Business Services Attorney in Kansas City, Missouri

Business Creation and Business Succession Planning are often treated as separate things, when they can actually be addressed together from the outset. Planning both at the same time helps align formation with future transition so your company can adapt as it grows.

Formation Requirements

Creating a business requires strict adherence to the laws of the state the business is being created within, and succession planning can be addressed within the same documents that create the business. The process of starting any business begins with paperwork. Missouri and Kansas both require the filing of articles of organization or incorporation documents with the Secretary of State, depending on how you choose to structure the business. Federally you will also need to acquire an Employer Identification Number from the IRS, which is essential for tax purposes, hiring employees, and more.

Operating Agreements and Succession Provisions

Businesses have to change with the time, and so their operating agreements need to be changed to match reality. Whether you are considering growth or changes in who will take over the business when you no longer wish to run it, updating operating agreements is imperative. To make sure that a succession plan is outlined from the very beginning, the operating agreement will contain provisions that outline the process for selling Member Interests, ownership and management succession, and exit strategies.

Tailored Operating Agreements

We create detailed operating agreements specific to the detailed aspects of your business. These will list details about member roles, investment parameters, profit sharing, and management structures. This attention to detail will create clear expectations of all parties involved from the outset.

Governance, Roles, and Shareholder Rights

To establish a foundation for your business and the structure governing the same, we will assist in defining roles and responsibilities for senior management, including directors, officers and managers. We can create and define meeting protocols and outline shareholder rights with the specifics tailored to support your unique goals.

Bylaws and Ongoing Compliance

Our team will ensure bylaws are written to not only be compliant upon creation but to continue to adhere to legal standards with continuous review and proactive updates. This can include adjustments based on changes in corporate law, tax requirements, and industry-specific regulations, ensuring your business operates within the legal framework at all times.

Choosing a Structure

In the real world, LLCs are superior to partnerships. An LLC will safeguard your personal assets and offer greater flexibility in management and profit distribution. Partnerships may offer easy operation, but will provide little protection for personal assets.

Coordination on Tax Planning

Our firm cannot provide specific assistance with regard to tax planning. We can refer you to organizations who focus on that type of service, or, at your direction, we are happy to work with any professionals you have existing relationships with.

Ready to Begin?

Ready to take the next step? Schedule a consultation to begin formation, update your operating agreement, or establish a succession plan that reflects your goals and protects what you are building.