Business Formation & Succession
According to the Small Business Administration, about 70% of small business owners do not have a succession plan.
This means most small businesses can disappear overnight if something happens to the owner or circumstances change. Business planning is an essential part of estate planning.
If you are ready to plan for the future and ensure long-term business success, a business attorney in Henderson, Nevada can help you explore options.
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What Is Business Succession Planning?
This requests that an executor be appointed.
Business Formation And Sucession
Business succession planning is the process of deciding how you will transfer ownership of your business and transition out of management. This type of planning can be used to:
  • Maximize personal financial security
  • Keep a business in the family
  • Maximize business value for loved ones
  • Create a legacy
  • Assets in a living trust.
  • Reduce or avoid taxes

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Business Formation And Succession Lawyers
Give us a call today at (702) 602-8308 to set up an appointment for your FREE consultation!
We have Office located in Las Vegas, NV.
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Why Should I Plan for Succession?
Your beneficiaries cannot do anything to prevent probate
Running a business is time-consuming, hard work. It can be easy to focus on day-to-day operations without considering long-term issues like succession. Still, you most likely plan to retire one day and have plans for what will happen to your business.
Proper business planning and formation today can reduce income and estate taxes, offer you retirement income, and allow you to benefit charity. These benefits are available whether you transfer your business to family at a discounted value, to employees, or to another buyer.
Here are several good reasons to work with attorneys Kurt and Blake Johnson to begin business succession planning as soon as possible.
Options
Most small business owners want to give their family continued income or maintain jobs for loved ones. Many also wish to establish a legacy.
The longer you delay business succession planning, the fewer options you will have. Business succession lawyers Kurt and Blake Johnson can help you understand succession options you may have.
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Tax Benefits
If there is no succession plan in place when you die, the government will take a large share of the value of your business. This will leave very little for your heirs. A business succession plan can reduce or avoid taxes to ensure your family and important employees receive their fair share of the business value.
Risk Mitigation
The longer you wait to consider business succession, the higher the risk your plan will not meet your goals. You will also run the risk that the business will fail along with your health.
Exit Plan
A succession plan can allow you to retire one day and leave a successful business to loved ones. Without an exit plan, retiring from the business will likely result in a collapse of the business itself.
Maintain Value
If a business owner dies or becomes unable to work before creating a succession plan, the value of the business will suffer. With many small businesses, the owner and the business die the same day. This will prevent your loved ones from receiving the full value of the business.
Maintain Control
Planning for succession allows you to maintain control of the direction of your business. If you do not make a plan, the government and attorneys will have control over the future of your company.
Business Formation
benefits to hiring a Las Vegas probate lawyer for estate administration.
Business Formation Lawyer
A sole proprietorship or partnership is not a separate legal entity. This means there is no separation between the business and owners. One of the most important steps in business planning is business formation. This refers to incorporating or forming a separate legal entity that has a life of its own.
There are several types of legal business entities available today. An experienced estate planning and business formation attorney in Nevada can help you choose the right type of entity for your goals.
C-Corporation
A C-corporation is a business entity that is subject to something called double taxation. This means the corporation is taxed first at the corporate level and again when income passes to owners. Creating a C-corporation can be beneficial if there is no plan to distribute all profits to shareholders.
A corporation has unlimited life that is not dependent on owners. It will continue indefinitely until it is bankrupt, merges, or accomplishes objectives. Ownership interests can be sold, transferred, or given away to family members. A corporation
can also raise investor capital much more easily than a limited liability company (LLC).
S-Corporation
An S-corporation has many of the same benefits of a C-corporation. The only difference between the two is profits of an S-corporation pass through to shareholders. Shareholders account for business income on their personal tax returns. An S-corporation can offer tax savings because profits are not subject to self-employment tax.
Corporate shares are more easily transferred to family members than partnership interest or assets in a sole proprietorship. An S-corporation also limits the liability of owners. S-corporation shareholders can also receive distributions from the business. This is important as it can reduce pressure to sell the business if there are financial problems.
You will retain control and ownership of the money and account. The POD recipient can only claim the money when you die. To do this, the person will make a claim directly with the bank.
Limited Liability Company (LLC)
The limited liability company is the most popular and flexible option for most small businesses. This fairly new business structure can be an excellent alternative to a corporation or partnership. An LLC is favored by small business owners because it is very flexible without the double taxation of a corporation. Each partner of an LLC has liability protection as with a corporation. This means individual owners are never solely financially responsible for company debt or other members. Owners can still claim business debt against their income on their tax returns.
An LLC can combine tax planning with simple administration, asset protection, and a built-in business succession plan.
Family Limited Partnership (FLP)
A family limited partnership or FLP can provide gradual transfer of ownership while retaining control. This type of entity also offers protection from creditors. An FLP is a limited partnership in which most or all members are family members. This entity transfers your ownership interests to a partnership for general or limited partnership interests.
The owner will retail general partnership interest which can be as little as 1% of assets. General partners run day-to-day operations and make business decisions. Children are holders of LP interests with no control of the business. Because these are noncontrolling interests, they are valued at a discount. This allows greater business portions to be transferred before triggering gift taxes.
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    How Do I Form a Corporation or LLC?
    benefits to hiring a Las Vegas probate lawyers.
    Incorporating or forming an LLC is typically straightforward, although it does involve filing legal documents. Once you incorporate, your business will be its own legal entity. Under the law, this means the business can buy and sell property, bring lawsuits, get taxes, and even commit crimes.
    Incorporating requires preparing and filing Articles of Incorporation with the Nevada Secretary of State. As a corporation, you will be required to have a board of directors who run the business. You will also need to select the types of shares your corporation will sell. While a corporation is not required to file bylaws with the government, you are required to maintain your bylaws to establish operating procedures.
    Forming an LLC is a bit different as it does not involve incorporating. After choosing a name for your LLC, you will need to file Articles of Organization. An LLC should have an operating agreement drafted to spell out members’ ownership, roles, responsibilities, and rights. This can prevent challenges in court and keep you from defaulting to Nevada’s operating rules.
    While incorporating or forming an LLC itself is fairly easy, there are ongoing requirements. This is why it’s important to contact a business formation attorney. The entity you choose may have reporting and record-keeping requirements to meet. Your business organization and management may also be affected. There will also be other requirements if you conduct business outside of Nevada. A business lawyer in Las Vegas can help you understand and meet these obligations to protect your business and keep your assets shielded.
    Do I Need to Hire a Business Formation Attorney?
    benefits to hiring a Las Vegas probate lawyers.
    Probate is required to transfer assets that do not pass directly to a beneficiary. If you have inherited assets from a loved one and are struggling to receive your inheritance, an estate planning lawyer can help. A probate lawyer can also assist you in completing the probate process if you are the executor of an estate.
    There are many areas in which an experienced estate planning lawyer can help during probate:
    • Drafting bylaws and preparing filings
    • Designing an LLC agreement
    • Structuring and filing documents on behalf of your LLC or corporation
    • Planning business succession to heirs, partners, or employees
    • Assist with buy-sell agreements and more
    • Assist with the formation of a nonprofit foundation
    • Incorporate business objectives into an estate plan
    There is no need to handle everything on your own. A CPO and business formation lawyer can help you decide the best course of action for your business to meet your long-term goals. An attorney can also help you avoid pitfalls and potentially costly mistakes.

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