Business Formation -
Whether you are starting a business or investing in an existing business there are many options and decisions that a business person must consider. These decisions will affect your liabilities, your taxes, your errors, your outlay of assets, and your ability to protect yourself in the future. There are many choices in the type of entity to setup: Sole Proprietorship; Corporation; Limited Liability Company (L.L.C.); General Partnership; Limited Partnership; and Limited Liability Partnership (L.L.P.). Each one has its own unique set of pros and cons associated with it. At this stage of starting any business is essential to get quality input and advice in selecting the most appropriate entity formation specifically for your business, and your business goals. We help to explain the options available and can file all the appropriate documents in order to get your business started and on its way to success.
Succession Planning -
After choosing the type of business you want to operate, the next most important decision to make in a family business is determining what will happen when you no longer can or want to operate your business. This is most commonly referred to as the succession plan for your business. What is going to happen to your business if you are no longer able to or no longer desire to operate your business. It important to know that only 34% of family businesses are successful in transferring assets from the first to the second generation. Only 14% are successful in transferring a business from the second to the third generation.
Glick and Trostin, LLC works closely with the business owner to ensure that their estate plan is properly handled and that a proper business succession plan is in place, prior to actually needing one. We look at not only the tax and legal issues, but we also pay close attention to the underlying personal and emotional issues that are involved in transferring a business, as well as the individual goals of our client. There are many decisions that you can make it the outset of your business that might help your successor to be successful.
Depending on the type of business, the manner in which the business was formed, and the individual goals of the business owner, we at Glick and Trostin, LLC will assist you in formulating the best possible plan for you and your family. There are many tools and mechanisms to accomplish most every goal, and failing to take the time now will make your succession plan that much more difficult to implement when it is needed.
Business succession planning is a very complex area. It involves accounting, insurance for liquidity, professional investment advice and the help of a qualified attorney. Glick and Trostin, LLC is unique in that we handle both business law and estate planning law, which are both necessary for your succession plan.
208 S. LaSalle, Suite 1650, Chicago, IL 60604