Business Planning Built to Work Together, Not in Conflict
Business planning for owners of family and closely held businesses. Every business is different, and so is every family behind it.
It All Depends on the Business
For many owners, the business is one of their most significant assets. Decisions about how it is structured, who owns it, and what happens to it over time can affect the owner, the family, and the employees who depend on it.
Business planning can involve a range of issues, including choice of business entity, tax considerations, shareholder or LLC operating agreements, buy-sell agreements, and succession and family wealth planning. Some owners need help with one discrete question. Others want to look at the full picture.
It all depends on the business, the family, the cashflow, and the needs and goals of the founder or senior family members. It all starts with the interview and the facts of the case.
Weintraub Law Group concentrates in three areas where the cost of the wrong attorney is highest: capital formation, business transactions, and securities litigation support.
Business Planning Legal Services
Family Business Planning
Multi-generational businesses often raise questions that go beyond the business itself: how ownership should transfer, how control is maintained, and how family members with different roles and interests are treated. Planning may also consider how children with the ability and interest to be involved can be prepared for their future roles.
Small Business Planning
For founders and small business owners, early decisions about entity type, ownership structure, operating agreements, and buy-sell provisions can have long-term legal and tax consequences. These decisions are often worth revisiting as the business grows, ownership changes, or an exit becomes a real consideration.
Weintraub Law Group concentrates in three areas where the cost of the wrong attorney is highest: capital formation, business transactions, and securities litigation support.
A Legal and Tax Perspective
Business decisions rarely involve only one discipline. A change in entity structure can have tax consequences. A transfer of ownership can affect an estate plan. A buy-sell agreement can depend on how it is funded.
The legal and tax dimensions of a business decision should be considered together. Many business owners also have long-standing relationships with accountants, financial advisers, and insurance professionals, and we can work alongside them as part of the planning team.
As a member of the National Association of Estate Planners & Councils I believe that the team concept in estate planning usually best serves my clients. More than one professional – for example, an attorney, accountant, bank officer, credentialed insurance professional, a client’s long time financial planner, or philanthropic professionals, among others - should have a seat at the table. No two clients are alike, nor are their planning needs
State Law Matters
State law governs how a business is formed, taxed, and transferred, and those rules are not the same everywhere. Estate and inheritance taxes, trust laws, and creditor protections can vary significantly from one state to the next.
For owners whose business, family, or assets are located in more than one state, those differences can affect how ownership is held, how a transfer is structured, and how the business fits within the owner's broader estate plan.
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Frequently Asked Questions About Business Planning
What does a business planning attorney actually do?
A business planning attorney can help owners with entity structure, ownership and governance agreements, buy-sell provisions, and succession or exit planning. The scope of the work depends on what the owner needs and the engagement agreed to.
When should I involve a business planning attorney?
Many owners start at formation, when decisions about entity type and ownership are made. It can also be worth revisiting the plan when there is a significant change, such as a new owner, a key employee departure, a planned sale, or a generational transfer.
What is the difference between business succession planning and exit planning?
Succession planning usually involves transferring ownership and leadership within a family or to existing owners, often over a longer period of time. Exit planning is broader and can include a sale to a third party, a management buyout, or another liquidity event.
Do I need a business planning attorney if I already work with an accountant?
Accountants and attorneys serve different roles. An accountant typically handles tax compliance and reporting, while an attorney can draft agreements and advise on legal structure. We can work alongside your accountant as part of your team.