Northbrook Business Attorneys
Helping Clients throughout Chicagoland with Business Succession Issues
Small businesses, including family businesses and closely-held companies, are often concerned with business succession issues, including liability, tax planning, and asset protection. At The Wochner Law Firm, our experienced Illinois business succession attorneys focus on advising high net worth individuals and owners of businesses with all of their business and estate planning needs.
A comprehensive and well-developed estate plan and business succession plan is absolutely necessary to maintain the vitality of a small business when the founder or owner passes away or retires from the business. A business succession plan should clearly state the intentions of the business owner regarding ownership, operation, and control of the company, as well as identify the steps that will be taken in the interim to facilitate a peaceful transition process.
A proper business succession plan can help a small business, a family business, and a closely-held company by addressing the following:
- Stability and continuity of business operations in the event of changes in ownership, control or management
- Reduction of the risk of shareholder disputes
- Protection of business assets
- Creation of multiple levels of control and management
- Minimization of estate and gift taxes
At The Wochner Law Firm, our knowledgeable Illinois business attorneys have been advising family businesses and closely-held companies with their business succession planning and estate planning needs for close to 40 years. Our experienced Chicago area business succession attorneys advise clients through the various complexities and decisions that must be made when devising a business succession plan, including the selection of a business successor. Once the appropriate business succession and/or estate plan is determined, we will draft the necessary legal documents and ensure that the appropriate business structure is in place. As knowledgeable Illinois estate planning attorneys, we counsel clients on ways in which their business succession and estate plan can be structured in order to maintain liability protection and minimize negative tax consequences.
We help clients structure their businesses in the following ways, depending on their unique needs, goals, and objectives:
- Limited Liability Companies (LLC), which allow for pass-through taxation, centralized management, and liability protection to members.
- Partnerships, which allow for pass-through taxation and shared liability and management among partners.
- Limited Liability Partnerships, which allow for pass-through taxation, with the general partner(s) bearing liability and controlling management decisions
- Family Limited Partnerships, which permit transfers of limited partnership interests to heirs and beneficiaries.
- C Corporation, which creates two levels of taxation but limits liability exposure.
- S Corporation, which requires a special tax election with layers of taxation and limited liability.
If you own a business – whether a family business or a closely-held corporation – let the trusted Chicago area small business attorneys at The Wochner Law Firm help you with all your business succession and estate planning needs. Contact our Northbrook office at (847) 272-7360 to schedule your free consultation to learn more about our business succession and estate planning services.