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Showing 21 posts tagged Business Formation and Planning.

Five Reasons to Consult an Attorney for Your Small Business

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Starting a small business can be difficult. It requires a tremendous amount of passion and dedication, as well as some assistance from professionals such as accountants, insurance agents and others. While you may not need an attorney in the same measure, consulting one at the outset of the business and periodically throughout can get you off to a good start and keep you from falling into common legal traps. Here are five reasons you should consult with an attorney that will greatly benefit your small business. More >

Work with experienced counsel to navigate buyout negotiations

Layoffs are never something businesses like to do, but sometimes economic necessity dictates that a business reduce the costs associated with employees. Such is the case right now with global art auction house Sotheby’s. The company is currently offering employees voluntary buyouts a in the wake of a third-quarter decrease in revenue. More >

Before selecting business form, what is important to consider? P.2

In our last post, we began discussing the importance of careful planning when selecting the legal form one’s business will take. As we noted, this decision can impact a number of aspects of the business and its owners. The first factor we mentioned which needs to be considered is liability protection. More >

Before selecting business form, what is important to consider? P.1

Building a successful business is not an easy matter, and a lot of planning and learning from mistakes go into it. Success is not always quick, either. Sometimes it can take years before a company is able to carve out a market and a brand for itself. To really make a business successful, a lot of things have to fall into place, and a lot of advice could be given about how to do this. More >

Updating estate plan ensures its accuracy, relevance, effectiveness

Most people are generally aware of the importance of getting an estate plan in place. Regardless of who you are, you can benefit from an estate plan, whether it be a simple or complex one. For family business owners, of course, having an estate plan is particularly important to ensure the success of the business. And, in fact, most family business owners do have estate plans. More >

Survey shows Kentucky needs improvement in “business friendliness”

Getting a business off the ground is no easy matter. Regardless of what state you do business in, there are going to be challenges, but some states make it a bit easier for entrepreneurs than others. According to a recent survey, Kentucky doesn’t rank that highly overall when in this area. The Thumbtack’s Small Business Friendliness Survey found that small business owners throughout the state give the state an overall grade of C+. More >

Planning for the unexpected departure of a business owner

In the business world, the unexpected can happen. That is just a fact of life. There are many ways this principle can apply, but we’ll speak here specifically about the unexpected departure of a business owner or corporate official. This could come about because of an untimely passing, or because of an unexpected retirement. Whatever the case may be, whenever an important business leader passes on there is the potential for the business to experience a period of turbulence and destabilization. More >

Succession planning best when engaged early and reviewed regularly

Most business owners, if you ask them, probably have a basic idea of what succession planning is all about: deciding how ownership interests will be passed when they or their partners or co-owners leave the company. The problem for many business owners is taking the initiative to get an appropriate succession plan in place. Once the inertia to doing so is overcome, though, getting an effective plan in place doesn’t have to be that hard.   More >

Estate tax planning prevents heirs from having to liquidate estate

Readers may have heard that the Housing of Representatives passed a bill last month that would repeal the estate tax. The bill, which passed on a vote of 240 to 179, is largely backed by Republicans, with Democrats mostly voting against the measure. Although the proposal is unlikely to pass all the way through the legislative process, it is interesting to ponder how it would affect small businesses. More >

Publicly traded companies and the task of succession planning

As we’ve pointed out in previous posts on this blog, succession planning is an important task for every company to ensure its success during and after times of transition. A common theme in all effective succession planning is that it has to be started sooner rather than later and to remain and ongoing task. This is just as true for publicly traded companies as it is for closely-held companies. More >

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