Category Archives: Business Succession
A Checklist For Business Succession Planning
As a business owner, it is critical that you have a business succession plan. A succession plan will allow for a smooth and seamless transition should you ever decide to leave the business. Without a business succession plan, there will not be any guidance if you have an emergency, decide to retire, or pass… Read More »
What Happens To A Florida General Partnership Upon A Partner’s Death?
There are a number of ways that two or more people can go into business together. The simplest method is to form a general partnership. Indeed, in the absence of any legal agreement or forming another specific type entity, such as a corporation, any association of two or more people for the purposes of… Read More »
Does A Buy-Sell Agreement Trump A Will?
A common legal technique used in business succession planning is the buy-sell agreement (BSA). This term essentially describes any contractual agreement providing for the sale of a person’s interest in a business entity upon their death. For example, if you have a multi-member limited liability company (LLC), the operating agreement may contain BSA language… Read More »
What Happens If A Business Owner Dies And Leaves A Warehouse Full Of Unsold Inventory?
Many Florida residents dream of owning and running their own business. But what these people often fail to consider is the need for business succession planning. That is, what will happen to their business if they become incapacitated or die unexpectedly? If a business is structured as a corporation, then as far as the… Read More »
What Is An Estate’s Responsibility For A Decedent’s Business Assets?
A person’s death may not just leave personal assets for their estate to deal with, but also business assets. How the law deals with this latter class of assets depends largely on how the business itself was structured during the deceased owner’s lifetime. In some cases, the personal representative of the probate estate will… Read More »
Estate Planning for Business Owners: What Happens if You Don’t Have a Succession Plan in Florida?
The mere thought of death can be overwhelming, which is not surprising why many people are reluctant to think about their own death, let alone plan for it. But if you own a business, you need to understand that without a succession plan, your business may die with you. If you own a business,… Read More »
How Small Business Owners Can Benefit from Estate Planning in Florida
Planning for your business oftentimes goes hand in hand with your personal estate planning. You have worked hard to make your business a success, which is why it is important to plan for your business’s future from a succession standpoint, too. As a small business owner, you must make more decisions regarding your personal… Read More »