- Incorporations (provincial and federal)
- Corporate reorganizations
- Shareholder agreements
- Partnership agreements
- Business succession planning
For some people, an important part of their estate is connected to their business interests. This means preserving the value of their estate and the business are key considerations that are interconnected.
The form of business ownership such as sole proprietor, partnership or corporation can affect the options available for planning and gettings off on the right foot can make a big difference. For instance, there are differing tax and practical considerations to each of these forms that needs to be reviewed to come up with the best solution which may need to be amended from time to time as things progress over the years.
A factor in business succession planning is the critical decision about how to transition the business either while alive or after you are gone. Competing desires and interests of the parties involved can make this the most challenging aspect of the planning process. The statistics regarding successful transfers to future generations are not great but indicate careful planning well in advance can help improve the odds. However, in some instances a sale of the business to employees or others may get the best results for all considered.
Professional corporations can have special restrictions on share ownership and participation in the management of the business. Therefore, additional planning may need to be done.
If you have are starting a business or have worked hard to build up a business, do not ignore this crucial element of your planning process. Blair has worked with a variety of business owners and their advisors over the years to plan and implement solutions tailored to specific requirements.