Four Vital Aspects to Include in Your Business Plan

Four Vital Aspects to Include in Your Business Plan

You have all-star employees, high profit margins, the corner office and your own private bathroom. Business is booming again and you think to yourself….oh what a wonderful world.

Until you get sued.

You can kiss that corner office and private porcelain potty goodbye, because the one thing you didn’t have was a business plan to protect yourself.

You are savvy in your industry, but may have forgotten a few very important aspects to a successful business plan. They include:

Partnerships for Asset Protection

Creating partnerships will limit your exposure to liability now and avoid losses to your business and family in the future. In fact, a creditor will not have access to any property that is titled to the limited partnership or to a multi-member LLC.

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Corporate Formation

By forming a corporation, you can limit your exposure to lawsuits and reduce your overall liabilities. In addition, forming a corporation comes with a plethora of tax benefits.

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Document Drafting

Proper legal preparation of your corporate documents, employment contracts and non-compete agreements can be crucial to the protection of your work product.

Business Succession Planning

Implementing a plan in the event of your death, illness, or incapacitation can protect your fellow colleagues as well as your family. Sometimes your business could be the largest asset you leave to your family. But without a business succession plan, you risk probate and no say in how the business is handled after your death.

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Wild Felice and Partners understands every business is unique. We are able to provide a full range of services to ensure your business is protected at all angles. We pride ourselves on providing accurate advice for your specific business needs.

If you have any questions regarding business planning, estate planning or asset protection, we here to help.

Wild Felice and Partners provide estate planning and asset protection in Fort Lauderdale, Plantation, Weston and Miami.