Why Is Business Succession Planning Important? Congratulations on building a successful business in Virginia! Your determination and hard work have not only led to a thriving enterprise that supports your family but also benefits dedicated employees. The next critical milestone is business succession planning—a strategic process that ensures your company’s future, safeguards your legacy, and promises financial security for your loved ones. A successful transition, however, demands a comprehensive understanding of the state’s laws and regulations. What Does Developing An Effective Business Succession Plan Involve? Business succession planning is a strategic process that guarantees stability and prosperity should you retire or pass unexpectedly. It…Read More
In safeguarding your assets, it’s crucial to have a strategy that fits your individual circumstances. One option that could prove useful is establishing a limited liability company (LLC) to hold some of your property and accounts. What Is A Limited Liability Company? An LLC is a type of business entity that has the capacity to possess various forms of assets and accounts. It is owned by its members who make contributions to the LLC in the form of money or property. The LLC can either have a single member or multiple members. In the case of having multiple members, the…Read More
As a business owner or investor, it’s important to safeguard the fruits of your hard work and dedication. One strategy to consider is creating a family limited partnership (FLP) which can provide protection from taxes, creditors, and probate for you, your investments, and your loved ones. What Is A Family Limited Partnership? A family limited partnership (FLP) is a legal entity owned by multiple family members, and used to hold assets such as properties, businesses, and accounts. The FLP has a designated general partner who manages the partnership and is compensated for their work, but also has unlimited liability. Limited…Read More
