Here at the Schomer Law Group, we take our commitment to Los Angeles County residents to heart. We live in the second-largest city in the United States – second only to New York City, and the most populated city in beautiful California. Known for its Mediterranean climate, and ethnic diversity, it is best known as a major center of the American entertainment industry.
Serving our neighbors in Los Angeles, California
Los Angeles is positioned in a large coastal basin in Southern California, surrounded on all but one side by mountains reaching 10,000 feet or higher. Famous for its one-of-a-kind cultural attractions, Los Angeles has more museums and theaters than any other city in the United States. Walt Disney Concert Hall offers an amazing LA Philharmonic performance. Or you can enjoy a thrilling outdoor concert at the Hollywood Bowl.
Los Angeles’s Museum Row is home to several world class museums, such as the spectacular Getty Center in Brentwood and Los Angeles County Museum of Art. You can also enjoy the monthly “artwalks” which take place throughout Downtown L.A. and Venice Beach. And of course, when it comes to film and television, Los Angeles is the entertainment capital of the world.
The Dazzling Los Angeles Landscape is sure to Thrill
The Los Angeles landscape is bursting with architectural masterpieces and magnificently lush gardens. Pritzker Prize winning architects designed icons like Walt Disney Concert Hall, the Cathedral of Our Lady of the Angels, Broad Contemporary Art Museum, and the Getty Center. Frank Lloyd Wright designed L.A. landmarks including the Hollyhock House and the Ennis House. L.A.’s dazzling gardens include Descanso Gardens, Exposition Park’s Rose Garden, the Huntington Library, and the Getty Center’s Central Garden.
Discover the vibrant neighborhoods of Los Angeles
Los Angeles is easily a trend-setter with its amazing history and rich cultural heritage. In addition to being the Entertainment Capital of the World, Los Angeles touts nearly 75 miles of sunny coastline. It would be a shame to overlook L.A.’s distinctive multicultural neighborhoods.
Los Angeles – A Great Place to Grow a Business
Los Angeles is an ideal place to grow a business for so many reasons. The city provides easy access to large economic market — regional, national, and international. L.A.’s first-rate infrastructure, highly diversified economy and network of resources, guarantee that regardless of your business needs, you can find what you need here for your business to thrive. Los Angeles is an unquestionable hub of innovation and ingenuity, maintaining its hard-earned place at the cutting edge of technology, transportation, trade, and media.
Business Planning in for Los Angeles Entrepreneurs
Business formation and business succession planning can be complex legal issues for many, mainly because of the various tax issues involved. This can be especially true if you have a family-owned business in Los Angeles. A Limited Liability Company (LLC) is most often the preferred business entity because they are very flexible when it comes to tax planning. Also administration of a Limited Liability Company is much simpler than larger business entities.
One of the most important benefits of a Limited Liability Company is that they provide legitimate asset protection, as well as, a built-in plan for succession of interest after the business owner retires or passes away. At the Schomer Law Group, we are here to guide you in determining the best business entity for you, depending on your circumstances, and then draft customized agreements and other legal instruments to meet your specific needs.
Personal Assets Should Not be placed in Business Entities
Ask any business planning attorney and they will tell you – keep your personal assets separate from your business. The general rule is that trusts are for personal assets and business entities are for business assets. In other words, the various business entities that are available, like corporations, partnerships and limited liability corporations, are meant to be vehicles for business assets only.
The need for a business succession plan
At some point, everyone needs to consider retirement from managing your family-owned business. No business owner would feel comfortable retiring until they are sure the business has been left in capable hands. Yet, most business owners do not have a succession plan in place to make sure that happens. The Schomer Law Group can help you decide what will happen to your business upon your retirement, death, or disability. Planning for your departure from your business is as essential as the rest of your estate and retirement planning.
If you have questions regarding business planning, or any other estate planning needs, please contact the Schomer Law Group either online or by calling us at (310) 337-7696.