Whether you are just starting a new business after having worked for someone else or you have owned a business for decades, C&L can help you optimize your business structure and advise you on business and tax law questions.
The attorneys of Carpenter & Lewis PLLC work closely with our clients to ensure optimum terms for the transfer of business interests to the next generation, from the tax as well as the non-tax perspective, including consideration of family dynamics and the client’s wish to minimize conflicts among family members and co-owners. We have particular experience in designing family limited partnerships and limited liability companies, and in utilizing buy-sell agreements, often including life insurance arrangements, in a variety of situations.
Tennessee has one of the strongest LLC statutes in the nation, affording our clients uncommon protection against liability.
Contracts and Business Transactions
Our attorneys particularly enjoy working with clients to accomplish transactional objectives, whether it is a contract with a vendor or the acquisition of a new subsidiary. If you are selling your business, we can help you maximize the after-tax proceeds.
Lifetime Transfers of Businesses
Because our firm also has extensive knowledge of estate planning, we can help position your business for your heirs. For example, lifetime estate freezes shift the income or appreciation of the business to younger generation beneficiaries must comply with IRS guidelines to avoid adverse gift tax consequences. Our experience in tailoring partnership and operating agreements within such guidelines facilitates tax-advantaged transfers of business interests to our clients’ family members. Gifts of options and of restricted stock, and qualification of trusts as S Corporation shareholders, are other areas in which we can help you.
Testamentary Transfers of Businesses
Where business interests are to be transferred at death, the terms of that transfer should be integrated with the client’s overall estate plan in order to minimize intra-family disputes. Estate planning for business interests also includes consideration and implementation of special tax provisions intended to reduce or defer estate tax, such as stock redemptions and certain exclusions and extensions available for qualified family owned or closely held business interests.