HOUSTON BUSINESS REVIEW

CYA: Succession Planning for a Major Owner to Leave the Business
By Shahara Wright

Shahara D. Wright, Business Law Attorney, "Serving businesses from start-up through expansion". You can cantact her by: calling her at (281) 980-2040, sending her an e-mail or visiting her website. For more information concerning Shahara Wright click here.

Leaving a business doesn’t necessarily mean no longer profiting from it. In fact, it can be arranged so that you will still receive funds from the business even though you are not running it. This is just one of the many issues that can and should be addressed in succession planning. Here are a few other points to consider: Wills and Trusts agreements Leaving could be because of death or retirement; you need a plan in order to insure that the company will be able to continue even after loss of the major owner. When one person owns the business, a sole proprietor, a Will is very important, when deciding who you want to own the business. Meanwhile one needs a Trust, so that the person who will be taking over the business will understand his or her agreement with the company. Also, it is crucial to maintain a power of attorney so that if one becomes disabled or hurt; there will be somebody who can make legal decisions in your place.

Nothing in this article is intended as legal advice and you should consult an attorney before making any decisions.