Estate Business Transfers
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Estate Considerations for Business Transfers
Also see Buy-Sell Agreements. An estate plan has to be carefully coordinated with a buy-sell agreement in order to avoid potential conflicts. The following steps describe this process in general terms, but an extremely careful scrutiny needs to be afforded this area of law.
- The business interest must be determined exactly in order to provide protection from and limitations on family and other claims.
- Identify any restrictions on the seller’s ability to transfer the business interest, e.g., professional licensing requirements for owners.
- Use experts to determine the approximate value of the business interest.
- Consider the testator’s liquidity needs
- Identify the events that would trigger the buyout.
- Will the purchase be mandatory?
- Establish the terms of the payments.
- How will the funding for the buyout be accomplished?
- Plan for continuity in operating the business.
There are many other entity specific requirements that must be satisfied depending on whether a corporation, LLC or partnership are involved that require extremely careful legal planning.
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Bankruptcy
Business Organizations
Business Torts
Commercial Law & Contracts
Debtor/Creditor
Intellectual Property
Mergers & Acquisitions
Science, Computers, & Tech
Wills & Trusts
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We take pride in providing personalized legal services for your individual or business needs. Our practice includes: business start up and funding, business buying and selling, business succession planning, business reorganization, estate planning, power of attorney, end of life decisions, lawsuit protection and debt settlement or consolidation. We are also intellectual property attorneys with experience in electrical, software, mechanical and biotech technologies.
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