Family Business Matters
The majority of businesses in the United States are small or family-owned. In business, careful planning and good decision-making can be the difference between failure and success. Some families find that forming a family business to hold certain assets is the best way to provide organized management. These family businesses can also be used to help teach business skills and values to family members in the next generation. Here again, it is important to understand your goals, the people involved and the nature of the assets.
An ownership interest in a business is often a person’s most valuable asset but it can also be one of the more complex assets to transfer. Succession planning for retirement or death is essential. Our goal is to make sure that entities are set up to carry out your wishes.
Disclaimers: This material is for informational purposes only and not for the purpose of providing legal advice. You should contact your attorney to obtain advice with respect to any particular issue or problem. Use of and access to this material does not create an attorney-client relationship. The opinions expressed here are the opinions of the individual author and may not reflect the opinion of the firm or any other individual attorney. Any tax advice contained in this communication is not intended to be sided, and cannot be used, by any taxpayer for the purpose of avoiding tax penalties.