Whether you need legal help organizing a new for-profit or non-profit business of any size or you are a current business owner who needs help reorganizing or transferring your business, King Legal Group can meet all of your needs. Every aspect of the organization, merger, transfer or liquidation of a business, can have significant tax ramifications for the business and individuals alike. It is important to properly structure these business actions to minimize taxes and provide flexibility to the business owners and officers and meet the requirements of state and federal business law. Our attorneys have years of experience working with owners of businesses, both large and small, to execute our client’s wishes and reduce the tax burdens on the business and the owners individually.
The firm is experienced in drafting buy/sell agreements and contract documents to set out the agreement reached between the respective parties, whether sole proprietors, limited liability companies, partnerships or corporations. Such documents are instrumental and essential when merging professional practices, arranging for the rental and acquisition of equipment, land, office buildings, transferring service contracts and leases in progress and merging of staff, in order to provide tax savings and operating advantages.
The firm has structured and incorporated churches, beneficial societies, veterans’ organizations, professional corporations for healthcare providers and lawyers, businesses involving retail sales, services and manufacturing.
The firm has taken the lead in shifting most of its business clients into limited liability companies and away from the formal corporate structure to avoid double taxation of income and to reduce expenses inherent in more traditional entities, which have less flexibility for owners. Limited liability companies provide flexibility for the small business owner and limit the owner’s liability to specified dollar amounts through the integration of real estate and equipment partnerships devoted to the leasing of fixed assets and equipment to the LLC.
This traditional form or structure still is widely used by our firm for professional groups and those involved in holding and managing real estate.
The firm provides counsel in all areas of taxation, including tax ramifications to business operations and for personal injury settlement payments, particularly structured settlements of injury cases. The firm also provides advice on estate planning to minimize death taxes.