Entrepreneurs, non-profit organizations, and other small businesses are the lifeblood of the American economy. With constantly changing tax laws and an increasingly litigious society, there is no such thing as being too careful when starting a business, seeking venture capital funding, looking for business succession planning, etc. From a legal perspective, it is not difficult to be left clueless with many difficult questions:
- What business structure best fits my organization?
- How will my business and I be taxed?
- How do my partners and I terminate our business?
- What kind of debt is best for my start-up company?
- How can I best pass my business down to my kids?
Attorneys who practice in business planning fall under the category of transactional attorneys, who generally focus on planning, negotiating, and drafting proper business structures and contracts for their clients. Hiring a skilled business planning attorney on the front end can save a great deal of money compared to a later lawsuit by making a critical tax mistake, giving an angel investor too large of a percentage in the company, or improperly transferring a family business to the next generation. A good business planning attorney is creative and commonly surprises his or her clients with unique business plans tailored to their individual needs.