Planning For Business Succession
Tax law in Arizona is changing — it’s hard enough to keep up with changes as an individual taxpayer, let alone sorting through all the implications for a small business.
Kruchek Law, PLLC, can help you manage Arizona’s tax laws and has the legal knowledge to answer all your succession planning questions.
Make A Plan That’s Right For Your Business
Every business is different, so there is no one right way to conduct a business succession to new owners when you retire or after you’re gone. Kruchek Law, PLLC, will lay out your options and help you understand the pros and cons of each. Some of these options include:
- Transferring your business: Pass ownership of your business to someone you trust to run it well. This might be a sibling, a son or daughter or someone else. Keep in mind that just “giving” a company to someone is considered a taxable gift, but there are strategies to minimize your tax burden.
- Sell the business: When your ownership of your business is coming to an end, you might consider selling the whole operation to a new owner — a longtime business partner, a trusted employee or an outside buyer. Kruchek Law, PLLC, will draft the necessary buy-sell agreement to facilitate this sale.
- Liquidate the business: In some cases it makes the most sense to bring your business to an end and sell off its assets. This allows you to manage your estate as flexible funds rather than a particular business, which is useful if, for example, the children you had hoped would run the business have chosen other careers.
Speak To An Experienced Estate Planning Lawyer Today
Estate planning attorney Beth Kruchek cares about the details of your case and makes it her top priority to help you understand your options, so you can make decisions today that will help you and your family for years to come.