A succession plan can help ensure the successful transfer of a family business to the next generation of ownership. Without a succession plan, many family businesses fail after the death or disability of the founder due to issues such as disputes between family members, lawsuits and taxes.
At Pursley McNamara & Flint, our attorneys draft succession plans for business owners in Sugar Land, Missouri City and other communities in Fort Bend County, Texas. We offer a free initial consultation to discuss your goals for your business.
There are many benefits of creating a business succession plan:
- You can determine who will run your business after you die.
- You can determine how business decisions will be made.
- You can decide how profits will be shared.
- You can avoid disputes between family members.
- You can avoid a difficult transition period for your business, its customers and its employees.
- You can minimize the taxes your beneficiaries pay
By creating a succession plan, you can ensure that the business that benefited your family during your lifetime continues to create value after you die.
The first step in protecting your business is to choose the right business entity. Two favored forms of business ownership in Texas are family limited partnerships (FLP) andlimited liability companies (LLC). For liability reasons, you should not own a business in your personal name.
For More Information About Business Succession Planning In Texas
For answers to your questions about business succession planning, call our lawyers at (713) 766-4326. You will receive our prompt attention.