Closely Held Businesses

We recognize the hard work and resources that our clients put into their businesses to ensure their success. Closely held businesses are corporate entities with a limited number of members, stockholders, partners, etc. They are not publicly-traded and are often organized as sole proprietorships, partnerships, limited liability partnerships, S-corporations, or limited liability companies. No matter how a closely held business is organized, the retirement or death of an owner or partner will have a significant impact on its operation. As such, adequate succession planning is an important part of every business’ operation.

We will often carefully tailor an estate plan around business succession planning. While many strategies may be employed to address business succession, here are some examples of these duties and responsibilities:

⦁ Operating Agreement & Bylaw Reformation
⦁ Shareholder Agreements
⦁ Buy-Sell Agreements
⦁ Life Insurance Planning
⦁ Employment Agreements

No matter the circumstance, it is important to recognize that each business entity and client circumstance is unique. Adequately planning for business formation and succession involves many complex decisions. A well-crafted estate plan involving business succession planning will protect current owners, as well as those who might become owners as a result of your planning. You should always consult an experienced professional to guide you through this complicated process.