If you are a proprietor of a family business or have intentions to initiate one, the legal structure you opt for will profoundly influence various critical aspects of your enterprise. The most suitable legal structure for your business depends on several factors, including your future objectives for the business. If your intention is to maintain the business within the family, a Family Limited Partnership could be the optimal choice for your venture. To help you make the right choice for you, …
How to Protect Your Business with a Business Succession Attorney
A business succession attorney is necessary so you can plan for any eventuality. Owning a small business is often part of living the American dream and comes with a sense of pride and accomplishment. As a business owner, however, the need for comprehensive and inclusive estate planning is amplified. Without a business succession planning component in your estate plan, all the hard work and sacrifice on your part to get your business off the ground may be at risk if something happens to you. The …
Estate Planning for Small Business Owners
Everyone should explore their options before they make any final estate planning decisions, because there are many different ways to proceed. Some situations are more complicated than others of course, and when it comes to estate planning for small business owners, there can be some inherent challenges. This being stated, people sometimes come to us with situations that they think are going to be very hard to figure out. In fact, there are usually tried-and-true inheritance planning solutions …
Succession Planning With Buy-Sell Agreements
There are some estate planning situations that are out of the ordinary, but there are many tools in the estate planning toolkit, so there is always a solution. One of these scenarios is succession planning for small business partners. We will explain this dynamic through the utilization of a simple example. Let’s say that you and one partner open up a restaurant, and it becomes very successful. You pour everything that you have into the business over the years, and your partner does the same. …
Small Business Tips for Long Islanders
We practice law in Smithtown on Long Island, and our general area is a good place to start a small business. And of course, there are many people that have been operating their own enterprises for years. In this blog post, we will provide some information that some local business people, and would-be business owners, may find to be useful. Asset Protection Structures Most people that start businesses are in a position to do so because they have some personal assets. When you are embarking into …
How Can I Pass my Business on to My Kids?
An estate planning lawyer at Eghrari Law Firm can provide help to the owners of companies who want to ensure they are making smart choices about what should happen to their businesses when they are no longer able to run them. Most people want their company to survive them, and handing the business down to kids is often the preferred option. But, simply transferring your business to your children may not be as easy as it seems on the surface. Eghrari Law Firm will work with you to ensure that …
What Startups Need to Know About Long Island Business Planning
Startup companies need to make sure they are smart and prepared when it comes to Long Island business planning. Entrepreneurs who want to be successful need to consider not only the immediate goals for business success, but also how to grow their company over the long-term and turn the company into their legacy. Eghrari Law Firm can provide invaluable assistance with the Long Island business planning process. We understand what startups need to do so investors can protect their interest in …
Estate Planning for Small Business Partners
There is no one size fits all estate plan, because everyone is in a different situation. It is not always as simple as drawing up a last will splitting up a pie that is going to be easily divisible. For example, if you are a small business partner, you will naturally have a number of concerns that company employees will not have to address. As a small business partner you must decide what will happen to your share of the business after you pass away. You may want to spread the value of …
See Larger Map
Get Directions