Business Succession Planning: Techniques and Considerations

By WealthCounsel Staff on Feb 24, 2023 10:00:00 AM

Business Succession Planning (2)

Experienced and effective leadership is a key component of long-term business success. However, only 35 percent of businesses have a formalized succession plan—a startling statistic considering that retiring Baby Boomers will comprise the largest exit from the workforce in US history. Whether you own your practice or advise business-owning clients, succession planning is vital to ensure a smooth transition. Keep reading to learn some top techniques and considerations to keep in mind.

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6 Steps to Help Your Client Form an LLC

By WealthCounsel Staff on Oct 28, 2022 10:00:00 AM

Starting LLC-Blog

Estate planning and business law attorneys often advise their clients to form a limited liability company (LLC). An LLC provides flexibility and protection from lawsuits for the LLC’s members. You can add value by helping your business-owner clients through this process. Your expertise will make a difference to the success of your clients’ businesses, especially when it comes to drafting their operating agreements. 

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Lessons from the Court: West Dakota Oil, Inc. v. Kathrein Trucking, LLC

By WealthCounsel Staff on Aug 5, 2022 10:00:00 AM

Lessons From The Court-Blog

Piercing the corporate veil is a legal concept that involves separating the business entity from its owner, allowing the owner to be protected from personal liability for the business’s debts. The applicable law can be nebulous, and protection against personal liability may not always be available, especially if a single owner of a business uses personal funds to run the company—or uses the business’s funds for their own purposes. A recent legal case from North Dakota illustrates some of the factors that determine whether the business is operating separately or merely as the alter ego of its owner. Read on to learn more.

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