Own a small business? Don’t rely on your Will or Power of Attorney to take care of your business too. You must have a Small Business Succession Plan in place to ensure a seamless transition.Just need help getting started or managing the day-to-day compliance issues so you can focus on growing the business? We do that too.
Estate Law Attorneys Protecting Your Small Business
We are here to help you start and manage your small business. Whether you need a lease, board resolution, certificate of authority, or just want to make sure you stay in compliance with the law, we know what to do.
Field Law has assisted family businesses with property location, legal updating and streamlining, reviewing legacy contracts and making sound recommendations on how to maximize efficiency and lower costs. We have started sole proprietorships, partnerships, limited liability companies, corporations and non-profits for our clients, giving them every document and tool they need to start their business on the right foundation. That makes it easy for them to stay in compliance down the road, saving them time and money later.
Ready to take your idea out of the garage? A Sole Proprietorship are the simplest to start and get going. Simply put, a Sole Proprietorship allows you to operate under a business name, without all the paperwork and filings required by the other types of business. This option is great for side-businesses with little liability risk that require ease of operation and simple accounting. We make sure you are legal in as little as one week.
Limited Liability Companies
Perhaps the most popular business type, Limited Liability Companies offer similar liability protection afforded Corporations without all of the extra paperwork and compliance issues. For tax purposes, you get to pick whether your LLC is taxed as a sole proprietorship, partnership or S-Corp. This means that an LLC is the most versatile and easy to use of the business entities with liability protection.
The oldest form of any business, Partnerships have been the most prominent business type for professionals. A Partnership gives you flexibilities not afforded a Corporation and sets up a management structure, so each partner has a seat at the table, which is ideal for attorneys, doctors, architects, graphic designers, and other professionals. Each partner is responsible for paying his or her own taxes and generally partners are not personally liable for the debts of the business.
Corporations are the only business type that establish an entity with an existence completely separate from the owners. Owners are issued stock and can vote according to the Articles and Bylaws of the Corporation to elect Directors, who in turn run the company. Stock is easily sold or traded, allowing for ownership to expand or contract without disturbing the operations of the business. If you are planning on having multiple owners that will be managed by professionals, this entity type is for you.
Typically, Non-Profits are setup as Corporations. One major difference is there are no stock holders and any profits accrued by the Corporation are not distributed to the Directors or members. Management is similar to its for-profit cousin. Field Law LLC has the experience to help you obtain 501(c) status with the IRS and ensure your compliance with Louisiana law.
Small Business Succession Planning
Small Businesses normally don’t spend years grooming someone to take over the company, so having a Small Business Succession Plan in place means that your business won’t fail while your loved ones are trying to put the pieces together. It is also legally required for a smooth transition without going through probate.
Don’t assume that your Power of Attorney allows someone to act on behalf of the business. You need to also put into place a sound written management structure to ensure bills are paid and the business keeps running should something happen to you. Naming a successor to run the company in the Succession Plan means a day won’t go by without a qualified person of your choosing managing the business.
Contact Us For A Free Initial Consultation
Field Law is in Baton Rouge, and we serve clients throughout Louisiana. We are also pleased to work with clients outside the state on matters related to Louisiana estate law. To arrange a free consultation, call us at (225) 341-8221, or send us an email.