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Home » Small Business Planning

Small Business Planning

Planning Considerations for Small Business Owners

February 11, 2021 by Larry Parman, Attorney at Law

business planning

As an owner of a small business, your long-term planning goals are often similar to non-business owners.  However, business owners have additional concerns.  We will look at two of them here. Asset Protection Your legacy is important.  To protect that legacy as a business owner, you must prioritize asset protection by separating your personal property from your business activities. If you are a sole proprietor, no such separation exists.  However, certain business structures provide asset … [Read more...] about Planning Considerations for Small Business Owners

Filed Under: Small Business Planning Tagged With: buy-sell agreements, Family Limited Partnerships, Limited Liability Companies

Succession Planning for Your Family Business

August 18, 2020 by Larry Parman, Attorney at Law

Oklahoma City business succession planning attorneys

Small family businesses were once the backbone of the American economy. Children learned trades and/or management skills from helping in the family business and often one of those children would assume control of the business upon the retirement, disability, or death of the patriarch or matriarch of the family. After decades of decline, family businesses are rebounding once again in the United States.  The Oklahoma City business succession planning attorneys at Parman & Easterday explain why … [Read more...] about Succession Planning for Your Family Business

Filed Under: Small Business Planning

Why a Limited Liability Company is Better Than a Sole Proprietorship

May 11, 2017 by Larry Parman, Attorney at Law

limited liability company

A Limited Liability Company is a type of business structure that many company owners choose for the protection  this structure provides. An LLC can also be useful in estate planning, as you can create a company and pass a membership interest in the company on to family members and loved ones over the course of your life.  While a Limited Liability Company (LLC) has many advantages, the creation of an LLC is not necessarily right for every person, company, or situation. You need to … [Read more...] about Why a Limited Liability Company is Better Than a Sole Proprietorship

Filed Under: Small Business Planning

When Can a Family Business or Family Farm Trigger Estate Tax and What Can You Do About It

May 10, 2016 by Larry Parman, Attorney at Law

estate tax family farm

When you own a family farm or business, you need to be aware of the possibility of estate tax. Estate tax can be assessed upon your death. Unfortunately, in some cases, this tax ends up being very difficult for heirs to pay. Since the value of the business and farm count as part of your estate, the tax bill may be significant due to the value of the business assets and land value. Because most business and farm owners have much of their wealth tied up in these endeavors, … [Read more...] about When Can a Family Business or Family Farm Trigger Estate Tax and What Can You Do About It

Filed Under: Estate Planning, Farmers and Ranchers, Small Business Planning, Uncategorized

What is Business Succession Planning?

December 22, 2015 by Larry Parman, Attorney at Law

For small business or family business owners, business succession planning can be a significant challenge. When you look ahead and consider the future, what do you envision for your business? Who will own it when you decide to step away? How will you be able to pass it on to your family? If not your family, can you find a buyer? If you don't want to sell, what other options do you have? The answers to these types of questions will come when you go through the business succession planning … [Read more...] about What is Business Succession Planning?

Filed Under: Small Business Planning Tagged With: Business Succession Planning

When is a Guardianship Necessary?

October 1, 2010 by Larry Parman, Attorney at Law

A guardianship occurs when a judge determines, with the advice of your doctors, that you are unable to make your own medical decisions. The court will then name a guardian, who is usually a friend or family member, to oversee your health care treatment. No Assigned Agent If you become disabled either mentally or physically and you are no longer able to state your medical wishes, you must have someone available to speak for you. Many people use a Health Care Power of Attorney or Advance … [Read more...] about When is a Guardianship Necessary?

Filed Under: Long-Term Care, Small Business Planning Tagged With: In-Home Care, long term care insurance, Small Business Planning

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OKLAHOMA CITY, OK
13913 Quail Pointe Drive, Suite B
Oklahoma City, OK 73134
Phone: (405) 843-6100
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10740 Nall Avenue, Suite 160
Overland Park, KS 66211
Phone: (913) 385-9400
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