Business Planning

Creating a formal entity to operate your business under can provide the much desired liability shield business owners want to enjoy–when the entity is formed and operated appropriately. At Allen Legal, we primarily assist clients with the organization of Limited Liability Companies (LLC’s) because of the flexibility afforded when structuring them. However, the simple process of filling out some forms, paying a few online fees, and filing a report every 2 years with the Secretary of State will likely not provide the desired liability protection if the business faces litigation. If the business isn’t operated as a distinct legal entity and doesn’t have the company records to back it up, the liability shield may disappear when you need it most. Liability protection aside, LLC’s also provide many benefits in the realm of estate planning–they provide an avenue to keep your business assets (perhaps a family farm) intact and remain in your family long after you’re gone.

When creating your LLC (or a multi-member LLC that you’re a party to), we will guide you through the necessary organizational and operational steps to prepare you and your business for the future. The common things we’ll address are the appropriate management structure of the LLC, member control, who (or who can’t) become a member in the future, buy-out or sale provisions, transferability of membership interests at death, and any other issues specific to the business. Identifying each member’s rights, responsibilities, and powers from day 1 in your Operating Agreement will prevent countless headaches in the future. Additionally, you’ll receive the guidance you need to ensure your business is observing the ever-present “corporate/company formalities” on an ongoing basis–which is something that is commonly overlooked without proper advice. After all, your business should not only provide for you, it should also protect you.

What happens to your business when you retire or die vs. what do you want to happen to your business when you retire or die? That is the question. Allen Legal is here to help guide you through the process. Businesses (and your business interests) require the same degree of planning as your personal estate. Sometimes, business succession planning is as simple as making sure your business interests are incorporated into your estate plan. In other instances, your business’s operating documents may require various amendments so that your succession wishes are documented and remain up to date. If you’re contemplating selling your business at some point in the future, you’ll need to start identifying the key parties, terms, and structure of the Buy-Sell Agreement.

Whether creating a new organization, updating the operating structure of an existing business, or selling a business, Allen Legal is here to assist you, and we’ll always include (with your permission, of course) the other professional advisors you rely on, like your CPA or Financial Advisor, so that all aspects of your business and your life are taken into consideration throughout the process.