Why Every Family-Owned Business Needs a Business Law Attorney
The power to run a business as you see fit. The freedom to work in a field that suits your fancy. The chance to interact with your Berks County community, and the opportunity to build a family-sized empire. These are just a few of the reasons why starting a family-owned business is the way to go. But unless you have a business lawyer at your beck and call, those unknown risks and company logistics have the potential to get messy.
Here's why every family-owned business should have a business law attorney on their side, as well as what to expect when working with your very own lawyer.
The Benefits of Having a Family Business Law Attorney
The pros of keeping a business law attorney on your phones favorites list are multifaceted. Here are just a few of the upsides:
You'll Have a Mediator During Internal Disputes: Creating a vision with your family is a beautiful thing. But just like with anyone working together toward a common goal, disputes can occur—and when they do, you'll be grateful for the knowledge-based mediatorship of a business law attorney.
You'll Have a Well-Planned Estate: From family trusts to buy-sell agreements, having a well-planned estate is a key component to running a family-owned business. However, there's no denying that these fiscal nuances can be a bit tricky. Fortunately, having an attorney who's fluent in family business law means that you don't need to read between the lines. Rather, you can count on a trustworthy professional to set your family up for generational success.
When the Time Comes for Succession, You'll Know What to Do: As much as you'd love to, you can't run the family business forever. When it comes time to succeed from your position and put someone else in your place, a family business lawyer will know just what to do. Together, you'll set up an advance plan, so when it's time for the big shift, there's no stumbling over next steps.
Your Business Will Have a Clear Path to LLC: At The Leges Group, we know just what it takes to form an LLC. If that's the route you want to take, using the expertise of a family business lawyer will make the process as seamless as possible. With niche knowledge of Pennsylvania LLC procession, there will be no wondering whether you've done things right. And you'll only have a legitimate LLC to look forward to.
While not the only benefits, these are some of the most prominent pros to keeping a contract attorney in the know of your family-owned business. So when things don't go as planned or you want to maintain a steady flow before the going gets tough, a business lawyer will help you and your family make the grade.
What to Expect from Your Berks County Business Lawyer
Once you make the choice to enlist the help of a business law attorney for your Berks County company, you're already on the right track. Over here at The Leges Group, we can help you in so many ways, including figuring out ownership logistics. This may mean producing a well-written operating agreement for married couples, one of whom is in technical ownership of the business so if a divorce were ever to occur down the line there would be a clear exemption to your relationships martial assets.
Anytime you have a tax question, you can come to us and we'll help you through it. If you've formed an LLC for your family-owned business, we'll guide you and the other owners through the tax-paying procedures for passthrough entities. And when liability protection comes into the picture, we'll share all the benefits of a Pennsylvania LLC, as well as how to avoid forgoing asset protection in the eyes of the court. We'll help you get used to keeping good business records and remind you of the little things, like keeping separate bank accounts and avoiding paying personal bills with business bucks.
Since LLCs are flexible by nature and affordable to form, we're capable of crafting terms that work for your family-owned business. If that means no VP, no CEO and no board members, so be it! You deserve to run a business how you see fit, and a business law attorney can help you do that. We've got the skinny on things like the Pennsylvania Uniform Limited Liability Act of 2016, which clarifies an operating agreement even when none has been specified. So for all that jargon that goes over your head, we'll be the middlemen.
Something Else to Consider in the Family-Owned Business Arena
Sure, you can do things your own way. But as family business law experts, the team here at The Leges Group wants to share a bit of our know how for your benefit.
Your best bet is to get a business law attorney before you launch your family-owned business, not after things get messy. Pitfalls will come and struggles will arise. But so long as you have a contract attorney by your side, all those rough patches won't seem so scary. You'll get through the tough times easier and won't have to scramble for help when you're in need. Ultimately, it gives you one less thing to worry about, allowing you to focus on your Berks County business with the attention it deserves.
Following Your Passion, the Pragmatic Way
We're all about following your gut and doing what makes you happy—and if a family-owned business is your band's route to a thriving life, all the better. Just be sure to maintain a sense of pragmatism all the while. The last thing you need is a great idea with no way to bring it to life. For all the reasons that a business law attorney benefits a family-owned business, perhaps the most important is this: you'll have peace of mind when push comes to shove. To us, that's an invaluable asset for Berks County businesses seeking the next step.
When you need the assistance of an experienced family business law attorney or contract lawyer contact the Law Office of Nikolas D. Capitano, Esquire., The Leges Group LLC today at (610) 228-2828. We have a wealth of information at our fingertips and will aggressively help you protect your rights and the rights or your family and family owned business.