Which Form of Business Organization Do You Need?
Each business is unique, and the question of which form of business organization is best can only be answered by looking at the specific business in question, and the goals of the business owner. The limited liability company (LLC) is a popular form of organizing business and investment activities. The LLC offers protection from personal liability for business debt, the tax advantages of a partnership, flexible distribution of profits and losses, and simplicity of maintenance.
Some of the common documents needed for a business include:
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Why creating a Buy/Sell Agreement is important
A Buy/Sell Agreement is a lifetime contract providing for the transfer of a business interest upon the occurrence of one or more triggering events as defined in the contract itself. For example, common triggering events include the retirement, disability, or death of the business owner.
An ownership interest in a business entity can be transferred under such agreement, to include a corporation, a partnership, or a limited liability company. Also, a Buy/Sell Agreement is effective whether the business has one owner or multiple owners.
As a contract, a Buy/Sell Agreement is binding on third parties such as the estate representatives and heirs of the business owner. This feature can be invaluable when the business owner wants to ensure a smooth transition of complete control and ownership to the party who will keep the business going.
Our Other Practice Areas
Probate and Estate Administration
Estate and Trust administration can be a smooth, straightforward process, or a difficult experience. Kathleen can explain the process and help you evaluate the risks.
Estate Planning and Tax
Kathleen’s goal is to help to ensure you and your loved ones will be provided for in the event of your death or disability with proper estate planning.
Finding Heirs - Forensic Genealogy
As an attorney and forensic genealogist, Kathleen lends her expertise in both areas to the diligent search and conduct of legal proceedings to establish unknown heirs.
Organize Your Business Correctly
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Kathleen can help you by setting up business entities to limit liability and exposure, creating buy/sell agreements, writing key personnel agreements, creating trusts for the succession of family-owned businesses, and more. Contact her today to correctly set up your business entity.
About Kathleen
Kathleen Macaulay is a licensed attorney with over twelve years of experience whose practice focuses on estate planning, probate matters, and related tax advice. This includes drafting wills and medical powers of attorney, establishing trusts to preserve assets, managing probate estates.