Throughout the United States, around 28 million small businesses serve as bedrocks of their communities, providing valuable products and services to customers throughout towns and cities. Owning one of these businesses is an American dream for many. When you build a business with your own two hands, this company can be your legacy and it can last through the generations, providing for your loved ones long after you are gone.
When you invest your money and time in a family-owned business, you owe it to yourself and your family to secure the company’s future. YMNLAW is here to help you do that. Our Duluth business planning lawyers can help you to make smart choices at all phases of your company’s life, and can assist with the process of planning for your business to continue to thrive after you are gone. Give us a call to find out about personalized business planning help we provide and to get answers to questions you have including:
- What can I do to protect my family-owned business?
- Why is it important to get legal advice about family-owned companies?
- How can a Duluth business planning lawyer help me?
What Can You do To Protect a Family Owned Business?
There are many things the owners of family businesses need to do in order to grow and protect their companies. When you work with YMNLAW, we can evaluate your current business structure and situation and help you to define where you want to take the organization in the future. We can also conduct a comprehensive risk assessment to identify threats to business success, and can work with you to make use of legal tools and protections to keep your business strong.
The legal tools you need to use to protect and grow a family business will depend upon many different factors, including the lifecycle stage of the company and the types of concerns you have about the future of the organization.
Attorneys can draft contracts for you; help you to secure patents, trademarks, and copyrights to protect intellectual property; work with you to protect personal assets from businesses losses; assist you in following laws for employing workers; guide you in the creation of an effective business plan; and make a plan for business succession that protects your company as it changes hands in the future. Whatever your company needs to be as strong as possible, YMNLAW can help you to work within the legal system to find solutions.
Why is it Important to Get Legal Advice About Family-Owned Companies?
A business law and estate planning lawyer can bring a legal perspective to your business planning process. An attorney can provide you with advice on everything from how to protect yourself from personal liability to what kinds of contracts you need when you start your company to how to make certain that estate taxes do not force the sale of your business after your death.
Your company is a powerful legacy, but its very value puts you at risk in many ways. The company could be vulnerable if a co-owner dies without a buy/sell agreement, for example, while your personal assets could be in jeopardy if someone sues a business organized as a sole proprietorship or partnership.
Many people do not know how to evaluate all the personal risks of entrepreneurship or all of the possible sources of loss to a business from issues like employment discrimination accusations, intellectual property violations, or failure to make sound co-ownership contracts. An experienced attorney can help you with everything from making a business plan to incorporating your company to avoiding disagreements with fellow shareholders.
Because you want your business to survive you, an experienced attorney can also help you to make plans for the efficient and timely transfer of the business if you must leave for any reason or if you pass away. Business succession is a time when many companies fail, and your business is vulnerable to losses from many sources including forced sales to pay estate tax. YMNLAW will assist you in making a rock solid plan so your company can continue to be strong in the hands of the next generation of owners.
How can a Duluth Business Planning Lawyer Help?
YMNLAW knows business law and knows estate planning law, which are two areas of law that provide vital protections to family business owners. Our legal team will assist you in the process of protecting your company and setting it up for success from day one. Give us a call at (218) 720-2888 to find out more about the ways in which a Duluth business planning lawyer can help you.