Businesses, including family farms, are built on the backs of generations. It often takes years of both financial and sweat equity to achieve success, but this can be easily lost if Bedford business owners do not develop sound succession and management plans. Discuss securing your business for the next generation with experienced Franklin County business and succession planning lawyer Alexandra M. Sipe by calling (717) 413-7746 for help in Cumberland, Adams, Perry, Franklin, Fulton, Central Pennsylvania, Lancaster, Somerset, Juniata, and Huntingdon Counties.
Choosing the Right Entity for Pennsylvania Businesses
Many Franklin County small businesses start at home. They’re often sole proprietorships or unofficial partnerships designed simply to provide your family with income. As your business grows, it’s important to work with an experienced small business attorney to protect yourself from personal liability by choosing the right business entity. The Commonwealth recognizes the following types of business structures:
- Sole proprietorships: The easiest and lowest cost business form, this is a good starting point for small business owners without substantial assets or liability risks.
- Partnerships: Pennsylvania recognizes various partnerships, including limited partnerships, general partnerships, limited liability partnerships, and limited liability limited partnerships. If you share profits with partners, it’s important to protect yourself from shared liability, mismanagement, and disputes by working with an experienced attorney.
- Limited Liability Companies (LLC): This popular business entity is cost-effective and protects owners from liability for certain debts and employee actions.
- Professional Limited Liability Companies (PLLC): A flexible professional LLC for doctors, lawyers, accountants, and certain other professionally licensed individuals.
- Corporations: A more complex business entity with fewer tax benefits but more room for growth and profits.
- Nonprofit Corporations: Charitable organizations in Central Pennsylvania might benefit from state and federal tax laws by working with an experienced nonprofit business lawyer to obtain nonprofit status.
Businesses need to change as they grow and owners take on new partners, employees, and liabilities. Discuss protecting yourself and planning for the future with Franklin County business planning lawyer Alexandra M. Sipe.
Drafting Governing Documents
Bedford business owners might save themselves from significant liability by working with legal counsel to draft strong governing documents, offer letters, job descriptions, employee handbooks, workplace policies, and severance agreements.
Overview of PA Business Succession Planning
Many think succession planning is exclusively preparing for your eventual retirement, including transferring your business to your heirs. It is crucial to have a plan for incapacity included in the succession plan. A well-crafted succession plan has contingencies for emergencies, such as disability or incapacity, but includes an exit strategy. Continuity in operating the farm during both periods requires knowledge and creativity. Both are areas that Attorney Alexandra M. Sipe have excelled in serving Pennsylvania families.
Business and Succession Planning Lawyer in Franklin County, PA
Every business is unique, which is why dedicated PA business planning attorney Alexandra M. Sipe tailors each business plan to your needs and goals. Investing in business and succession planning now can save local business owners from significant tax debts and liability in the future. Call (717) 413-7746 or contact her online to ensure your business thrives for the next generation.
Alexandra M. Sipe is proud to represent individuals and families throughout Central Pennsylvania, including those in Cumberland, Adams, Perry, Franklin, Fulton, Bedford, Lancaster, Somerset, Juniata, and Huntingdon Counties. No matter your location, our experienced attorney is committed to providing reliable, client-focused legal guidance within your local community.