Business Formation

Business Formation Attorneys in Ottawa County, Ohio

Limited Liability Company

LLCs have become the most flexible and preferable entity for most operating businesses. They combine tax planning flexibility with administrative simplicity, legitimate asset protection, and a built-in plan for succession of interest after the business owner retires or dies.

LLCs provide a powerful tool for estate planning, too. Families who may not operate going businesses can still benefit from the protection and flexibility that LLCs provide, by creating a proven and reliable structure to manage and distribute family property to children or future generations.

Business Law

Have you been looking forward to the day you can retire, perhaps turn your business over to a son or daughter, or sell it? Even if you are not planning to stop working, you need to plan for the day you cannot run your business due to unforeseen illness or death. Most business owners do not take the time to plan for how they will leave their business. They are busy running the company, or they don't know where to start. But if you continue to own a business until you die, it will be included in your estate and could be subject to substantial estate taxes. Your family could be forced to sell the business or its assets at 'fire sale' prices. Then you will have worked hard all these years so that the vultures and Uncle Sam, not your family, will reap the benefits.

Planning for how you will exit from your business should be an integral part of your estate and retirement planning. Proper planning now can provide you with retirement income, reduced income, and estate taxes, and even let you benefit from a charity if you so choose, regardless of whether you transfer your business to family members at discounted values, to employees, or to an outside buyer. In today's market, the economy and trends are affecting the timing and value of business transfers.

Planning now to exit your company will result in you and your family receiving the best possible results, both now and after your retirement, disability, or death. You can receive retirement income; you can transfer your business to your family, your employees, or an outside buyer; you can make a difference for a charity or your community; and you can do all of this with reduced income, gift, and estate taxes.