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23041 Mill Creek Drive

Laguna Hills, CA 92653

Phone: (949) 855-9250

Fax: (949) 380-1128

email: gbeck@beck-christian.com

Making a difference, one client at a time.

Contact Laguna Hills Attorneys Beck & Christian

Beck & Christian, APC

September 15, 2019 – How a Business Succession Plan Can Help Protect Your Company from Litigation

Should the unexpected take place, a comprehensive business succession plan should set forth a clear and concise roadmap to enable the company to continue with normal operating procedures seamlessly.

However, absent the existence of a business succession plan, your company becomes vulnerable to costly and extensive litigation that could result in its dissolution and financial insolvency. Litigation may arise as the result of confusion over who should take over running the business and future operations. Litigation may take place between partners and family members who have differing opinions about the company’s future, or amongst the family members themselves.  

Family relationships often become strained and arguments over who should run the business and how it should be run may lead to litigation and the permanent severance of ties within the family itself.

Failure to have a skilled attorney who does not possess an in-depth understanding of both state and federal tax laws can lead to extensive tax problems. Due to the power of the government and the resources they have available, should tax issues arise, it is highly likely that your business will be dissolved and its assets liquidated to pay any requisite fines and penalties.

By taking a proactive stance and retaining an experienced lawyer to draft your business succession plan, you are drastically reducing the likelihood that your company will have to close its door because of tax issues or litigation between the involved parties.

Please call Beck & Christian at (949) 855-9250 to schedule an appointment for an in-office consultation with one of the leading Estate Planning and Taxation Law Firms in the region. Proudly serving residents of Laguna Hills and those who live or work throughout Southern California for more than 40 years, we have the experience necessary to help you shield your business.

Contact us to learn how our seasoned lawyers can put their experience to work for you, and help ensure that your company will exist for future generations.

September 1, 2019  – Should You Draw Up Your Own Business Succession Plan?

The simple answer is no – you should never attempt to draft your own business succession plan.

Because there are several highly complex issues pertaining to Business Law, Estate Planning and Tax Laws, it is imperative that you do not attempt to do this without the guidance and experience of exceptionally experienced lawyers.

While there are countless books, articles and websites that provide instruction detailing how to draft a business succession plan, doing so could wreak havoc on your company and bankrupt both the business and your family.

At Beck & Christian, our lawyers possess extensive experience with business succession planning and know how to incorporate tax strategies designed to protect your business from outrageously high local, state and federal tax liabilities. A Board Certified Expert in Estate Planning Law and Tax Law, Attorney Greg Beck has been successfully helping clients in Laguna Hills and throughout Southern California for more than 40 years.

Our skilled, highly knowledgeable lawyers understand the intricacies of Estate Planning and Taxation, and how they impact business succession planning. We also understand the ramifications of individuals attempting to draft a business plan on their own, and they typically result in financial ruin and the dissolution of the business.

If you are a small business owner or oversee a closely held company, you want to take every step possible to guarantee that your company remains a going concern beyond your leadership.

Please contact an attorney at Beck & Christian today by phone at (949) 855-9250 or online. We will schedule an in-depth consultation to review your business goals and objectives. By asking the correct questions and reviewing all of your options, we will guide you through the process with ease. Call today so we can help you secure the future of your company, maintain family harmony, and reduce potential conflict should the unexpected take place.

August 15, 2019 – What a Business Succession Plan Should Include

In order to safeguard your company’s future and protect both business and family assets, an enforceable business succession plan should be highly detailed and take a number of factors into account.

A well-drafted, comprehensive business succession plan should take into account: tax issues; transition of ownership; identification of successors within the business, and partnership interests. It should also include a guideline stating how the business should be dissolved and assets disbursed should the company become insolvent or the decision is made to dissolve the business.   

Additionally, it should include the following:

Whether you are a new business owner or have been in business for years, a well-drafted Business Succession Plan acts as a form of insurance to maintain financial security for your family and protect for your company’s assets and solvency for future generations.

August 1, 2019  – When Should You Have a Business Succession Plan Drafted?

The best time to set up a business succession plan is during the business formation process. By drafting a comprehensive succession plan as soon as possible, you vastly reduce the likelihood of the business dissolving and help ensure a smooth transfer of ownership and power.

Because life is unpredictable, having a business succession plan in place from the formation stage provides peace of mind because it sets forth how the business will be operated and structured should the unexpected take place.

Unfortunately, many business owners fail to execute a succession plan due to the belief that retirement won’t take place for years, if not decades. This approach may cause significant harm, resulting in a disastrous outcome for the company, other partners if applicable, and family members who are either involved in day to day operations or have a financial stake in the business.

Therefore, it is essential that you begin working closely with an experienced and skilled Business Succession Planning attorney immediately. Creating a comprehensive succession plan with an eye towards the future is a strategic part of business ownership that should be addressed upon formation.

For answers to all of your business succession planning questions, please contact Laguna Hills Attorneys Beck & Christian online or by calling (949) 855-9250. In practice for more than 65 combined years, the lawyers at Beck & Christian proudly represent clients throughout Southern California. Let us help provide you with peace of mind, knowing that if something should happen to you, your business and your family will remain financially solvent.

July 15, 2019  – Why You Need a Business Succession Plan

While it is important for all businesses to have a succession plan in place, it is especially crucial when dealing with small, family-owned businesses.

Failure to have an enforceable, comprehensive business succession plan in place should the owner retire, or the unexpected take place, may result in numerous problems and disputes that may cause the company’s demise and shattered relationships amongst family members.

If there are additional owners involved, the lack of a succession plan more often than not typically results in disputes that will negatively impact the company’s future viability. Without a formal arrangement in place beforehand, events could take place that would thoroughly deplete your company’s assets, leaving it insolvent.

Additionally, due to complex taxation issues, you run the risk of the business being lost due to high estate taxes. When drafted properly, all of these issues can be avoided thereby allowing for a seamless transition of ownership, allowing the business to continue successful operations.

For additional information about creating a comprehensive business succession plan, please contact an attorney at Beck & Christian who is a Board Certified Expert in both Estate Planning and Tax Law. Call (949) 855-9250 today to speak directly to a lawyer and schedule an in-depth consultation.

July 1, 2019  – What is a Business Succession Plan?

A Business Succession Plan is an Estate Planning tool that is utilized to determine how a family business or closely held company should continue operations if the company owner retires, becomes either mentally or physically incapacitated, or passes away.

In these situations, the succession plan will set forth who will take over daily business operating procedures, transfer ownership, or set forth procedures and guidelines for sale of the business.

If the business has multiple owners, a business success plan may be used to determine whether the other owners are going to purchase the retired, incapacitated or deceased’s interest in the company, and if so, how the funds will be disbursed.

Additionally, a well-crafted Business Succession Plan takes into account how ownership shares will be impacted, as well as issues pertaining to personal liability based on the type of entity established (sole proprietorship, partnership, limited liability partnership or closely held company), as well as state and federal taxation ramifications.

The primary goal is to set forth guidelines that will allow the company to continue normal business operations during a transitional period, while simultaneously benefiting the individuals involved as well as safeguarding the company. They are designed to reduce the likelihood of in-fighting, litigation and tax penalties while allowing for a smooth transition of power.

Finally, the succession plan should clearly lay out conflict resolution solutions should in-fighting and disagreements take place that threaten both the future viability of the business and negatively impact the family dynamic.

Business Succession Information BLOG - Laguna Hills

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The information contained herein is provided for informational purposes only, and is not intended to serve as legal advice. You should not act or fail to act based on the information on this website. This website contains general information only, and may not reflect recent changes to the law. All cases differ – please contact an attorney in your area to get legal advice as it pertains to your case. Attorneys Gregory Beck and Stephen Christian are licensed to practice law in the State of California.

Business Succession Information BLOG - Laguna Hills

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