Business Planning
Business planning can encompass any or all of the following:
(i) advising a new start-up business of the different forms
that a new business venture could take, such as a sole
proprietorship, partnership, limited liability company or a
corporation, as well as the different tax and liability
aspects of operating under any of these entities; (ii)
business succession matters and exit strategies, whether
based on sales or gifting to family members or transactions
between unrelated parties and how to secure payments
promised in the future; (iii) conversion from one type of
entity to another; (iv) operational matters such as the
importance of keeping business records and registrations
current; (v) creditor protection which can be obtained by
creating the proper entities in the proper jurisdictions to
attain specific planning goals, as well as the need for
proper insurance, resolutions indemnifying officers and
directors from any business claims; (vi) shareholder
buy-sell agreements, medical reimbursement plans, deferred
compensation and retirement plans. Ownership of any type of
business interests will have an impact on your estate and
asset protection plan and special care must be taken to
ensure that this important asset has been included in your
planning goals.