Business Planning

Business planning can encompass any or all of the following: (i) advising a new start-up business of the different forms that a new business venture could take, such as a sole proprietorship, partnership, limited liability company or a corporation, as well as the different tax and liability aspects of operating under any of these entities; (ii) business succession matters and exit strategies, whether based on sales or gifting to family members or transactions between unrelated parties and how to secure payments promised in the future; (iii) conversion from one type of entity to another; (iv) operational matters such as the importance of keeping business records and registrations current; (v) creditor protection which can be obtained by creating the proper entities in the proper jurisdictions to attain specific planning goals, as well as the need for proper insurance, resolutions indemnifying officers and directors from any business claims; (vi) shareholder buy-sell agreements, medical reimbursement plans, deferred compensation and retirement plans. Ownership of any type of business interests will have an impact on your estate and asset protection plan and special care must be taken to ensure that this important asset has been included in your planning goals.