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Home » Resources » Frequently Asked Questions » Business Planning FAQs

Business Planning FAQs

    • Is business planning different for farmers and ranchers?

    • In many ways, yes. One of the big issues family farmers and ranchers have upon the death of the patriarch/matriarch of the family is a lack of liquid assets with which to pay any federal and/or state gift and estate taxes due. This happens because farms and ranches are often cash poor, with all their assets tied up in land, livestock, crops, and equipment. Careful planning, however, can alleviate many of these concerns that family farmers and ranchers often have to worry about in their estate plans.

    • What is a “buy-sell agreement?”

    • A buy-sell agreement is a legal agreement, usually between partners of a business, that set forth the terms of one owner’s sale of his/her interest in the business. The purpose of a buy-sell agreement is for an owner to know in advance the terms of the sale of his/her interest in the event certain things occur, such as incapacity, retirement or death. Typically, partners execute mutual buy-sell agreements that require each partner to purchase the other partner’s interest in the business. A separate life insurance policy is often purchased just to fund the agreement.

    • What is “business succession planning” and do I need to include it in my overall estate plan?

    • Business succession planning refers to a plan established by the owner(s) of a company to handle situations such as the death, incapacity, or retirement of an owner. If you plan to pass down your business to the next generation, for example, you need to include business succession planning in your overall estate plan to ensure that the business will successfully make the transition to the next generation. Even if you plan to sell your interest in the business, business succession planning remains necessary to ensure that you (or your loved ones) receive the fair market value of your interest in the business and in a timely manner.

    • What documents are required to incorporate my business?

    • The primary documents you will need to create and execute in order to incorporate your business are Articles of Incorporation and Bylaws. These documents set forth the legal structure of the business and the general management of the business. You may also need resolutions for the Director and shareholders as well as purchase agreements for the stock you plan to sell.

    • What are the benefits of incorporating?

    • Incorporating your business offers benefits that the other two types of legal entities do not. One of the main benefits to incorporation is that it removes the risk to you and your assets for debts or liabilities of the company. In addition, a corporation is also generally viewed as more attractive to potential investors, in part because of the ease by which the company can grow by selling additional stock in the company. Finally, some business owners are attracted to the structure of a corporation and the organized nature of the management structure.

    • What are the basic business structure types?

    • There are three basic business structures, and several sub-categories and hybrids, from which you can choose for your business – sole proprietorship, partnership, or corporation. A sole proprietorship is simply one person operating a business. No legal documents are required to form a sole proprietorship. A partnership exists when two or more people operate a business and share in the profits. You are not required to execute any legal documents to form a partnership; however, many partners do execute a partnership agreement to make running the business easier.  A corporation is a separate legal entity that is owned by shareholders and run by officers and managed by a Board of Directors. Creating a corporation requires you to create Articles of Incorporation and Bylaws for the business, at a bare minimum.

    • What are some important steps I need to take when starting a business?

    • Although no two business start-ups are exactly the same, there are some basic steps that most small businesses need to take and issues that most fledgling businesses need to consider before opening the doors (or website) for business, including:

      • Choosing a name and determining if it is available through the Secretary of State
      • Deciding what type of legal entity, or business structure, to use for your company.
      • Deciding on a location for your business if it is a “brick and mortar” business (as opposed to an online business)
      • Registering with state and federal tax authorities and requesting an Employer Identification Number (EIN)
      • Determining what local and state permits and licenses you will need to operate your business and obtaining them.
      • Setting up your workers’ compensation and unemployment insurance accounts.
      • Filing for copyrights, patents or trademarks if applicable.


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August 24, 2020
    

Needed to come in to get specific advice for our needs. The attorney spoke to us in terms we could understand, coming to our level and did not make up feel uncomfortable. They were very considerate and caring. We didn’t feel rushed. We felt like they cared and knew what they were doing.

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We were wonderfully satisfied. Wayne did an outstanding job of explaining, diagramming and answering questions and concerns.

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So much of a client's high or low opinion of an organization depends on their welcomed feeling. I felt that every time I visited the office, every person I talked with listened and took action on my concern or questions! They were also very friendly.

~J.R., Grand Forks, ND
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August 24, 2020
    

From phone calls to signing the final documents I was treated with respect, kindness, and understanding by Wayne & Jenn. Every business that wants their business represented well should have someone like Jenn & Wayne. They both made me feel relaxed and assured I was at the right place at the right time at this time in my life. 

~ Deborah Rucinksi, North Dakota 
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August 24, 2020
    

All of the paperwork was completed in a timely matter. Wayne was very good in explaining the trust to us. 

~Anonymous
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August 24, 2020
    

Thank you for taking care of my finances after I am gone. I worried about probate once; hopefully this has been solved. Everyone was very polite and helpful. Thank you Katie for answering my questions, and also Jenn.

- Anonymous
Client Review
August 24, 2020
    

This Avvo rating is killer and so deserved! You are the best brother! The only thing is I think the 10 rating is too low, in my book you go to 11! Congratulations on the award, you should be very very proud. See you at your Holiday party, thx for the invite.

Anthony G., Los Angeles, CA
Client Review
August 24, 2020
    

Everyone at German Law was helpful and pleasant. I felt good about my decision, I thought I was doing the right thing for myself & my family. Wayne took his time and didn't rush, which is good because a lot of this can be over people's heads.

A.W., Red Lake Falls, MN
Client Review
April 15, 2021
    

Excellent

Very interesting, informative and valuable information and ideas.

Valuable information.

RP
Client Review
April 15, 2021
    

5 STARS! Thanks for allowing this to be on a webinar! Very interested in this topic.

Great Estate Planning Guide

SD
November 25, 2022
    

John provided very short turn-around time that we needed. He built an amortization schedule that really met our needs. He was responsive and very easy to work with! Quick and easy!

 

Cammy was also very helpful and professional!

November 25, 2022
    

Really Liked it.
Assisted by John Oelke

November 25, 2022
    

Excellent!

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