Selecting the form and type of business entity may potentially affect every aspect of a new business operation. Tesar Law Group, S.C. assists our clients in the formation of the business entity most appropriate for them through conversations and collaboration with clients and their business tax advisors. Attorney Marsha Tesar will advise and provide guidance on aspects of liability issues, management, business succession planning, business exit strategies, dissolution, and provide the necessary documents to operate effectively.
There are many business entities to choose from, including limited liability companies (LLC), C Corporations, S Corporations, partnerships, limited liability partnerships (LLP), service corporations and sole proprietorships.
Some issues to consider when selecting the type of business entity to create include the purpose of your business, liability protection, tax impact, employees, number and type of investors/shareholders.
Small business owners and family owned business owners must think about and plan for how their business interest will transfer and what will happen to the company when they are gone. The success or failure of the business often depends upon the plan and the transfer process.
Owners must consider and plan for the four Ds that are common occurrences in every business: death, disability, departure (retirement) and divorce. Planning ahead with properly drafted buy/sell agreements and operating agreements, and integrating them appropriately with your estate plan and financial plan can avoid and protect against the transfer of a business to unwanted third parties while maintaining the financial integrity of the business.