Mayfaire Area Estate Planning Attorney
Anything you’re craving— from Italian to Mediterranean food and everything in between—is available at Mayfaire. Large retail outlets and small boutiques are centered in one convenient location that also includes entertainment and recreational opportunities. Upscale homes, homesites, and opulent townhomes and condos are available just minutes from the ocean. Mayfaire is a creative blend of family, community, and business built to evoke a metropolitan atmosphere. It is conveniently situated close to Wrightsville Beach and Landfall along the bustling Military Cutoff Road.
At Johnson Legal, PLLC, we understand the concept of mixing family and business. Perhaps one of these businesses in the Mayfaire Town Centre belongs to you. Do you have plans for the continuation of your business? Do you want your child to take over, or do you fear they do not have the business acumen to do so? Visit our offices to discuss your options for your business. Our estate planning lawyers are also well-versed in business law. We can marry the expertise in each area to give you tailored advice.
Small Business Statistics
In the United States, family members play a substantial role in founding 77% of all new business enterprises, and another 3% will do so in the following two years. Furthermore, 48.1% of business owners claimed to have grown up working for their families. Most importantly, about 13% of family-owned firms in the United States are successfully passed down to a third generation, 3% to a fourth generation, and about 40% become second-generation businesses.
Our main goal is to facilitate our clients’ ownership transfers through estate planning and management and operational control transfers. Our strategies might cover how to increase the number of family members who want to be involved in the company before the ownership change. Contact a sound business succession attorney from Johnson Legal, PLLC, for an initial consultation to start ensuring the longevity of your family business.
A Mayfaire Area Estate Planning Attorney Who Understands You
Our law firm is a business, too, owned by our family. We are aware of the resources, time, and energy you have invested in your company enterprise and how crucial it is to safeguard your life’s work. Our attorneys are here to ensure that your company thrives even after you pass away or retire. Through our legal services, our team strives to ensure the essential components of a business transition are taken into account to assist clients in creating an effective succession plan. We will help you determine who will lead the company throughout the transition and what positions must be filled in the company at that time. We collaborate with clients to assess their resources, identify and manage potential risks, create backup plans, make a note of employees’ future potential standing and establish an exit strategy.
Several tax factors should be carefully considered when business ownership is transferred from one party to another. Our lawyers use their skills to help reduce their client’s tax exposure as much as possible, from recognizing potential repercussions to looking for solutions to lessen the tax liability.
What We Do as Your Business Succession Attorney
To protect the longevity of your company, we will evaluate (or build) your corporate documents.
We collaborate closely with your CPA, bank, investment advisors, and other experts to develop a thorough plan which may include the following:
- Modifying your bylaws or operating agreement
- Adapting corporate documents to provide for leadership succession of the business
- Updating minutes
- Reviewing shareholder agreements
- Use of estate planning tools, in concert with your existing businesses, to help minimize taxes
Estate Planning Resources Near the Mayfaire Area
New Hanover County Courthouse
On the New Hanover County Courthouse website, you will find a contact directory, court calendar, forms, and other estate planning and administration resources.
316 Princess St.
Wilmington, NC 28401
North Carolina Judicial Branch
Do you have additional questions about estate planning in North Carolina? The North Carolina Judicial Branch website answers many frequently asked questions about estate planning.
1213 Culbreth Dr., Suite 448
Wilmington, NC 28405
At Johnson Legal, we have always had a knack for breaking down a complex process into one that is easy to understand. Peruse the resources on our website to familiarize yourself with the subject matter, and contact us with any questions.