At Corash & Hollender, P.C. our attorneys have been helping businesses and individuals on Staten Island since 1977. We can develop a plan that allows for a smooth transition, whether you want to leave the family business to your heirs, or allow your employees to acquire the company. We advise on tax implications of the proposals and make sure that contingency plans are in place that will account for the death or disability of one of the parties. To learn how we can help with business succession plans, contact our Staten Island law firm.
The primary mechanism used to ensure the continuation of a business is a buy-sell agreement. Like a last will or trust, the buy-sell agreement controls what happens in the event of a specified occurrence, such as the death, disability, or retirement of a partner, owner, or other principal. A buy-sell agreement can and should be very specific, describing the circumstances under which the agreement becomes active. In addition to using a buy-sell agreement, our attorneys make sure that all business and life insurance policies name the desired beneficiaries.
A family limited partnership or limited liability company is a vehicle that allows a business owner to transfer shares of the business to family members or other beneficiaries during his or her lifetime. This approach minimizes tax liability and allows the heirs to begin participating in the business before the death or retirement of the owner.
