By Fredrick P. Niemann, Esq. a New Jersey Passing on a Business and Business Succession Attorney
When the owner of a business is looking to delegate control of it to others, then he will have to conduct succession planning to make sure that the transfer of power goes through as smoothly as possible. In addition to the business side of things, this also includes legal and financial planning. Doing this work upfront will save you plenty of money in taxes and legal headaches.
A large portion of the profits will be collected in the form of estate taxes, so planning for this is crucial to make sure that the business will have enough capital to be sustainable during the transition period from one owner to another in case an owner of the business dies. It is also important to make sure that all roles are delegated to desired successors to make sure that the transition can be made immediately if necessary.
Transitioning from one owner to another shouldn’t need to be a difficult and drawn-out process. Starting early is crucial to make sure that all necessary decisions are made. This will ensure that you don’t end up having to spend money on trying to fix legal and financial issues later on. The best way to do this is to have a consultation with Mr. Fred P. Niemann of Hanlon Niemann Law in NJ. He has many years of experience in assisting businesses with Passing on a business in NJ.
Contact me personally today to discuss your business matter. I am easy to talk to, very approachable and can offer you practical, legal ways to handle your concerns. You can reach me toll free at (855) 376-5291 or e-mail me at firstname.lastname@example.org/.