Roseville Succession Planning Lawyers
Help Your Business Live On after You’re Gone
Dying without a succession plan for your business is similar to dying without a will – and just like dying without a will, a little bit of chaos and confusion can be kicked up in the aftermath of your death. Family members may jockey among themselves or with your business partner for control of the company, and it could all lead to unnecessary lawsuits that drain critical resources from your business and family.
Even business owners who would liken their companies to tightly run ships are probably missing this critical component of their estate plan – are you? If you’re so far neglected a plan for your business, our succession planning lawyers in Roseville at Patton Law Group can help. We’re experienced at helping companies of all kinds by rendering nearly any business law service needed, including succession plans in the event of an owner’s death or departure from the company.
Need help developing a strategy that’s right for your company? Contact Patton Law Group online or call (916) 619-0783 today to receive a complimentary consultation. We’ll spend some time with you, for free, to help you determine if our solutions are right for you.
Without a Plan, Business Structure Rules Ownership
Unless you have a plan in place for your business, the kind of business it is typically determines how it will go on – or not go on – when you’re gone.
The following scenarios may play out for each type of business:
- Sole proprietorships live and die with their owners. When the owner passes, the business is liquidated by their estate. Business debts are paid off, and the rest can be distributed according to a will or trust.
- Partnerships of any kind, including limited partnerships and limited liability partnerships, are dissolved when either partner dies without a plan or partnership agreement in place. All business is required to stop unless it’s needed to tie up loose ends.
- Limited liability companies (LLCs) have an operating agreement that should already determine what happens if an owning member dies. Typically, the remaining members vote to admit a member to take control of the company, but the company may be dissolved by law if this isn’t explicitly laid out in the operating agreement.
- Corporations and S Corporations have more rigidity in the wake of an owner’s death. When this occurs, the owner’s estate becomes owner of the deceased’s shares. If the deceased was a sole or majority shareholder, their estate would assume ownership over the corporation until it was closed.
Gain control over the legacy of your hard work by working with our succession planning attorneys in Roseville. Call Patton Law Group at (916) 619-0783 now for a free consultation.
“I really feel lucky to have found you and look forward to working with you.”- Arthur W.
“Rachel explained to me very clearly what a trust was in addition to the changes I was trying to make to my will.”- Susan D.
“I would like to thank you for all your hard work helping us get our family business in order.”- Kriss D.