Philadelphia Business Lawyer Sarah E. Holmes
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What Happens To Your Business When You Die (hint: you won't be reunited in heaven)

7/12/2015

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Death is not anyone's favorite topic, just ask any estate planning lawyer how hard it is to get people, especially those under 65, to agree to make an estate plan.  However, avoiding the subject is not good for you or your business.

If you own and run a viable business, maybe you've thought about what will happen to it when you're no longer around.  If you have a spouse, children or family members that you'd like to pass it along to, that doesn't automatically happen if you haven't properly planned.  If you own a business with partners, you are hopefully aware of what happens to your portion of ownership after you're gone.  Assuming your spouse or children will be able to take over your part of the business is foolish. 

If you have no plans in place for your business, it may need to be liquidated.  That means your dreams of passing it to your children, spouse, nieces or nephews, are up in smoke.  Not to mention that there could be undesirable tax consequences if you haven't planned properly (or at all).  In a business with multiple partners, it's likely there are provisions that your share of the business may pass to your estate, but must be sold to your remaining partners.  Even if your surviving spouse or children are allowed to remain in the business, they are probably prohibited from making any decisions or exercising any voting power.

If you're a solo business and don't regularly involve your spouse or children in its affairs, who is going to know where your business bank accounts are, where any business assets are kept and how to find your records?  If you have a business that generates a lot of money that you keep in the business, it's imperative that someone else knows where the money is held in the event of your death.

No one wants to think about death, but if you are a business owner, it's absolutely critical to plan for your business after you're gone.  If you don't, you're leaving your family with a mess, possibly large tax bills and in the worst case, nothing at all if you haven't properly provided for them with a smart estate plan and business succession plan. 

To learn about our business succession planning services, click here.



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    Sarah E. Holmes is a Philadelphia business attorney and strategist that helps start ups and established businesses looking to expand, protect their assets and increase their profits in an approachable, down-to-earth way.  When you're looking for a business lawyer in Philadelphia, the Main Line or New Jersey, we can help.

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Holmes Business Law, P.C.
​Two Convenient Locations- Main Line and Center City
40 E. Montgomery Avenue (all mail)
4th Floor
Ardmore, PA 19003
and
1515 Market Street
Suite 1200
Philadelphia, PA 19102
215-482-0285
 

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This website and its content herein constitutes attorney advertising.  Any content on this website should be construed as informational, not legal advice.  No information on this website is intended to create an attorney-client relationship.  Only a signed fee agreement between Sarah E. Holmes and the client will establish an attorney-client relationship.  Use of any information on this site is provided "AS IS" with no warranty of any kind, either express or implied.  Always consult with a licensed attorney in your own state for legal advice.
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  • Home
  • Attorneys & Areas of Law
    • Business Entities >
      • Corporations
      • Limited Liability Company (LLC)
    • Business Immigration
    • Business Purchase or Sale
    • Raising Capital & Investor Agreements >
      • Promissory Notes and Debt Financing
      • Private Placement and Equity Financing
    • Business Contracts >
      • Consulting Agreement
      • Employment Contracts
      • Independent Contractor (1099) Agreements
      • Website Terms and Privacy Policies
    • Copyright & Trademark
    • Hiring Employees/NDA/Non Compete
    • Estate Planning & Wills
    • Commercial Real Estate >
      • Commercial Lease
    • The Right Start Program
  • About
    • Speaking and Events
    • Client Testimonials
    • Privacy Policy/Terms of Use
    • Contact
  • Business Success Tips
  • Flat Fee Packages
    • New Businesses
    • Existing Businesses
    • Dispute Resolution
    • Trademarks & Copyright
    • Estate Planning
  • COVID-19 HELP