Rockville, MD Business Lawyers
Our Rockville, MD business lawyers from the law office of Daniel J. Wright know that when you think of estate planning, you may concentrate mostly on the assets you have like a car or a house. These are very important things you want to figure out who to leave to in addition to any money you may have and any items of monetary or emotional value. However, what about your business? If you are a business owner, our business attorney Rockville, MD trusts applauds you. Owning your own business is no small feat and we believe that it is important that you determine what should happen to your business when you pass away. You have worked incredibly hard to have this business and with a little bit of careful planning, you can protect it after you are gone. To get started with succession planning for your business, contact our business lawyers in Rockville, Maryland.
Who should I leave the business to?
This is a personal decision, but you may choose to leave your business with a co-owner if you have this option. Without an agreement in place, it is possible that your spouse or loved ones may get the rights to your business instead of your co-owners and in many cases, this would not be the right decision. If there are co-owners in place who can automatically purchase the business through a buy-sell agreement, this may be the best option for your business.
How to Create a Succession Plan
When you are creating a business succession plan with one of our trusted attorneys, you are likely wondering what it should include. We have outlined a few of the most important factors we believe a business succession plan should have below.
- Choosing certain outside advisors who can help bring in an unbiased, objective opinion;
- Creating a means for training and teaching the new business owners in their roles;
- Determining who should manage the business;
- Determining if the business transfer should happen while you are alive.
These are just a few of the key things that a business succession plan will discuss and you should speak with one of our Rockville business lawyers to see what we can do to make this go smoothly for you.
Another thing you will want to consider when you are creating your business succession plan is the taxes. In between the time it takes you to include your business in a plan and the time you pass away, it is possible that your business’ value will continue to grow. Remember, the business will be taxed on what its value was on the day you pass away and not necessarily the value of the day you created this succession plan.
Speak With Our Business Lawyers in Rockville, MD Today!
For more information on business succession planning and how we can help, speak with the trusted Rockville, MD business lawyers from the law office of Daniel J. Wright now.