Definition:
From a legal perspective, business planning includes entity formation, operation, and succession planning.
Objectives:
Formation planning includes minimize taxation, asset protection planning, as well as creating a structure that facilitates the management style of the owner or owners. Operation planning includes buy-sell agreements, corporate or limited liability company minutes, as well as business contracts with third parties. Continuation planning involves structuring the business so that it may be sold to a third party or transferred through the estate planning process to the next generation.
