North Carolina Business Succession Attorneys
Providing a business succession plan is an effective means for protecting your company and minimizing disputes on the part of family members, creditors, and contractors. Perhaps the most important element in business succession planning is making sure your company's bylaws and articles of incorporation are consistent with elements of your estate plan. Since bylaws are typically drafted and approved under the authority of a company's articles of incorporation, they almost always indicate who has the authority to make company decisions. In this respect, they are essential for business continuity planning in reducing potential conflicts between family members for the right to decide what happens. By ensuring your estate plan complements and reinforces what is in your bylaws, you minimize the potential for legal action and ultimately, business dissolution.
For more information on business succession planning and how we can help you, contact business continuity planning attorneys at Lutzel, Broadway & Associates today.
Business Succession - Protecting Your Company
Depending on the nature of your business, a business succession plan can be used to ensure a smooth transition by addressing the following issues:
- Business ownership
- Intellectual property rights
- Enforceability of contracts
- Franchise agreements
- Buyout provisions
- Capital contributions
Avoiding Liability and Legal Disputes
An important part of business succession planning is taking steps now to avoid the possibility of legal action against your company later. Too often, when the owner of a business passes away, family members fight over who will run the company, buy-outs, and the right to franchise. While a business continuity plan can't prevent legal action regarding some of these issues, it can provide protection for and reinforce what is contained in your bylaws and articles of corporation. This can make it more difficult for others to dissolve your company or try and take control over it. As your attorneys, we review your bylaws and existing estate plan to ensure both complement each other and provide the protection your company needs.
Contact Our Business Succession Planning Attorneys
Whether you're starting a company or in the process of creating an estate plan that covers business continuity issues, we can help. To discuss the options available to you and how we can assist you, contact business succession attorneys at Lutzel, Broadway & Associates today.
