Planning For The Life Of Your Business
If you are in a business partnership, a limited liability company with multiple owners or a stockholder in a small corporation, it is important to have a thorough business succession plan in place. Among other things, this plan spells out the rules if an individual owner or partner wishes to sell, becomes incapacitated or dies.
Without an exit plan, a business co-owner or partner may have difficulty recouping his or her investment and any profits from a business if he or she decides to leave. Conversely, a co-owner who decides it is time to sell could threaten to liquidate the business if other partners cannot meet the buyout price.
A business succession plan is an essential component of any business owner’s comprehensive business and estate plan. Our attorneys have thorough knowledge and experience in business law, and can address any unique concerns you have.
For additional information on Trusts, Estates and Guardianship, visit our Trusts, Estates and Guardianship Website.
Business Succession Planning Services
At Goldsmith & Guymon P.C., in Las Vegas, Nevada, our experienced business succession planning lawyers create agreements that provide for any conceivable change in ownership. Provisions are written into these agreements that determine:
- When and how an owner may request a buyout
- Payment terms and options for funding buyouts
- When a buyout should be required (death, disability, divorce, bankruptcy)
- Restrictions on who can purchase a stake in the company
- How to value the company and each owner’s interest
Even a family-owned business that is jointly owned by siblings or other relatives should have a well-written business succession plan in place to avoid disagreements and keep the business running smoothly.
Let Our Lawyers Put A Plan In Place: Contact Us
Just as with wills, trusts and health care directives, postponing drafting a business succession plan can create legal disputes that are frustrating and expensive to resolve. It’s always best to prevent these situations before they occur. Call 702-873-9500 or 877-262-1466, or email us to discuss your needs in this area.