Small business ownership is the foundation of wealth creation in the United States, and has helped more people create and grow wealth than stocks, bonds, or other common wealth creation vehicles. But if you own your own business, you know that there’s more to operating a company than just making money and growing wealth. You also need a plan to protect your assets and your interests over time while ensuring a successful succession of ownership when you retire.
At Litherland, Kennedy & Associates, APC, Attorneys at Law, we can provide you with the business planning services you need to protect your business assets, minimize taxes, secure succession, and guard against threats like incapacity, lawsuits, and so much more. To find out more, contact us by calling (408) 356-9200 to get answers to important questions like:
- What does business planning do?
- What strategies should my business planning include?
- What can a California business planning attorney do for me?
What Does Business Planning Do?
Business planning strategies need to be customized to meet any given company’s needs at different points in its life. Our team can help you to properly plan for your business needs at every different stage of your business growth, using tools and strategies that are designed to provide your company with the structure and security it needs to achieve your broader goals. These tools can enable you to:
- Organize your company using the business structure best suited to your needs. If you have a sole proprietorship or partnership, you could be lacking the protections you need to properly separate your personal assets from the company’s assets. That could leave your personal wealth vulnerable in any litigation or creditor action directed against your business. You can gain that protection by organizing your business as a corporation or limited liability company.
- Ensure that your long-term business plans align with your estate planning needs. As a business owner, there’s a good chance that your company is one of your most valuable assets. If you plan to leave it or the wealth that it represents to your heirs, then you need to make sure that your estate plan reflects that reality.
- Reduce your tax liability. Your potential tax liability is an important concern as well. If your company assets are sizable, your business could even subject your estate to estate taxes when you die. Business planning can deal with all those tax concerns.
What Strategies Should my Business Planning Include?
At Litherland, Kennedy & Associates, APC, Attorneys at Law, we work with our clients to provide a full range of business planning solutions that can provide asset protection and achieve other important goals necessary for long-term success. We employ an array of leading-edge strategies that include the use of trusts, buy/sell agreements, specific ownership structures, and other tools to secure your business interests and ensure that your company continues to fulfill your vision in a way that enriches your family’s lives.
These strategies can include:
- An Incapacitation Plan. Illness and injury happen, and sometimes they’re serious enough to prevent us from even making our own decisions. If you fall ill and have any period of time in which you cannot manage your business affairs, it’s important to have a plan that empowers someone else to ensure that someone else can act in your stead.
- A buy/sell agreement. Whether you’re a sole proprietor or a partner in a company, it’s vital to know how things proceed in the event that there needs to be a change. For example, if your partner dies, who gets his share of the company? Will you be forced to deal with his heirs? A buy/sell agreement can provide those details and offer a reliable roadmap for business buyouts in such instances.
- An effective plan for succession. Do you expect to eventually transfer ownership of your company to an heir? Will the new owner be prepared to take on the responsibilities and ensure that the company remains successful? What if you want to transfer ownership over time, easing that new owner into the business? A succession plan can help you achieve those goals.
- And more!
Using these and other strategies, our team can help you properly position your company for maximum asset protection, secured continuity of operations, and cohesion with other important strategic goals like your retirement and estate planning efforts.
What Can a California Business Planning Attorney Do for Me?
Your business can provide you with the ideal opportunity to build and expand your wealth over the course of a lifetime. Like other areas of your life, however, it will face times of uncertainty and threats that you may not always be able to predict. The good news is that your business planning attorney can help to secure your interests and provide the peace of mind that you need to enjoy life to its fullest.
At Litherland, Kennedy & Associates, APC, Attorneys at Law, we’re committed to working with you to ensure that your important business concerns are not just left to the whims of fate. Contact us through our website today, or call us at (408) 356-9200 to receive your free California business planning consultation.