Starting up a business is an important and exciting time for anyone. Wilson Ratledge has experienced business attorneys that will assist in every part of the business startup process.
The startup phase is the time where important planning decisions are made. Among these decisions are:
Choice of Entity
Asset Preservation Planning
Family Business Planning
Choice of Entity
A very important consideration for someone who is starting a business is the choice of entity. Wilson Ratledge has experienced attorneys that will help counsel you with regard to which entity is the right choice for your business.
Corporations (C corps and S Corps), partnerships (general and limited), LLCs, and sole proprietorships differ significantly in many areas, including formation, ownership, taxation, governance, asset preservation, and liability protection. Below is a brief discussion of each type, but by and large, the most common choices are S Corps and LLCs.
For further discussion on which choice is best for your situation, check out our blog article: What type of entity should I choose for my new business?
Asset Preservation Planning
As our society becomes increasingly inclined to disputes, more hazards to the long-term preservation of wealth exist. Among other social realities, the high incidence of divorce and the ever-expanding theories of liability have increased financial risk for individuals, families and businesses. To protect your assets from such disaster, proper risk management strategies should be given careful consideration. These strategies include exempting your assets from the claims of creditors, limiting your liability through legal entities, and transferring your risk through insurance.
Legitimate asset preservation planning doesn’t involve hiding assets, making secret agreements or creating fraudulent transfers. Asset preservation planning combines sophisticated business planning and estate planning techniques that result in wealth preservation.
The Firm is experienced in helping clients navigate financial risks by planning the access, control, management and ownership of individual, family and business assets to preserve the value of Wilson Ratledge’s clients’ assets and diminish the risk of creditor claims.
An asset preservation plan includes one or more lawful transfers of assets, the creation of entities or other structures to hold assets and implemented for business and estate planning purposes. This preservation plan reduces the ability of unforeseen future creditors to reach transferred assets. Further, the use of trusts as a part of estate planning can protect assets inherited by family members for future generations.
Family Business Planning
Family business succession planning is an investment in the future of your business for the owners, employees and clients. Developing a succession plan is a multi-phase process that sometimes begins with the reorganization of equity, and may involve updating estate planning documents and reviewing existing insurance policies.
Once a succession plan has been established, it is important that the completed plan be continually reviewed and updated as circumstances change. Wilson Ratledge business attorneys have years of experience in dealing with the ever-changing circumstances that businesses face and will ensure that a family business is well protected in the future.