Houston Business Succession Lawyer Helps Clients Plan Ahead
There are a number of legal and financial matters that must be addressed with a family-owned business. Texas has recently adopted its Business Organization Code. Effective January 1, 2010, the Business Organization Code applies to all business entities including those formed prior to the adoption of the code.
When a business succession plan does not conform to a company's existing bylaws or when more than one heir has a stake in a business, several legal complications can arise.
At McCulloch & Associates, we work closely with individuals and business owners in trying to minimize complications that arise with family-owned businesses.
What is Your Exit Strategy?
We help develop your exit strategy, whether it includes selling the business or creating a succession plan for heirs or employees. This takes thoughtful planning to avoid problems, controversies, and excess costs. Many a family or closely-held business has suffered when a founder dies and an appropriate succession plan is not in place.
Disagreements develop, conflicts are brought to light, and internecine struggles break out. Clearly written management agreements, functioning with formation documents that make clear where authority lies and who is vested with decision making power can eliminate the potential for this destructive activity.
Regardless of whether you need to create a business continuity plan or have questions regarding business succession and bylaws, contact business planning attorney Thomas W. McCulloch today.
Business Succession and Family Business Challenges
The law office of McCulloch & Associates advises and represents clients in regard to the following issues:
- Tax matters
- Successor issues
- Establishing a business trust
- Budgeting
- Audits and appeals
- Tax delinquency and representation before IRS collections divisions
Pre-Emptive Solutions for Small and Medium-Sized Businesses
When the owner of a family-owned business passes away, disputes can arise if one or more heirs demand a buy-out or challenge current business practices. An estate and business continuity plan that is in agreement with company bylaws is the most effective way to protect your company and minimize the likelihood of litigation. At McCulloch & Associates, we work closely with business owners and family-owned businesses in creating detailed business continuity plans intended to stand the test of time.
Contact Business Planning Attorneys at McCulloch & Associates Today
Even if you currently have a business succession plan in place, our attorney can review its terms and determine whether or not it provides an optimal level of security. Additionally, since our attorney is also a CPA, Mr. McCulloch can address tax issues and specific kinds of financial issues that are important for family-owned businesses. To schedule an appointment and learn how we can help you, contact business succession lawyer Thomas W. McCulloch today.
