Small business ownership is making a comeback in America in the 21st century. After decades of watching the rise of big business and seeing family owned businesses disappear, the tide has turned again. Small businesses with fewer than 20 employees now make up almost 90 percent of all businesses in the United States. If you are a business owner, protecting your business now is essential to ensuring your financial security, and the financial security of your loved ones, in the future. To protect your business, both asset protection and business planning should be integral components in your comprehensive estate plan.
At the Charleston, South Carolina law firm of Kuhn & Kuhn we have deep respect for the entrepreneurial spirit. Our asset protection and business planning attorneys understand what your business means to you and your family which is why we are dedicated to helping you create a comprehensive estate plan that encourages the growth of your business in the near future as well as protects your business for future generations. Contact the South Carolina law firm of Kuhn & Kuhn by calling 843-577-3700 or by using our online contact form today to get started on your estate plan. Come in for a consultation in one of our two convenient office locations in Charleston and Summerville.
Asset Protection
The United States is a litigious society. If you own a business for more than a few years you will most certainly face a lawsuit at some point. When that happens, both your business and your personal assets could be at risk. Choosing the right business structure for your company is essential, but not sufficient, to protect your business and personal assets. Including asset protection strategies in your overall estate plan provides another critical level of protection for your hard-earned assets.
Business Planning
As many as four out of five small businesses fail to make the transition from one generation to the next. All too often, the absence of a well thought out business plan is the cause, or contributing factor, of the failure. As a business owner you must not only focus on the immediate growth of your business but also on transitioning the business to the next generation. A variety of estate planning tools can help prepare your business for that transition, including:
- Buy-Sell Agreement — an agreement that ensures a partner(s) will purchase your interest in the business at a fair price upon the occurrence of specific events such as your incapacity, death, or retirement. This ensures that your loved ones will receive the benefit of your hard work and dedication to the business.
- Family Limited Partnership – allows you to slowly transfer ownership of the business to the next generation while maintaining control over day to day operations until the transfer is complete. A FLP also offers tax advantages which are important during the transfer of wealth.
- Limited Liability Company – offers both tax advantages and asset protection to your business while still allowing you to retain control over the business until it is time to pass it down to the new owners.
You have worked hard to make your dream of owning your own business a success. Now it is time to allow the asset protection and business planning attorneys at the South Carolina law firm of Kuhn & Kuhn help you create an estate plan that protects your investment now and plans for the inevitable transition to the next generation at some point in the future. Contact the law firm of Kuhn & Kuhn by calling 843-577-3700 or by using our online contact form today to get started on your estate plan.
