiating the agreements that govern the sales transaction. The structure of a sale (an asset sale or a sale of the ownership interests) can make a big tax difference and qualified advisors are critical from the beginning of negotiations. Conversely, we can also advise a buyer of a business regarding the form of purchase designed to yield the best business and tax results.