Our Firm uses various types of business entities to own client’s assets, operate client’s businesses in combination with various other Estate Planning documents to obtain discounts for transferring interests in such entities to family members during life [as gifts] and at their passing [as part of their Estates].
For example, it is recommended to clients with taxable estates to form a limited partnership with family members to own assets, to centralize management, and to help with succession planning.
An entity is the preferred method to use in purchasing an operating business because it [typically] shields the owners from personal liability claims from third parties. As long as the formalities of corporate formation, operation, and termination are observed, the insulation from personal liability will be applicable.
Very often the re-organization provisions of the Internal Revenue Code, contained in Section 368, lend themselves to tax free methods of acquiring businesses.
Much can be accomplished through statutory mergers, stock for stock acquisitions and the like.
These methods can provide attractive financial incentives to Sellers who do not have to pay tax on what otherwise would be recognized as a taxable gain that would arise upon a taxable sale.
The key elements of Corporate, Business & Real Estate legal work in Florida are broken down for your convenience into the following easy to understand areas. Our attorneys have extensive knowledge and past experience practicing for over 20 years in all of the areas below.