Business & Corporate
As a valued or potential business client it is important to us that you are properly maintaining your business’s legal affairs, including its books and records. This open letter is a reminder to review applicable minutes, buy-sell agreements, valuation methods,insurance agreements, shareholder agreements, leases,operating agreements and other business documents to make sure they still reflect your intentions and circumstances.
Sometimes the only way to effectively review these issues is for us to meet. If you would like to do so, we would be happy to meet and review your business affairs–at no charge for the initial meeting. Just give us a call to schedule an appointment. We are offering to do this because it is important to us that your business affairs stay on track for the benefit of the business, the owners and their families.
A closely-held business is any enterprise, like farming, retail, manufacturing, professional or a service business, that has a limited number of principal owners, members or shareholders who often also run the business.
Any successful long-term planning or development for a closely-held business should also include considerations of the owners’ estate plans to make sure that business transitions will be properly handled in the event of death or disability. The proper use of aninsurance agreement, buy-sell agreement, shareholder agreement, closed corporation agreement, employment agreement, non-competition agreement,corporation, limited partnership, limited liability company, trust, or other legal arrangement can have a significant impact on the long-term viability of an enterprise.
In recent years changes to the law have also provided more tools than ever to help business owners establish an estate plan that avoids or minimizes the need for Probate, including the use of an appropriate business structure or trust. When carefully planned, this can have significant impact on the cost and time to administer an estate.
A well crafted estate plan also serves to make sure that your estate, including your business interest, is properly handled. It designates your choice of the fiduciaries who will handle your probate affairs and business transition issues. Powers of Attorney and Guardianship Designations are other planning options you may want to consider to ensure business management continuity.
Your business and estate plan should be built on a foundation that addresses three phases of your life: while you are healthy, if you become disabled, and in the event of your death. Please let us know if we can be of assistance to help you and your business meet your goals.
