New Bedford Business Succession Planning Lawyer

People work hard every day of their lives to build businesses to support their families. Most people want to leave that business to someone someday—something one of our New Bedford business succession planning lawyers could assist with.

There is a lot to consider when planning business succession—what your long-term vision for the business is, who will be your successor, how the operation will stay funded, and, of course, the legal implications of the transfer. No matter the issue, one of our estate planning attorneys could help. Contact us today for a strategy meeting and take step one toward getting your business succession planning on track.

Laws Pertaining to Business Succession

As a person makes their business succession plans, there are a number of laws to consider. Massachusetts General Laws Chapter 190B, Section 2-101 allows for the creation of a trust that can hold business assets and distribute them to heirs, according to the creator’s wishes. Chapter 203E, Section 1 allows for the creation of a family limited partnership, which can be used to transfer ownership of a business to heirs while minimizing tax liability.

Additionally, Chapter 156D, Section 2.02 provides for the creation of a limited liability company, or LLC, which can have business succession advantages. An experienced New Bedford attorney could advise on the most advantageous business succession planning options available based on the facts of a client’s business and their goals.

Ways a Lawyer Could Help With Business Succession Planning

One of the ways a business succession lawyer could assist is by creating an estate plan that guarantees a business is passed on to an owner’s heirs in the most tax-efficient way. At the formation stage, a lawyer could help choose the best structure—corporations, partnerships, limited liability companies, and the like—for a business.

For someone looking for a successor to take over their business, a lawyer could assist with the search by identifying and vetting potential candidates in terms of their work history, finances, and more. A skilled New Bedford business succession attorney could help develop a contingency plan to ensure there is a backup plan in place in case a preferred successor backs out or otherwise becomes unavailable.

Getting Business Succession Details Right

It is important to get the details right where business succession planning is concerned. Failing to file the necessary documentation can lead to delays, fines, and other legal consequences. Choosing the wrong structure for your business or having an inadequate succession plan that fails to consider all the possibilities can also affect the outcome of a business.

Mistakes such as these can be extremely costly—sometimes leading to heavy tax burdens or regulatory issues that can seriously burden a business. Hiring a New Bedford lawyer to help chart and review a business succession plan could save thousands of dollars over the long term.

Contact a New Bedford Business Succession Planning Lawyer Today

Your business is your livelihood and your legacy for the next generation. It is important to document plans for its future. Having legal documentation in place that outlines your wishes can prevent future issues with business changes. Contact one of our lawyers today and see how we could assist you and your business.

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