You've invested a lot in making your business a success, and it is hard to think about relinquishing ownership or control of it. That's why planning is critical in creating a lasting legacy for your family and it is important to put advance plans in place for passing down a family business, or risk losing it. Read here to know several factors you should keep in mind in making plans for the future of your small business.
Creating a culture in your small business where employees are valued and appreciated is the best thing to attract stellar talents. It s important to cultivate a work-life balance in this era when go go go is a norm to retain these talented candidates who value the same balance.
Your "When I die" file is one crucial part of your plan as it will give your loved ones access to all your planning documents, financial accounts, digital assets, etc. in the event of your potential incapacity or death. Failure to execute this file will result in your family an agonizing work and endless expenses in tracking down your assets and worse, they will all end up as if they never existed. Read here to know how to avoid estate planning failure.
Writing off bad debts can be an option however, we always recommend that you use a strong contract to increase your chance of getting paid, and not racking up bad debts in the first place. It is critical that bad debt has to get off your books for the success of your business. Read here to know more. Consult with an experienced lawyer like us so we can guide you to avoid losses from bad debts.
Conflicts frequently erupt in blended families as children, especially from a prior marriage and spouse's interests, often aren't aligned. It is critical to communicate and explain your wishes to your loved ones in person while you're still alive and have a comprehensive estate plan in advance to reduce the chances of conflict and bring your family closer at the same time. Consult with us to help you draft clear terms for all your planning documents.
As a small business owner, it is necessary that you understand the business credit terms. Like personal credit, business credit is a reflection of how well your company manages money and whether your company can be trusted by the way it manages money. To optimize your opportunities and help you grow your business, it is generally advisable to separate your business and personal affairs. Consult with a business law attorney like us to help you structure your business plan.
Now that you know exactly what planning is designed to prevent and support, you realized there really is no acceptable excuse for not having an estate plan. Putting up a proper Estate Plan gives you confidence and peace of mind that your loved ones will be provided and cared for no matter what happens to you. Consult with an experienced lawyer like us to guide you step-by-step through the planning process.
Good record keeping is not only important to help you monitor your business' details and progress, but it is also essential to protect you and your business from penalties, fines, and other legal actions. Read here some of the records your business may be legally required to keep. Consult with us if you have questions or if you need help navigating the maze of record-keeping requirements under local, state, or federal law.
Proactive steps to guard against cyber attacks are not only important to protect your business’s financial welfare, but they are also necessary to avoid liability under data privacy laws. It is important for you to take steps to protect your business’s data, reputation, and customer and employee information. Read here some of the most important actions for small businesses to consider.
A will is an integral part of your estate plan, but it is not enough to protect your wishes in the event of incapacity or death. There’s a common saying among lawyers: “Where there’s a will, there’s a probate.” But having your family end up in court or conflict is no laughing matter. That's why it is important to complete a comprehensive estate plan in addition to the will, including a trust (if needed), advanced health care directive, financial power of attorney, and Kids Protection Plan®.