Business Succession Planning in Bucks County, PA
Business Succession Planning for Business Owners
Business succession planning is essential for ensuring the smooth transfer of ownership while preserving the success of your business and protecting your family’s financial future.
Safeguard Your Business and Legacy
Attorney Leonid Mikityanskiy regularly consults business owners on all aspects of business formation, day-to-day operations, amendments, and succession planning.
A well-thought-out business succession plan prepares for a smooth transition of ownership, whether through the sale of the business or by passing it on to the next generation. Our goal is to maintain family relationships, keep the business operating, and achieve favorable taxation.
Integrating Business and Personal Estate Planning
Business succession planning is closely related to personal estate planning due to inheritance and tax implications. Our experience allows clients to prepare effectively for the transfer and preservation of both their businesses and personal estates.
Business succession can be part of personal estate succession, and certain types of Trusts can own subchapter-S corporation stock or interest in LLCs. These structures provide additional legal protection and numerous other benefits.personal estates. Business succession can be part of personal estate succession, and certain types of Trusts can own subchapter-S corporation stock or interest in LLCs. These structures provide additional legal protection and numerous other benefits.
Business Succession Planning Services
At the Law Offices of Leo Mikityanskiy, we advise clients on complex business succession issues, including:
- Business Transition Strategies: Planning for a smooth transition of ownership.
- Shareholder and Operating Agreements: Establishing buy-outs, rights of first refusal, and provisions for unexpected events like death, disability, or bankruptcy.
- Buying and Selling Businesses: Managing all phases, including contracts, due diligence, and closing.
- Ownership Transfers: Facilitating full and partial business ownership transfers or sales.
- Tax and Gift Planning: leveraging federal lifetime gift exemptions and annual gift exclusions for tax-efficient wealth transfer.
Maintaining Control During Succession
Proper planning should include provisions for retaining control of the business, if desired. Key considerations include:
- Retention of Control: Keeping business interests or shares within the family, ensuring that a spouse, children, or other relatives retain authority over the business and its assets.
- Buy-Sell Agreements: Offering existing shareholders the right of first refusal to purchase stock or interests in the business before outsiders are allowed to buy in.
The Role of an Experienced Attorney
An attorney experienced in business transitions and estate planning can help business owners and shareholders navigate the complexities of succession planning. At the Law Offices of Leo Mikityanskiy, we discuss succession plans, future business operations, tax implications, and financial goals before developing a detailed estate plan that includes business succession provisions.
Preparing for the Unexpected
Operating agreements and business succession plans provide procedures for remaining members to follow if unexpected events occur. These plans can designate an acceptable successor or legal representative to guide the business through transitions, safeguarding it against the death or disability of shareholders, bankruptcy, and potential losses.
Why Choose the Law Offices of Leo Mikityanskiy?
Attorney Leonid Mikityanskiy specializes in business succession planning, trusts, and wealth preservation methods. Our team understands the nuances of business transitions and works closely with you to address:
- Future business operations
- Tax and financial implications
- Family and legacy goals
Contact Us Today Business Succession Planning Strategies
Business succession planning requires an experienced attorney who can handle the complexities of ownership transitions and estate planning. Contact Attorney Leonid Mikityanskiy today at our Southampton, PA office at 215-357-1400. Let’s secure your business and your family’s legacy together.