Business Ownership & Succession

Queens County Business Ownership & Succession Attorneys

For guidance while planning for your business’s future, partner with SBAGK LLP. We excel at helping owners and operators of family or closely held companies develop ownership, transfer, and succession strategies. From advice on choosing your business entity to assistance in creating a buy-sell agreement, you can put your confidence in our Queens County business ownership and succession attorneys.

You may be at the beginning of your business ownership journey or have worked hard for years to make your company a success. In either case, let us be a resource for you. Request a complimentary consultation to discuss what we can offer.

Get in touch with us online or call (929) 405-1054. From Queens County, NY, we serve clients throughout the Northeast.

Ownership & Succession Strategies Backed by Decades of Experience

With our team’s decades of collective experience, you can confidently turn to us for various issues concerning business ownership and succession. While our repertoire is extensive, we are especially adept at handling buy-sell agreements, stock bonus and option agreements, and tax-free distributions, as well as advising on selecting a business entity.

Below are further details about these things:

Buy-Sell Agreements

A buy-sell agreement is a legally binding document outlining what will happen to a business owner’s share of a company should they pass away, retire, or experience a life-changing event. This agreement specifies who can purchase the owner’s shares and how much they will cost.

Stock Bonus & Option Agreements

We can help clients navigate the complex intersections of estate planning and stock bonus and option agreements. This includes planning to transfer stock options and minimizing tax liability.

Tax-Free Distributions

Our team can offer counsel on tax-free distribution strategies, such as gifting shares to family members or establishing an Employee Stock Ownership Plan (ESOP). These strategies can preserve wealth for future generations.

Business Entity Choice

When starting a business, one of the first decisions you must make is its entity type. Each type has its own set of advantages and disadvantages, so it is important to carefully consider your options. Our attorneys can guide you through the process and help you select the entity type that best suits your business goals.

What Is a Business Succession Plan?

A business succession plan outlines how to transfer ownership/management after the current owner or key leaders leave the company, retire, or pass away. This plan is essential for maintaining business continuity and preventing disputes or losses during the succession period. If you own or operate a closely held or family business, you want to include a succession strategy in your estate plan.

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She is an outstanding attorney who has provided my family with excellent and quality service. Mrs.Gill is very intelligent but most of all compassionate about her clients and work.

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Attorney Navpreet is an excellent lawyer, she made things easy and simple to understand, so kind and friendly, confident and professional, so lucky to had her.

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Ms. Gill is an excellent attorney who went above and beyond and out of her way. She did an excellent job keeping us informed every step of the way.

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I appreciate everything Preet did and its comforting to know I was in capable hands.

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What Does a Business Succession Plan Include?

First and foremost, your succession plan will identify the person or people who will lead the company in your absence. Your future leader(s) should know what their new role requires and exhibit the skills and know-how to steer the business toward success. To ensure they are prepared, your succession plan might also include provisions for leadership training and development.

Other possible elements to include in your business succession are as follows:

Clear timelines for leadership transition
Details about maintaining operations during the leadership transition
A strategy for communicating the succession to employees, customers, suppliers, and others
A current professional valuation of the business and its assets
Documentation of product knowledge, processes, and other information essential for the business’s success

Turn to SBAGK LLP to Plan for Your Business’s Future

Our team of skilled business ownership and succession attorneys in Queens County is ready to safeguard your interests and support your business’s longevity. Do you have questions about succession planning? Are you looking for someone to help you implement a buy-sell agreement? For these things and more, choose SBAGK LLP.

To arrange a consultation, call (929) 405-1054 or contact us online today.

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