Business Law Palm Beach

There is a famous saying that the failure to plan is a plan to fail. That appropriately addresses what happens when a business owner dies without any documents to address the transition of the business or provide for its wind-up. In that case the business owner can leave a disaster for those who survive. An easy solution is to have an experienced business lawyer prepare a simple document to allow a surviving spouse, employee, or other beneficiary to instantly take over and run or wind up the business. This allows the survivor to take advantage of the value of the business at the time of the owner’s death for the benefit of whom ever the owner desire like family or charity . What documents can you use to avoid disaster For a limited liability company, which is the most common business entity used today in Florida, the document that alleviates problems caused by the death or incapacity of the company’s owner is an operating agreement. Even if the LLC has only one member or owner, the ope...

Business transition planning is preparing for the handover by sale, but-out, or take-over following the demise of the owner. This is accomplished through corporate governance documents like an operating agreement or partnership agreement. What is a business transition A business transition can be defined as any change in the ownership or management of a business. This can occur when the stock of business is bought out. This commonly occurs when the buyer wants to obtain licenses held by the business as opposed to obtaining their own licenses or permits. This transition can also occur upon the retirement or demise of the owner or owners. With multiple owners the surviving owners may inherit the ownership but this is not a foregone conclusion. Without proper documentation addressing this situation the survivors of the owner such as a spouse, children, parent, or other beneficiaries may inherit the ownership through operation of a Will of by law if there is no Will. Having family members ...