At some point in a business owner’s life (or death) they will have to transition their business or share of the business to someone else. In some industries, like law firms and medical doctor’s offices, only persons licensed in these areas can own the business. Other factors are that only U.S. Citizens can own a share in an S-Corporation.
These are just some of the points to be considered when making plans for who is going to succeed you in the case of sale, illness, or death. A plan in place now will save you or your family much grief in the future. At The Sterling Law Group, A P.C. our Business Succession Planning Attorney can help you with determining what your business needs. Contact us now to schedule a consultation.