Business Law and Business Planning
Entrepreneurs and small business owners face many considerations when they decide to start a new venture or make changes to their existing businesses.
There are a multitude of considerations one must address wen choosing what type of entity their venture will take the form of. The most common entities people form their business as are; C Corporations, S Corporations, the LLC, various partnerships, and the least complex the sole proprietorship. Each of these has tax, control, fund-raising, and management implications. At the Smith Law Firm LLC we are here to help you understand these different forms of business and help advise you towards the match that makes the most sense for your individual needs.
Once you have chosen which type of entity your business will take, then there are considerations about formation and management. Each type of business that has partners or co-owners will require formal agreements about how the company will be run. Operating agreements, partnership agreements, and shareholder agreements all outline the way in which the company will run. The Smith Law Firm LLC is here to help you develop those documents to make sure your business runs efficiently and has the ability to manage changes as they come up.
Business Tax Reform
The Tax Cuts and Jobs Act of 2017 made changes to the taxation landscape. Understanding the implications of these changes and when they are set to sunset is an important consideration for business owners. Taxation can play an important role in determining which type of entity will be the most beneficial for your undertaking. The Smith Law Firm LLC can help you navigate the complexities of the tax code to find the solution that fits your needs.
Family Business Transition Planning
Most successful family businesses eventually face an important question; Should the family business be sold or should there be plan to transition the business to the next generation? One of the major considerations facing family business owner is estate taxes. In addition, how the transition will effect management and control. Among other factors, transitioning a family business successfully can be largely addressed through proper planning. The Smith Law Firm LLC can help family business owners address the important issues that come up when transitioning a family business to the next generation.
Buying and Selling a Business
Buying or selling a business is a big deal. Everyday in America businesses are bought and sold. For buyers an acquisition may be the next step in the growth of an existing company or the beginning of a new venture. For sellers the sale may be accumulation of decades of hard work. Structuring these deals often have massive tax implications as well as other factors such as liability exposure or conversely liability release. The Smith Law Firm is here for you to help make sure any deal that is brokered benefits you and your particular needs.
Business Life Insurance Planning
A closely held business offers a great opportunity to take advantage of life insurance planning. Whether the life insurance proceeds are used to achieve a "buy-out" objective, "business protection" objective, or "family protection" objective the use of life insurance plans can effectively help mitigate the problems that arise when a business partner or employee meet their untimely demise. Let the Smith Law Firm LLC help you navigate the confusing and complicated issues pertaining to life insurance planning for your business.
Estate and Multi-Entity Planning
Some business owners will reach into an upper echelon of wealth. With that wealth comes great responsibilities and complex issues. People that have had successful careers will inevitably confront some or all of the following questions. How will my estate be shared among my children? How do I set up my wealth to accumulate for my children while protecting that wealth from children's future creditors? How do I provide for my college alma mater or give other gifts that perpetuate into the future?