Contributed By: Stephen Butler
Owners of small and closely-held businesses recognize the importance of protecting their livelihood and assets from legal uncertainties. They also know taxes are a large part of being a small business. These are the reasons why almost every small business owner I have met with in 25 years either operates their business under an entity umbrella or is coming to ask me if they should. What they don’t know typically is how best to protect their business and personal assets from liability exposure, how to successfully develop a succession plan for the business, and they almost certainly have no idea how to put together effective income tax strategies for the business or estate tax planning strategies for the succession plan. A solid relationship with experienced business and tax counsel can be crucial to the survival of a small business. Formation, governance, employee relations, business litigation, tax planning and succession planning are key. Buying an entity in a can is easy. Making sure you have what you need for your business to survive and thrive requires experienced counsel.