Few people when establishing a business think about what the future of their business may be in the event of their unexpected death, retirement, or disability. There are numerous ways in which your business can be transferred to a new owner in the event you are no longer an active principal for any reason.
Drafting Business Entity Agreements
When forming a business, there are a lot of moving parts. An agreement must be put in place if more than one owner is involved. That agreement controls how the business operates and is usually called an Operating Agreement. These agreements specify various items such as the proportionate share of ownership, the officers and their duties, merger or acquisition, how the entity will be taxed, and what is to occur when one of the persons forming the business is no longer able to continue in their role. What if one owner wishes to sell the business but the others do not? How will you buy or sell equipment, inventory, or other business assets while protecting your business? These and other matters should be discussed beforehand with the parties involved and with an experienced attorney or tax advisor. Clients are often excited to get a business up and running, yet drafting oversights can lead to costly court proceedings and years of unintended consequences that could have been avoided. Before entering into your next business engagement, double check your legal position by giving us a call. We assist with drafting, negotiating, and executing contracts and other documentation needed for successful business operations.
Deciding Between Oklahoma Wills & Trusts
Whether you opt to draft a will or a trust to pass on your wealth to heirs will largely depend on the complexity of your estate. Someone who has retirement accounts, bank accounts, and a single home may opt for a will since there are few assets without a joint owner or named beneficiary. Persons who have a family member with special needs, have a large estate, or those who are part owner of a business may opt for a trust. Regardless of your financial situation, you should have an estate plan in place. We can help you determine which option is best for your needs based on your current financial situation and your anticipated financial future.
Oklahoma Probate Assistance
We understand the loss of a loved one is difficult and when you find you have been appointed to administer their estate, you may not understand what steps need to be taken to complete the process. You can count on us to guide you through this process including filing the needed court documents, understanding the inventory and notification processes, and distribution of assets.
Whether you need assistance preparing for your eventual absence from a business you are involved in, assistance with probate matters, or you need to have an estate plan put in place to protect your family, contact Jagers & Johnson, PLLC. We provide services in Oklahoma City and the surrounding areas.