People who own businesses not only have to think about the present success and livelihood of their companies. They also need to think ahead to the future and what will happen when they are no longer there.
When you have specific plans for how you would like your business to be run after your death, you need to put your plans into writing. You can finalize them by hiring a business law attorney in Madison like the ones at Horn & Johnsen SC.
Planning Out Your Business’s Estate
Just as you did with your personal estate, you also must plan out what you would like to happen with your business’s estate after you are gone. Your business will count as part of your personal estate. However, it also serves as its own legal entity, one that anyone can claim and take over without you formalizing plans for it after you are gone.
When you retain the services of a business law attorney in Madison, such as the ones for hire at Horn & Johnsen SC, you can dictate exactly whom you would like to take over your business and how you would like it to be run. You can even set up your estate to sell the business into shares or liquidate it entirely and divide the funds up among your heirs.
Taking on Partners
You also have the option of taking on partners posthumously or before your death. Your lawyer can create a partnership that will hold up in a court of law and stand up to legal challenges from your family members or associates. Your attorney can also create contracts to end partnerships or reform your business into a C-corporation if you prefer.
Your business attorney can finalize plans for your company. You can dictate your wishes for after you are gone.
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