Business Succession & Tax Advice

Business Succession & Tax Advice

To ensure a seamless transition of business ownership and minimize tax liability today and at the time of sale or death of the business owner, a lot depends on the type of business formation a business has.  In some respects, taking a step back to reexamine a business’s formation illuminates the best path forward for a seamless business transition.  At Hanson Law Office, despite the goal of transferring business ownership being the same, we understand each business has unique tax and transfer of ownership needs, whether it is a sole proprietor, C Corp, agribusiness, or non-profit.  For a custom and sophisticated business succession & tax strategy to get your business where you want it to go today and beyond, contact Hanson Law Office for a hassle-free consultation today at 320-257-3388.

Business Succession    

Hanson Law Office can help you structure business transactions and other activities to minimize tax obligations and other potential risks.  In addition to helping our clients with preparing wills and trusts to minimize estate taxes at death and planning for the smooth transfer of business ownership upon an owner’s death, we handle probates and guardianships with confidence and experience.  Some other estate planning matters we can help you with include:

• Plan for ownership transitions in both family and nonfamily businesses, to help coordinate income tax and transfer tax goals.

• Select the most tax-advantageous operational structure.

• Structure joint ventures, purchases, and sales of businesses and other business transactions to achieve the best tax outcomes.

Tax Advice

Hanson Law Office has the experience and expertise to provide complete tax advice and strategy to a wide range of clients, from individuals and start-up businesses to agribusinesses, corporations, and non-profits.  We advise our clients on tax planning issues involving business transactions, real estate transactions, debt offerings, restructurings, and other corporate and commercial transactions, plus the formation, reorganization, and liquidation of corporations, partnerships, limited liability companies, and trusts.   We work on all levels of the federal tax audit process, from the initial audit to the administrative review and the tax court and appellate levels.   We can also help you resolve other tax disputes before local, state, and federal agencies and various courts, including income, earnings, sales/use, property, estate, excise, and other taxes.  Some other tax advice areas we can help you with include: 

  • Analysis of tax accounting methods, including the installment method of accounting.
  • Employee compensation and other business deduction issues.
  • Establishing and dealing with the special issues of tax-exempt organizations.
  • Formation, operation, and termination of entities.
  • Handling the qualification and operation of S corporations including the treatment of S corporations for state tax purposes.
  • Sales and exchanges of real estate and other assets.
  • State income tax and sales tax issues.
  • Tax issues in connection with litigation settlements.
  • Taxable and tax-free dispositions, acquisitions, and divisions of businesses.

Contact Hanson Law Office Today

320-257-3388