Business Succession Planning

Planning a business succession requires careful tax planning.

Topics to consider are the availability and qualifications of younger generation family members, their readiness to take over the family business at the time desired by the owner, the fairness of dividing up ownership and control among the members of the younger generation, the timing of any sale to outside parties, as well as the

Making effective use of the current federal gift and estate tax exclusions and exemptions may require transferring ownership in the business to successors over a long period of time, while maintaining control and preserving the income of the business owner. This can result in significant savings  in federal and state taxes.

Although it is difficult to foresee any upcoming tax law changes, creating and implementing an effective business succession plan will result in financial benefits, tax advantages and emotional satisfaction, regardless of what the future brings.

In addition to the above, we also offer the following business planning services:

  • Choice of business entity: analysis of the legal and tax factors
  • Preparation and filing of business formation documents
  • Drafting of shareholder/operating agreements, including transfer restrictions and buy-sell provisions
  • Pre-transfer planning
  • Tax compliance regarding non-US entities