The running of a successful business is the culmination of your life’s work. However, the time will inevitably come when you are no longer able to run the business. This may come about from old age, a sudden accident, or death.
It is essential that you make a plan for when you are no longer able to run your businesses. A Business Succession plan can provide strict instructions for what to do with your company if you are unable to run it yourself or simply wish to retire.
A Marietta Business Succession lawyer at our firm can help you to craft these plans. These plans can serve as testamentary documents in court in lieu of Probate and also memorialize your wishes for the future of your company, so speak with our dedicated attorneys right away.
One role that a Business Succession plan can play is to provide instructions in case of your death. A controlling interest in a business is an asset that is subject to Probate under state law. As a result, the court has broad powers to distribute those business interests as they see fit in the Probate process.
The Official Code of Georgia Annotated § 53-2-1 is the state’s law concerning what happens when a person dies Intestate. That is to say, without a Will. It says that if a person dies with a spouse but no children, that the spouse presumptively inherits the entire Estate. However, if a person dies with both a spouse and children, the spouse and children must split the Estate equally.
It is easy to see how this rule could disrupt the continued operation of a company. Your spouse or children may not have the proper know-how or experience to run your business. Even worse, this splitting of your Estate could result in the forced dissolution of the company. Having a proper Business Succession plan crafted by our seasoned local attorneys can help clarify your wishes should you pass away while still in control of your company.
Of course, the function of a Business Succession plan is not just to provide instructions in case of your passing. Many company owners use these plans as a way to have a more seamless retirement. By issuing orders to the board of directors, nominating an heir, or taking other steps, you can retire with the knowledge that the company will live on.
Similarly, many Business Succession plans address situations where an owner is still alive but unable to directly control the company. Sudden accidents or illnesses could result in you suffering a temporary or permanent disability. A well laid out plan can provide instructions for how the company should continue operations. A Marietta attorney could help identify your goals and craft Business Succession plans that clearly address your wishes.
Not creating a plan for how your business should be run without you could result in your company’s division through Probate or fighting among stockholders. Fortunately, a Marietta Business Succession lawyer at our firm is here to help.
Our team at Nelson Elder Care Law can identify your goals for winding down your role as a company’s owner, as well as create a plan in the event of accidents or illnesses that may require an emergency response. Call our office today and let us begin helping you.
