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Business planning and succession needs legal assistance

For many people who start a business in New Jersey, it is not simply a method to earn a living and provide goods and services. A vast portion of business are the life's work of the person who started it and its future is still a concern even if they are considering moving on. It might be a family business with it passed from one person to another for generations and stayed in the family. Or there could be a complicated structure with partners and others who would like to take over. Business succession is not as simple as handing the reins to the next person in line. There could be issues that make it necessary to negotiate business disputes and there could be disagreements as to the structure of ownership. With any business and a succession plan, having a lawyer to help is crucial.

Passing a business onto a loved one can be part of an estate plan, but it can also be a decision made as the person who ran the business decides to retire or move on to something else and wants the business to be handled in a specific way. There are numerous factors that are involved with such a decision. Perhaps there are several people who want control of the business and cannot get on the same page; it might be that some members of the family want the business sold.

When determining how best to have a succession plan in place, every issue must be taken into consideration. With business succession, the following are general concerns: how to legally transfer it with taxes and other issues accounted for; asset preservation; granting shares to others; the reformation of the company; the organization of the equity of the business; creating contracts, writing contracts and reviewing contracts and more.

Business succession can run the gamut from relatively simple to exceedingly complex. Those who do not take the time to get legal advice from an attorney experienced in business planning and succession will inevitably regret it. Regardless of whether it is a small, medium or large business, one that is staying in a family or moving on to a totally different owner, legal help has a major impact on the future for everyone and it is a smart decision to get speak to a law firm that is well-versed in business from the beginning.

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