BUSINESS PLANNING

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It can be very difficult to navigate the multiple avenues of
Business Law. Call the Davidson Law Group to see how we
can assist you with Entity Formation, work with you to
build a Business Succession Plan, and help ensure your
Business is protected in your Estate Plan.

At the Davidson Law Group, our Business Planning Attorneys know the stress and difficulties involved in navigating the laws surrounding your Business. Your livelihood is tied to your Business’s success, and planning to retire from your Business can be a nightmare. Our Law Firm guides you through the tricky waters of Entity Formation and Business Law, and since Business Planning, Estate Planning, Elder Law, and Probate are all intricately tied together, we will take a comprehensive approach to your Business and your Estate. We can assist you with Entity Formation, work with you to build a Business Succession Plan, and help ensure your Business is protected in your Estate Plan.

BUSINESS PLANNING

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At the Davidson Law Group, our Business Planning Attorneys know the stress and difficulties involved in navigating the laws surrounding your Business. Your livelihood is tied to your Business’s success, and planning to retire from your Business can be a nightmare. Our Law Firm guides you through the tricky waters of Entity Formation and Business Law, and since Business Planning, Estate Planning, Elder Law, and Probate are all intricately tied together, we will take a comprehensive approach to your Business and your Estate. We can assist you with Entity Formation, work with you to build a Business Succession Plan, and help ensure your Business is protected in your Estate Plan.

Entity Formation

Forming the correct entity for your vision and goals is the first and most important step in starting a successful Business. There are many different types of Business entities and each come with their own set of pros and cons. The Business Planning Attorneys at the Davidson Law Group can help you navigate which entity is the right choice for your business. Some of the factors that are involved in choosing Business entities are:

• Taxes (local, state, and federal)

• Separation of personal assets from Business debts

• Number of partners involved

• Profit reporting requirements

• Potential Liability

• Nature of Business

Business Succession Planning |

Business Succession Planning is basically just creating a future roadmap to continue the success of your Business after your retirement or passing. A Business Succession Plan set up by a Business Law attorney at the Davidson Law Group provides the owner or partner of a Business with a proper exit strategy that does not compromise the success of the Business. A well-organized Business Succession Plan can also preserve the harmony within a family, minimize taxes, and facilitate retirement while keeping the Business in the right hands when you are no longer running it. Planning the succession of your Business will make sure the process goes smoothly when the time comes for you to no longer be involved, and it allows you to be properly compensated for your contribution to the Business without haltering the ongoing running of the Business. We help you balance the competing interests in a Business succession environment by acting as a neutral third party between the Business owner and Business successor to make sure that each side is treated fairly during the transition process.

TIPS FOR BUSINESS TRANSITION SUCCESS

| Develop Exit Strategy

Preparation for scenarios when you are no longer able to run your Business is a key factor for a successful Business Planning. The Business Law attorneys at the Davidson Law Group will help you evaluate the possible scenarios and create plans to handle those situations.

The most common scenarios are those surrounding your retirement or what would happen if you became seriously injured or ill. Your strategies should include whether you would sell your Business, wind it down, or pass it down to a family member. Your Davidson Law Group lawyer will help you create short-term plans if your unexpected exit is not permanent, as well as plans for a long-term or permanent departure including using tools such as a Buy-Sell Agreement.

Consider Disability Insurance |

Disability Insurance can provide your Business and your family with finances necessary to stay afloat if unexpected events alter your Business Succession Plans. Your Davidson Law Group lawyer can help you sort through your Disability Insurance options so you understand which kind of insurance will be right for your business and family. Many clients should consider “Key Man” Disability Insurance as well so that his or her Business can remain functioning if something catastrophic were to happen.

| Finalize Your Retirement Plan and Estate Planning

If you are planning to retire, you should establish a Retirement Plan. Comprehensive Retirement Plans can include:

• Tax-Deferred Investments (401K, IRA, etc.)

• Tax-Advantaged Savings Vehicles

• Trusts

An Estate Planning attorney at the Davidson Law Group can give you guidance to pick the right elements for your Retirement and Estate Plans that fit your unique situation. At the Davidson Law Group, we will also coordinate with your Financial Advisor to make sure every aspect of your situation is covered.

Mentor Your Successor |

Many people have spent their whole lives building their Business. When considering retirement, you want to make sure that you are confident that your successor has the proper training and knowledge to continue your Business Legacy. Identify the traits you consider most important in a person that will be running your Business, then select your successor accordingly and train them in such a way that they can hit the ground running after your retirement.

| Create a Flexible Timeline

When planning for retirement, you will want to have a general timeline for when the process will begin and end. Your Davidson Law Group attorney will help you create a flexible timeline so you have at least a general timeline ready to go when you choose to sell, wind down, or transition your company.

Begin your business planning with DAVIDSON LAW GROUP

If you are ready to begin Entity Formation or Business Succession Planning, contact the Davidson Law Group. Our experienced Business Law attorneys will help guide you through every step of the process, ensuring that your Business is set up for success if something were to happen to you or after your retirement. For more information on how we can help, contact our Davidson Law Group office today!