Helping You Pass Your Business to the Next Generation
For people who own closely-held or family-owned businesses, the transfer of a company is a very delicate matter. You want to make sure your business will not suffer severe tax implications upon its transfer. There can also be potential disputes as to the ownership and management of a company. When business owners fail to make concrete plans for the transfer of a company, the very future of the company could be imperiled. It is imperative that you work with a law firm that understands the various estate planning and tax issues involved.
We are the lawyers of Brady & Jensen. With offices in Elgin and Geneva, we represent business owners across Kane County and beyond. We are the oldest law firm in Kane County and one of the largest. We hope to build on our tradition of providing exemplary legal representation across a broad range of fields.
Every business succession plan must make a number of things clear. The plan must state who will own the company. It must also state who will manage the company. The owner or owners of the company and the manager of the company may well be different individuals. You may want family members to share ownership in the business, while a trusted employee manages the company.
Perhaps most importantly, the plan must also outline a strategy that reduces or eliminates the potential tax burden. The transfer of your company could create estate tax issues, gift tax issues or other issues. Our Elgin business succession planning lawyers will work closely with you to develop a plan that minimizes these taxes. We will create a buy-sell agreement, stock purchase agreements, or whatever type of agreement necessary to formalize the transfer of the company when the time comes.
Contact the Elgin Business Succession Planning Attorneys of Brady & Jensen
E-mail or call today at 866-930-2063 to schedule your free initial consultation.