Choosing an attorney for your business may be one of the most important business decisions you will make. Whether you are considering the formation, acquisition, or dissolution of a business, competent legal representation will ensure you receive the best possible results.
Making prudent legal choices can maximize profits, minimize losses, create tax savings, and improve your relations with clients or customers. We strive to help you achieve business success by protecting your interests, advising you of relative legal issues and guiding you through opportunities and dilemmas as they arise.
Our firm advises and represents companies and entrepreneurs with a broad range of business related services. We advise our clients on business succession and startup assistance relating to the formation of a business entity.
One of the most critical aspects of owning a business is often relegated to the top shelf in the closet, set aside for another day. While you are building your business, the idea of succession planning probably seems far away in the distant future. In reality, business succession planning should begin the day the business opens.
What business owners often miss is the reality that decisions made today may interfere later with a long range goal to pass along or sell the business to family, employees or outside sources. Estate taxes can claim in excess of 40% of a taxable estate, sometimes resulting in the demise of the business you fought so hard to build and sustain.
Practice these important steps towards building a plan that is flexible and will adapt as your business grows and matures:
- Begin With the End in Mind. Have an idea of how you would close your interest in your business. Whether by sale or transference by inheritance, other decisions along the way will be impacted by your vision.
- Financial Stability. Every business experiences different levels of financial stability. It has been said that starting a business is relatively easy; sustaining a successful business model separates fleeting startups from the businesses that can run the distance.
- Plan Your Estate. Your personal estate plan is a significant step in your overall business succession plan. A revocable living trust can be changed and updated as your business grows and expands. You don’t have to have it all figured out immediately. Build the foundation of a solid plan and customize further as your future unfolds.
- Personnel Development. Hiring the right team is every business owner’s dream. Hiring the person or persons with succession in mind will move you towards that end much more quickly than if you only hire for the job at hand. Training, mentoring, and development of their skills must also be considered.
- Rely on Periodic Professional Reviews. Qualified advisors including your CPA, attorney and financial planner can play a key role in the development of your overall business succession plan.
- Begin Now. Simply put, there is no time like now to start your succession plan.
Business Startup Services
Starting a business requires thorough planning. Our firm assists business owners in the formation of legally sound business entities and aids entrepreneurs in devising business strategies that help them achieve their goals. We advise on the business startup and formation process including issues related to selection of entity type and jurisdiction.
- C-corporation formation
- S-corporation formation
- Limited liability company (LLC) formation
- Partnership formation (including LLP)
- Stock purchases
- Asset purchases
- Joint ventures
We also consult with business owners and draft shareholder agreements or partnership agreements as part of the entity formation process.
With offices in Madison and Evansville, the attorneys at Wilson Law Group assist clients with Estate & Business Planning, Probate & Trust Administration, and Elder Law & Medicaid Planning throughout Southern Wisconsin.