As more of us become entrepreneurs, wise business planning is essential to success today and financial security for the future. Strategies that can assist in the protection of personal assets or other business assets from high risk ventures are among the services that can be provided by qualified legal counsel. What is considered high risk? Many are surprised. Proper counsel will determine what is right to a business and a family.
Tax-advantaged status and liability protection are the hallmarks of the limited liability company. When Georgia passed legislation for this very desirable entity several years ago, many have used it quite effectively. In certain situations, this simple method will protect assets without the cumbersome administration requirements of an S corporation. Working with a qualified CPA and experienced legal counsel will point the entrepreneur in the right direction.
Options for new business formation include limited liability companies, S corporations, C corporations, partnerships, limited partnerships, limited liability partnerships, limited liability limited partnerships, family limited partnerships and non-profit organizations.
Business planning or transactions may include contracts, such as leases, employment agreements, non-compete agreements, buy-sell agreements, purchase and sale agreements, confidentiality and non-disclosure agreements, Service agreements, asset purchase agreements, stock purchase agreements, stock redemption agreements, etc.
It is important for an advisor to work closely with accountants to meet the unique needs of each individual client.