Put Your Trust In A Team With Extensive Estate And Tax Planning Backgrounds
Family-owned and closely held businesses can realize tangible benefits by working closely with an attorney. At Ellis & Ellis, we help businesses in many different industries plan for the major issues a company can face, including forming and selecting an entity, selling the business and determining a business succession plan. Each of these important steps in a company’s life span requires attorneys with strong foundations of tax knowledge.
Our extensive knowledge of tax planning, estate planning and business planning allows us to develop innovative solutions that will meet a company’s many different goals. Attorneys Hal Ellis and LeAnn Drummond Ellis offer many years of focused experience and have met the unique needs of businesses across Payne County and beyond.
Selecting the appropriate entity is key for businesses in their early stages. We are mindful of the tax and personal liability considerations in this process and can confidently advise you of the business entity that best meets your company’s needs. Our lawyers regularly form partnerships, corporations, LLCs and nonprofit organizations for different business structures.
Business Succession Planning
A significant portion of our business and tax planning practice involves helping family-owned and closely held businesses establish sound business succession plans. Depending on the specific nature of your business and family dynamics, we may employ a combination of different approaches, including:
- Buy-sell agreements
- Family limited partnerships
- Specialized trusts
- Strategic gifting
- 1031 exchanges
If you desire to sell your business, we will develop methods to minimize the potential tax consequences.