We would like to thank our neighbors in Buena Park for visiting our website. If you are looking for a licensed estate planning attorney in Orange County, you have found a reliable local resource. Buena Park, located in northwestern Orange County, has a population of more than 80,000. It is home to Knott’s Berry Farm and many other popular tourist attractions. Sitting only 24 miles southeast of Downtown Los Angeles economic development is an important aspect of this prosperous city. If you are considering starting a business or bringing your business to Buena Park, you have made a good choice. Let our business planning attorneys provide good advice.
Buena Park’s Economic Development Department
Buena Park’s Economic Development Department has provided valuable assistance in various development efforts in the city, including manufacturing and retail. To further its efforts, Buena Park established the Business Assistance Team to provide more extensive customer service to businesses that are considering expanding or relocating in Buena Park.
The Business Assistance Team is made up of senior staff members from Economic Development, Community Development, Public Works, and City Manager departments. They can meet with new or existing businesses “to explain the services offered by the Business Assistance Team, the City’s design review and permitting process, development fees, and potential challenges.”
Serving Small Business Owners in Buena Park
Owning and operating any type of business comes with certain risks, including exposure to legal and financial liabilities. However, not every business owners recognize ever risk, legal or financial, to which they are exposed. Every legally binding agreement that you enter into has specific consequences that should be considered carefully. With appropriate Buena Park small business planning, you can reduce and possibly eliminate financial and legal risks.
Sole Proprietors Need Business Planning
Sole proprietors need business estate planning, possibly more than other business entities. Sole proprietors need more protection because their personal assets are not actually separate from the business. That means, where you pass away, your business cannot continue unless you have a business estate plan in place. Unless you provide a specific plan of action in place, your expectations for business succession may not be realized.
Any Buena Park Business Can be at Risk
All businesses involve risks and all business owners are exposed to legal or financial risks, as they operate their businesses. Starting a business, in itself, brings a certain amount of financial risk. The reality is, not all business owners recognize ever risk, legal or financial, to which they are exposed. Every legally binding agreement that you enter into has its consequences. With an appropriate business plan, you can reduce financial and legal risks.
Particular Challenges for Sole Proprietors
When the owner of a sole proprietorship dies, the business will cease to exist unless a successor takes over. Unlike corporations and partnerships, a sole proprietorship does not have a separate legal existence. Instead, the tax obligations and debts of a sole proprietorship are linked to the owner of the business. Either the business will dissolve or ownership must be transferred to someone else. If you want your business to continue, you have to create a business estate plan to make sure that happens.
Estate Planning Issues Faced by Sole Proprietorships
One particular concern for sole proprietors is how to protect their family’s financial future. For that reason, most sole proprietors include terms in their estate plans that direct the sale of the business or that appoint a relative to take over business operations. There are often tax consequences when a sole proprietor passes away. Without the proper estate plan, business assets will pass on to the next generation with significant estate and inheritance tax consequences. This is why it is so important that the business assets of a sole proprietorship be included in your general estate plan.
Strategies for Protecting Your Business Assets
One important aspect of business planning, and particularly asset protection, is liability insurance. They type of insurance you will need to provide appropriate protection for your business assets depends on the status of your business. Your insurance needs will likely change as your business develops. Adding an umbrella policy to your standard liability insurance coverage is wise because it provides individual protection, as well as homeowner’s and auto insurance coverage. Another way to provide asset protection for business owners is to establish a pension plan.
If you have questions regarding estate planning, trust contests, or any other trust administration issues, please contact the Schomer Law Group either online or by calling us in Los Angeles at (310) 337-7696, and in Orange County at (562) 346-3209.