Estate Planning For Las Vegas Small Business Owners
Running a business is all about planning for the future. One of the matters that small business owners should consider is how their company will continue after they pass away or retire.
At Cassady Law Offices, P.C., we understand the importance of estate planning and business succession. With the use of an estate plan, a succession plan and our experienced guidance, Las Vegas business owners can protect their legacy.
What Factors Do Nevada Small Business Owners Need To Consider When Estate Planning?
Owners can decide the fate of their small businesses with the use of an estate plan. Here are a few factors to consider:
- Succession planning: Business owners can prepare for the transition of their business to successors. With the right plan, this can make a smooth transition to family members or partners.
- Buy-sell agreements: In the death of a partner or retirement, a buy-sell agreement can instruct how business ownership is transferred.
- Business valuation: Establishing a business’s value can help successors understand the worth of a business and make wise decisions during a transition.
- Debts and liabilities: Business succession may require
- Taxes: Planning a business succession has several tax implications. Limited liability companies often have strategies to reduce taxes and liability.
- Intellectual property protection: Many small businesses have copyrights, trademarks and patents for their intellectual property. An estate plan can help transfer these protections to successors.
Our attorneys at Cassady Law Offices, P.C., can help cover a range of estate planning and business succession considerations.
How Can Having A Business Succession Plan Help Make Your Estate Plan Stronger?
Small business owners understand the challenges and obstacles they have overcome to make a successful operation. Successors of a small business may not have the same knowledge. With the use of a well-drafted business succession plan added to an estate plan, owners can help ensure the continued success of their business.
What Is The Difference Between Estate Planning And Succession Planning?
There is a clear distinction between estate planning and business succession planning. An estate plan can transfer ownership of a business to beneficiaries. However, a succession plan is crucial for the continued succession of a business with the use of management strategies.
Your Free Consultation Is Just A Call Away
Our lawyers at Cassady Law Offices, P.C., provide small business owners with free initial consultations. Call our Las Vegas, Nevada, office today at 702-706-1083 or use our email to schedule a consultation.