Every successful business is the product of hard work, skilled management and astute planning. For family-owned and closely-held companies, one of the most important issues is planning the orderly succession of the business. Whether you intend to transfer ownership of your company to members of your family or outside the family, there are numerous tax implications and other considerations that must be addressed correctly. The failure to properly plan for these issues can jeopardize the future of your company and create uncertainty and anxiety among your loved ones.
In order to plan a way through these serious issues, it is crucial to enlist the services of an experienced business planning lawyer. The Law Offices of Jeffrey S. Freeman represents business owners throughout Southwest Michigan and beyond. Our law firm has a complete understanding of the legal and tax issues that can impact your business succession plans. In many instances, business succession issues can become emotional. Our lawyers will advise you on the likely human consequences of each action.
Once our attorneys learn of your goals, we will devise a business succession plan that will effectively address each of your major issues. In any business succession, there are typically three primary factors that must be adequately addressed. They are:
- Minimizing (or eliminating altogether) the impact of the estate tax, gift tax and other state and federal taxes
- Determining who will own the company
- Determining who will manage the company
When determining management, you may want one child or a key employee of the company to manage the company. You may also want each of your children or other family members to maintain an ownership interest in your business. We can help you determine and implement appropriate strategies to pass on these interests.
Far too many businesses have been forced to dissolve or take on burdensome debt to pay estate taxes upon the death of a founder. Our law firm can help you avoid this tragic result. Depending on your needs, we can draft a buy-sell agreement, sell some of your business interests, or otherwise transfer your business interests while reducing the impact of state and federal taxes.
Contact the Michigan Business Succession Attorneys at the Law Offices of Jeffrey S. Freeman
The earlier you plan the succession of your company, the more options you will have. Our lawyers stand ready to help you accomplish your objectives. To schedule a consultation with our law firm, call 1-866-236-4TAX or contact us by e-mail.
