Business Matters & Estate Planning
Helping Your Company in Denver, CO
If you own a business in Denver or a nearby community, the estate planning lawyers from the James A. Littlepage Law Offices strongly suggest that you take the necessary precautions to protect and safeguard your company. Our office has extensive experience in handling all types of business law matters as they relate to estate planning. We understand how difficult it may be to plan for such a large entity.
Our firm can assist you a variety of business matters, including:
- Business succession planning : planning the future of your business is a very important aspect of achieving solidarity and peace of mind for your business. Let a lawyer from our office assist you through this process to ensure that your business is properly protected.
- Corporations/LLC : are you considering creating a corporation or a limited liability company? You need an attorney on your side through the entire process to avoid serious disputes and litigation now and well into the future.
- Buy-sell agreements : Are you creating a contract for a buy-sell agreement? Learn more about why hiring an attorney for your unique case matter can help bring the best possible solution. Our law firm has the experience and dedication that your case truly deserves.
The Importance of Having a Business Succession Plan
If you run a family business, then you already know that there are family dynamics that must be addressed in any kind of planning. Often, both spouses and more than one child are involved in the operation of the company and you must find a way to preserve family unity while ensuring the continued success of your business.
Several issues need to be addressed: what happens to the business when the surviving parent dies? Is the business sold? If not, who runs the business - one of the children or all of them? And what happens to the interest of a child or children who are not involved in the operation of the business? Is the interest of the non-participating children bought out and if so how is the purchase price determined?
Years of hard work goes into making a family business successful, yet these efforts can come to naught without a business succession plan. The key to avoiding disputes and conflicts is a well-crafted plan which spells out how the company should be operated after the founder's death or incapacity. In addition, each family member who is involved in operating the business should have an employment agreement outlining his or her title, compensation, and duties and there should be a buy-sell agreement among members that provides for the purchase of a family member's interest in the event of his or her death or if he or she desires to sell his or her interest.
Where Practical Business Judgment & Legal Excellence Merge
We focus on the needs of small business owners, and believe that creative estate planning for the small business owner should coordinate with practical business succession planning. In developing your plan, we get to know your business, the key players, your goals, and your objectives. From that understanding, a plan is designed for your needs while complimenting your overall estate plan. We have many long-term relationships with our business clients that allow us to meet the growing needs of their businesses and families.
If you are just embarking on a new venture or want to revisit an earlier choice of business entity, our firm can advise you on the business entity options available and discuss the pros and cons of each. Once you have decided on a business entity, we will prepare all the necessary documents to get your new business established.
Contact the Denver estate planning lawyer at our firm to guide you through the important process of protecting your business ventures for years to come.