The Entrepreneurs' Business is like a family member. It has been nurtured, worried over, been through good times and bad, taken risks that flopped and risks that soared with success. Blood, sweat, tears, time, and money are invested into making "the idea" into a viable business. The Entrepreneurs' time is often consumed on weekends and evenings with work, or just "thinking" about how to make the business better. The sacrifice is immeasurable. But the gain is priceless.
In deed, it is one of the tenets of the "American Dream" to create a business, support a family and then successfully sell or pass this dynamic asset and earning machine on to children and then grandchildren. It is a powerful, potential reality that every American has the option to try and make a go at. This thought process and goal is unique to our country. And very few will succeed. Consequently, utmost and warranted pride is placed on the Entrepreneur's Business. At Rowley Law, we respect and appreciate the entrepreneur's sacrifice and creation.
The providers at Rowley Law offer a number of business legal services to help and protect your business and provide for children, grandchildren or other family members. Here are some of the areas in which our legal providers commonly provide business planning:
While many business start-ups think that filing paperwork with the State protects their personal assets, this, alone does not provide asset protection. For instance, with a Limited Liability Company, a well-drafted, up-dated operating agreement that includes the necessary "legal language" tested in the court system is a necessity for creditor protection. In addition to filing paperwork with the State, you will receive the correct legal documents to protect and lower your risk of losing assets in a business lawsuit.
Most business owners are surprised to learn that a few, innocent, business interactions or writings can be defined by the courts as personal and not business. For instance, signing an email with their name and business but without their title. The courts then allow the disgruntled customer/employee to sue the business owner, personally. The plaintiff is then able to go after personal assets. At Rowley Law, we can discuss your business operations and advise you on changes to boost your legal protection.
From employees to consultants, business owners have the opportunity to retain people and define their legal working relationship with them. However, one often overlooked area of business planning is solidifying the terms and types of employment in writing. Without these written legal agreements, if there is a dispute, the courts define the type of employment as well as required benefits. By solidifying these specific relationships, in writing, you can help avoid lawsuits from relationships that become tense.
Many business owners are concerned about who would manage, run and inherit their business should they pass away as many are aware that their unique skills and talents are not easily transferable. Business Succession Planning is formalizing, in writing, people to run the business and to inherit it, should the business owner pass away.
Without this written, legal plan, the business ends up in probate. Probate is a process of transferring assets. Probate takes place in a courtroom. The probate judge chooses the person to run the business. This person may not be the best fit as the judge's choice may lack the vision to manage and direct the business into the future. Probate takes a long time and is expensive. Many businesses to do not survive through probate proceedings. At Rowley Law, we evaluate your entire business and then map out a business succession plan that avoids probate, identifies who you choose to run the business and who inherits it.
Rowley Law invests in a comprehensive and progressive approach to business planning. Rowley Law is a part of a national network of the best and most highly regarded estate and business planning attorneys in the country. Due to new cases and legislation, the laws are continually changing. Rowley Law utilizes a premiere, state of the art, continually up-dated, customized legal software program. This allows a level of protection and customization that is unattainable through traditional, generic programs and resources.
Whether you choose to go public, sell to the highest bidder, retire, hand over your business to a family member, your vision, hard work and business viability is protected with up-to-date legal business planning. Make an appointment for a consultation with Rowley Law today to determine how your business, through proper business planning, can remain an on-going asset for you and your family.
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