Forming a New Business
Becoming a business owner is both exciting and risky! There are many decisions to make to make your new business a successful endeavor. The business compliance and requirements landscape has dramatically changed over the past few years, so understanding the various state and federal business regulations that affects your business is imperative to keep the business (and yourself) in good standing and operational!
We can help you establish your new business and set up the necessary protections to keep your personal assets protected from any business liability, so you can feel confident and have peace of mind acoss all aspects of you life.
When forming a new business, there are several important legal matters that need to be addressed.
At the forefront of the creation of a business, questions such as –
what type of business entity should be created.
what is the process of starting a business under North Carolina law?
what are my rights and liabilities as a business owner or manager?
what reporting requirements will my business have?
The Corporate Transparency Act is a new federal mandate that affects most businesses operating in the United States today. Unfortunately, there are many business owners who don’t realize the danger they are in if they don’t file their business’s Business Ownership Interest (BOI) report by the filing deadline (like enormous fines and potentially even jail time!)
(learn more).
The business reporting and compliance landscape has dramatically shifted. We can help your business stay compliant!
The Walls Law Group can assist you by answering these questions and helping you create a strategy to limit liability and maximize your corporate opportunities – and keep your business compliant with the muriad of requirements placed on businesses today.
We assists existing businesses with a broad range of business needs – from formation to succession – and can help you too!
Succession Planning
Have you been looking forward to the day you can perhaps retire, turn your business over to a son or daughter, or sell it?
Just as important as forming and maintaining the business, forming the most effective business succession plan is vital for business-owners’ estate and preservation of the business.
Even if you are not planning to stop working, you need to plan for the day you cannot run your business due to unforeseen illness or death. Most business owners do not take the time to plan for how they will leave their business. They are busy running the company, or they don’t know where to start. However, if you continue to own a business until you die, it will be included in your estate and could be subject to substantial estate taxes. Your family could be forced to sell the business or its assets at “fire sale” prices. Because you did not make a plan for succession, you will have worked hard all these years so that Uncle Sam and others, not your family, will reap the benefits.
Planning to Succeed
Planning for how you will exit from your business should be an integral part of your estate and retirement planning. Proper planning now can provide you with retirement income, reduced income and estate taxes, and even let you benefit a charity if you so choose, regardless of whether you transfer your business to family members at discounted values, to employees, or to an outside buyer. In today’s market, the economy and trends are affecting the timing and value of business transfers.
If you properly plan to exit your company, it will result in you and your family receiving the best possible results, both now and after your retirement, disability or death.
You can receive retirement income;
transfer your business to your family, your employees or an outside buyer;
make a difference for a charity or your community;
and you can do all of this with reduced income, gift and estate taxes.
Clients come to us to help them to take their next step or assess the viability of their goals. You have questions – we have answers.
Let us know how we can help you!
