MSJ

Business, Tax & Financial Planning

Entity Formation

Which is best for you: C-Corporation, S-Corporation, Limited Liability Company, Professional Limited Liability Company, Limited Partnership or Limited Liability Partnership, or sole proprietorship with an assumed name? The type of legal form your business takes can have a large impact on taxes, management structure, cost of operating the business, personal liability of the owners, and ease of transferability of ownership. We can advise you on the best type of entity for your specific business needs.

We can assist you in chartering your company with the Secretary of State, make recommendations on the management structure, draft operating agreements between the owners, hold meetings, work with the IRS to obtain a taxpayer identification number for your new entity and attend to other important issues that face new business ventures or on-going businesses changing their entity type.

Transferring a Family Business

Families often underestimate the impact of federal estate taxes and the toll it takes on a family business. The federal estate tax "bite" can spell disaster for a family business. This is particularly true if an individual's estate is taxable, the business is illiquid and it is the sole or primary asset in an individual's estate. Experts report that only 30% of family owned businesses make it to the second generation and less than 13% make it to the third. Lack of succession planning, lack of liquidity planning and lack of leadership training are among some of the primary reasons that family businesses fail to survive across generational lines.

Protecting a family business and its assets from business and other creditors is another important factor in preserving it for the next generation. Developing an asset protection or restructuring plan can protect a business from unnecessary litigation. Business entity choice and business structure can also have a significant impact on a family's ability to transfer a business to other family members. The type of ownership interest held, the percentage held by a senior generation, the amount of control retained, and restrictions on transferability all play a role in facilitating a smooth transfer.

Planning For a Secure Retirement

When and how will I retire? Will I have enough assets? What retirement vehicles are available and which one is the best accumulation vehicle for me? If I own my own business, should I have a qualified or non-qualified plan or combination? If I am a corporate executive, what planning should I consider for stock options? Are my retirement assets protected? How will I be taxed on the proceeds of my retirement plan? How will my beneficiaries receive my plan proceeds when I die and what are their options to minimize the impact of income and estate taxes? Can a trust receive retirement plan proceeds? How are annuities taxed at death?

Asking these questions at the right time and seeking information and professional advice can help solidify a financially secure retirement and leave more for your family and beneficiaries. We can help provide confidence about your future.

Financial Planning & Analysis

Do you have a plan that is right for you and your loved ones? A well prepared plan can help:

• Identify and assess your financial goals;
• Prepare you if a disability occurs;
• Create a "roadmap" for reaching goals; and
• Identify when it's time to review or change your game plan.

Our firm provides fee based financial analysis, utilizing our proprietary software. Because everyone's financial situation is different, our firm provides an initial confidential consultation on a complimentary basis. In order to take advantage of this service, please go to the Forms & Articles page and download the Personal Financial Planning Questionnaire and complete and submit the questionnaire by email, fax or regular mail. Upon receipt, one of our staff will contact you to schedule an appointment.