Business formation and planning is far more complex than many realize. Forming,  building your company the correct way by taking all the right legal measures can prevent future complications, protect your investment, and allow your business to flourish. Additionally, quality business planning, including business succession planning, is crucial in order to pass on your business success to the next generation.

At Campbell Law Firm, PC, in Tyler, TX, we have over three decades of experience helping clients form businesses, plan for their success, and put in place a business succession plan for the future.  Whether you are just starting up, hoping to expand your business, selling your company, or planning for passing on your business to future generations, Campbell Law Firm, PC can help. 

Request a consultation with Campbell Law Firm, PC,  today to speak with a knowledgeable business law attorney from our team. 

Forming a business on your own exposes your investment to risks and increases the chances of mistakes. The lack of planning and protecting your business with proper legal formation requirements and carefully drafted legal agreements increases the changes  your company will face legal problems in the future and be unable to overcome them.. 

With an experienced business law attorney, you can:

• Form a company built for success: We can help you organize your business in a way that maximizes revenue and minimizes risk. 
• Prevent legal issues: Rather than waiting for legal issues to arise and hiring an attorney when they do, Campbell Law Firm, PC, (your business lawyer), will create a shield for you personally, and develop legal documents that protect your interests.
• Protect your personal assets and your business: If claims, lawsuits or losses do occur, Campbell Law Firm, PC, will form the business in a way that maximizes the protection for  both your personal and business assets . 
• Develop a Business Succession Plan: Most businesses fail after the first generation because the creator of the business did not engage a business lawyer to develop and implement a business succession plan so as to pass the business and its succession to the next generation.

Each business type comes with different tax filing requirements that we can walk you through. Your business formation attorney from our team can explain income taxes and tax-exempt scenarios up front to help you better understand which choice is right for your needs. In the future, we can continue guiding you through any law-related tax scenarios. 

When you form a business, you need to decide on the right legal structure and business entity to protect your assets from liabilities and set your company up for long-term success. To help you make the correct decision, we consider your taxation requirements, management needs, liability protection preferences, and growth potential. Your primary options include the following:

• Limited Partnership: Partnerships allow you and one or more individuals or companies to invest in the business together The limited partners contribute the investment capital, but are not involved with the management of the partnership. They have limited liability. The general partner(s) are usually a limited liability company (LLC), which operates as the managing partner.
• Limited liability company (LLC): LLCs offer superior  liability  protection with pass-through taxation, making them flexible and safer. The LLC business structure can protect  personal and business assets and finances from risks that may occur in your business or personal life.
• Corporation: Corporations provide robust liability protection but have more complex management and paperwork requirements than other structures such as an LLC.

Business succession planning is essential for the long-term success and stability of a business. Failure to have a proper success plan in place can result in unnecessary tax consequences, loss of control or even the dissolution of your business.

There are several types of succession plans available for business owners in Texas. Choosing the plan that’s right for you will depend on your individual circumstances and your ultimate goals. Most plans will fall under one or all of the these three categories:

Buy-sell agreements: These agreements outline the terms under which ownership interests will be bought and sold upon the occurrence of specific events, such as retirement, disability, or death.

Family succession plans through proper Business formations such as Family Limited Partnerships, Limited Liability Companies, etc.: These plans involve transferring ownership and control of the business to family members over time in a planned process to minimize tax liability, bypass probate, and preserve business value and success.

Key employee succession plans: These plans identify and prepare key employees to assume leadership roles within the business.

Book a call or Schedule a consultation with Campbell Law Firm, PC,  in Tyler, TX, today to speak with an experienced business law attorney from our team about your business plans.