Understanding the most effective business entity and tax structure for your venture can be difficult to ascertain. I work closely with CPA’s to ensure clients understand both the legal and tax benefits of different business structures. Additionally, I work hand and hand with clients in creating and submitting the appropriate legal documents to ensure compliance with State and Federal regulations.
Once the proper documentation for entity formation are completed the next step is to document, in writing, the operational responsibilities and business interests of all parties concerned. B.L.U.F. (Bottom Line Up-Front): The process and act of legally documenting responsibilities and interests can be uncomfortable for new and established business owners. I am here to make it easier. Too often, business owners/ partners/ family members avoid this step. Businesses operate on a handshake or a mutual unspoken understanding.
Avoiding this tough conversation often has devastating impact on the business and someone’s life. Our process and approach is designed to make it as comfortable and respectful as possible.
When operating a business, especially one that is relied upon as the major source of income for your family it is imperative to develop and articulate a succession plan. The State of Texas’ progression of ownership; leaving the business to next of kin may not be the best option. Business succession planning ensures competent business leadership continues should an unexpected event happen. It can define your wishes of either passing operational responsibility to an individual or the outright sale of the business in order to provide support to your loved ones.
This is the hybrid element of my practice. Family owned business possess incredible benefits but also come with hidden and possibly devastating elements. For many family businesses the financial separation of family and business is small or non-existent. To ensure your business and personal legacy it is important to identify and legally document your wishes.
At the Law Office of Justin Baker our mission is to SERVE. “We are in a hurry to help people.” By listening we develop holistic and comprehensive estate and business planning solutions; providing peace of mind to clients and their families.
Baker Estate Planning
3 Greenway Plaza,
Houston, TX 7746
13100 Wortham Center Drive,
Houston, TX 77065
OFFICE: (281) 676-3992