Your business represents your life’s work. It also potentially represents a continued source of income and prosperity for your family — perhaps for generations. But ensuring that you and your loved ones receive these benefits from your hard work and dedication requires careful planning and foresight. As part of our comprehensive business practice, the legal team at Barr Legal, PLLC has helped numerous business owners in the Greater New York Metropolitan Area take the steps necessary to preserve their businesses for themselves and their families. We understand the issues, the potential sources of liability and the legal methods available for protecting business and personal assets and work tirelessly to provide our business clients with peace of mind.
A simple and generally effective means of protecting personal assets from business debt is the use of a limited liability business structure such as a limited liability company (LLC), a limited liability partnership (LLP), or a C or S corporation. Limited partnerships also offer liability protection to all but their general partners. Forming a business entity is also useful for holding income-producing property, and it offers tax benefits and enables owners to obtain insurance coverage to protect the assets of the business.
Transferring your business to a family member — whether by sale, gift or will — carries its own complications, especially when the business has more than one owner. Such transfers are subject to the specification in the formative documents and may not even be possible for some types of entities. If you are concerned about passing your business on to a successor, the business law attorneys of Barr Legal can help you plan for the process. We can review the legal status of your business and advise you how to prepare for an orderly transfer.
At Barr Legal, PLLC, we value the lengthy relationships we have formed with our business clients. We are honored to have been with them from the beginnings of their businesses, and we look forward to representing them for years to come. Our office is conveniently located at 664 Chestnut Ridge Road, Chestnut Ridge NY, 10977 and you can contact us at 845.352.4080.