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Norwalk business succession plan attorney

For a lot of business owners, their professional and personal lives can become intertwined. This is especially true for small business owners. Many of these businesses were founded by the current owner, while others may have been passed down through generations. Regardless of how a business was formulated, it is important to prepare for the next step by creating a succession plan. Business owners cannot run their business forever and must prepare for a future to avoid losing the business altogether. Delegating the livelihood you have created to another person can be difficult, but with the correct legal assistance, you can ensure that your business lands in the appropriate hands.

Who Can Take Over My Business?

There are five common ways in which a business owner transfers ownership of his or her company. Many business owners will choose a person with whom they are familiar to take on their business relations. This can include a current co-owner, a family member or heir, or a key employee who they think would best run the company. On the other hand, some owners wish to have an outside party, such as an entrepreneur, come in to bring new ideas to the table and avoid familial conflicts that can come along with passing your business to a relative. Businesses that have multiple owners can sell their ownership rights back to the overarching company. 

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Stamford, CT contract drafting attorney

In all business relations, a contract should be written to ensure that all parties complete their end of the deal. Some businesses trust verbal agreements; however, those types of agreements are not always legally enforceable, as there is no written consent to back up a claim. While a contract does require agreement from both parties, it also creates formal obligations that can be enforced if necessary, while a verbal agreement does not. Regardless of your relationship with the other party, a legal contract is important to avoid future conflict and eliminate any gray areas that may exist.

Business Contract Necessities

Business contracts have elements that are required to make them eligible and enforceable in court. Much like marriage vows, business agreements have requirements that relate to the parties signing the contract and the agreement itself.

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