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Business Formation and Succession Planning 

Creating a business is both exciting and risky.  With the excitement of forming this new endeavor come important legal matters which must be addressed. At the forefront of the creation of a business, questions such as what type of business entity should be created; what is the process of creating a business under North Carolina law; and, what are my rights and liabilities as an owners or manager should be answered.

The Walls Law Firm can assist answering such questions and help create a strategy to limit liability and maximize your corporate opportunities.  Our firm also assists existing businesses with a broad range of corporate needs.       

Just as important as forming and maintaining the business, forming the most effective business succession plan is vital for business-owners’ estate and preservation of the business.

Have you been looking forward to the day you can retire, perhaps turn your business over to a son or daughter, or sell it? 

Every business should start with the end in mind.

Even if you are not planning to stop working, you need to plan for the day you cannot run your business due to unforeseen illness or death. Most business owners do not take the time to plan for how they will leave their business. They are busy running the company, or they don’t know where to start. But if you continue to own a business until you die, it will be included in your estate and could be subject to substantial estate taxes. Your family could be forced to sell the business or its assets at “fire sale” prices. Then you will have worked hard all these years so that Uncle Sam and others, not your family, will reap the benefits.

Planning for how you will exit from your business should be an integral part of your estate and retirement planning. Proper planning now can provide you with retirement income, reduced income and estate taxes, and even let you benefit a charity if you so choose, regardless of whether you transfer your business to family members at discounted values, to employees, or to an outside buyer. In today’s market, the economy and trends are affecting the timing and value of business transfers.

Planning now to exit your company will result in you and your family receiving the best possible results, both now and after your retirement, disability or death. You can receive retirement income; you can transfer your business to your family, your employees or an outside buyer; you can make a difference for a charity or your community; and you can do all of this with reduced income, gift and estate taxes.

Clients come to us to help them to take their next step or assess the viability of their goals. 

If you need a starting point, a consultation is a good place to start.
Contact our office at 919-647-9599 to make an appointment with one of our team members.