Business owners have a valuable asset which they must take steps to protect. Those who have built a business, who have built wealth in any form, or who are currently building up their legacies will need to understand New York laws which make asset protection and business planning possible.
The Law Office of Michael Robinson, P.C. provides assistance with business planning and asset protection to clients in the Finger Lakes, Rochester, Naples, Pittsford, and surrounding areas. When you want to ensure you can protect your company and your nest egg, we are ready to provide personalized advice. Give us a call at 585-374-5210 to find out about the plans we can help you to put in place and to get answers to important questions including:
- What do you need to know about business planning?
- What do you need to know about asset planning and asset protection?
- How can a Finger Lakes asset and business planning lawyer help you?
What Do You Need to Know About Business Planning?
Business planning should start from day one when your company first opens its doors and should continue with plans to protect your company even after your death. Business owners may have many different steps they should take in the business planning process, depending upon their situation. Some of the things which should potentially be a part of your plan include:
- Creating a buy/sell agreement: This protects your investment and the investment of others, sets forth rules for what happens if anyone needs to leave, and gives co-owners some control over who else owns the company.
- Choosing the correct business structure: You need to explore the pros and cons of sole proprietorship, partnerships, LLCs, corporations, and other types of business structures. Consider the complexity and cost of different structures, the tax implications, and the protections the business structure provides.
- Creating partnership agreements, shareholder agreements, and/or employment agreements. These agreements can set forth each party’s role and responsibility. This can help to reduce disagreements and keep the company operational, even if personalities clash.
- Creating a comprehensive business plan. Your plan should include details on your goals for the company so you have a roadmap to success.
- Reviewing financing options: Do you want investors, bank loans, or will you self-finance your business. Consider the pros and cons of each option.
- Creating an asset protection plan. You need to ensure your personal assets are not at risk due to business losses and you need to make sure that the value of your business is not diminished due to incapacity, mismanagement, or a slow transition to new owners after your death.
- Creating a business succession plan. You need to make provisions for what happens when and if you want to leave the company.
These are just a few of many components of the business planning process. You should speak with a Finger Lakes business planning lawyer to find out exactly what steps you need to take to protect yourself and your company.
What Do You Need to Know About Asset Planning and Asset Protection?
Asset planning and asset protection are especially important for business owners. If your company is sued or goes bankrupt and you haven’t taken care to separate your company from your personal identity, your own wealth could be at risk. Likewise, if you don’t protect your company, the value of your investment could be lost without a plan at the end of your life or after your death.
Business owners are not the only ones who need to make plans, though. If your goal is to become wealthy or to achieve financial security, you need a plan to grow your assets and to keep them safe. The Law Office of Michael Robinson, P.C. will discuss your goals for asset acquisition and asset protection and will assist you in making a plan to achieve the American dream of building wealth for yourself and future generations.
How can a Finger Lakes Asset and Business Planning Lawyer Help You?
The Law Office of Michael Robinson, P.C. can provide comprehensive assistance at all stages of your business planning, asset planning, and asset protection processes. We understand the New York laws that help you to grow and protect your company and your nest egg. If you live in the Finger Lakes, Rochester, Naples and surrounding areas, contact us today to find out what our elder law attorneys can do for you. You can give us a call at 585-374-5210 or contact us online to learn more.