Marietta Business Succession Lawyer | Transferring Company Ownership
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Marietta Business Succession Lawyer

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.

Business Succession Plans as Testamentary Documents

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.

How Else Could a Business Succession Plan Be Beneficial?

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.

Seek Guidance from Our Marietta Business Succession Attorneys

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.

Hear From Our Clients
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I heard Cindy’s presentation at a Senior Luncheon at my church, and was very impressed. She helped my daughter and me understand many aspects of elder law. Josh has also been very helpful in my planning to enter an independent living situation . I have told many friends about them.

- Charlotte

The very best elder law attorney and staff anyone could ever ask for! I have referred a number of clients to Cindy and she never disappoints. She is kind, caring, and extremely thorough in making sure everything is completed as it should be. I highly recommend Cindy for anyone needing lawyer services; she truly goes above and beyond for every client she helps and has had a huge impact in so many peoples’ lives. Thank you, Cindy and staff, for everything that you do- I’m so glad to know you!

- Kerri

Cindy and the Nelson Elder Care Law team are trustworthy and helpful. They are the experts in elder care law. At Leaf Cremation, we entrust our families to the care of the Nelson team when their services are needed.

- Pierce

Josh Nelson, and his staff, have been amazingly helpful to our family. The ins and outs of nursing homes, the rules and regulations that govern Medicare and Medicaid are daunting and the folks at Nelson Elder Care Law have been informative, responsive, and above all, empathetic. I cannot emphasize enough how their service has taken a weight off of our shoulders especially during a world pandemic that has targeted nursing homes across our country. I highly recommend retaining Josh and his firm!

- Marcia

I had a simple legal question to them that I needed answered and they very helpful in giving me the information I needed. I highly recommend them and will reach out to them if I need more advice or assistance. Thank you for taking your time to just answer a couple of questions I had!

- Ben