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. … [Read more...] about Succession Planning With Buy-Sell Agreements
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 StructuresMost people that start businesses are in a position to do so because they have some personal assets. When you are embarking into … [Read more...] about Small Business Tips for Long Islanders
An estate planning lawyer at Mark S. Eghrari & Associates PLLC 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. Mark S. Eghrari & … [Read more...] about How Can I Pass my Business on to My Kids?
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 … [Read more...] about What Startups Need to Know About Long Island Business Planning
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 … [Read more...] about Estate Planning for Small Business Partners