If you plan to establish a new business or you already own a business, Jonathan C. Turner Law Office, LLC provides legal services for business succession planning and business formation. Jon Turner draws on his extensive business law practice experience in assisting business owners and prospective owners in these two critical areas. Conveniently located in the City of Springboro, Ohio, Jon serves clients in the City and throughout the surrounding area.
In his solo law practice, Jon Turner focuses on providing estate planning services to clients of all ages and backgrounds. For clients who own a business or plan to start a business, the business is an important part of the client’s estate plan. To ensure that all aspects of the business are addressed, Jon provides business planning services in two core areas: business succession planning and business formation.
Business succession planning is a critical component of a business owner’s estate plan. A business succession plan determines what happens to business operations and ownership if the owner becomes unable to make decisions and manage the business, either temporarily or permanently. In any business, and particularly in a small or family business, succession planning is essential to ensuring continuity of the business.
As a business formation attorney, Jon helps new business owners determine the most suitable legal structure for the business and works with the owner in meeting all the legal requirements for the chosen entity type. He also works with owners of existing businesses who wish to change the current structure of their company.
In providing these business services, Jon gets to know the business owner and fully understand the nature and operations of the business. In helping the client make decisions concerning the business, he always answers questions and addresses concerns. Jon’s professional skill and personable manner provide every client with confidence that the legal needs of their business are properly addressed.
Business succession planning is critical for every business, but it is especially important for small businesses and family-owned businesses. If a business owner does not plan ahead for what happens if they are not able to make decisions and manage operations, the business may cease operations entirely if something happens to the owner, even temporarily making them unavailable.
A business succession plan makes certain that the business continues to run in the absence of the owner, by designating specific people to assume responsibility for identified components of the operation and making certain those individuals have the legal authority to carry out those responsibilities. Business succession planning may include an eventual change of ownership as well, with family members, key management personnel, or employees assuming ownership of the business.
The contents of a business succession plan depend largely on the nature of the business and the owner’s goals. Jon works closely with the business owner to identify and clarify the owner’s objectives and pinpoint the operational aspects that must be addressed in the business succession planning to ensure continuity of the business over both the short term and long term.
In addition to addressing business succession planning, a business owner’s estate plan should maximize benefits for the owner’s loved ones, as well as minimize taxes and probate complications, regardless of whether sale or transfer of the ownership interest is ultimately contemplated.
Choosing the legal structure of a business is one of the most important decisions that a business owner makes. The choice of entity affects personal and business taxation and liability, as well as administrative and operational requirements for the business. As a business formation attorney, Jon Turner helps owners establish a solid legal foundation for their company.
In Ohio, the basic choices for the legal structure of a business are:
There are other specialized types of business structures as well.
If you do not select a structure and follow the legal requirements for establishing a specific entity type, the business is treated as a sole proprietorship (when there is one owner) or partnership (if there are multiple owners) for tax and liability purposes. Revenue is taxed to the individual(s) personally, and liability extends to the personal assets of the owner(s). You can change taxation and liability only by selecting and meeting legal requirements for a different structure.
In working with new business owners, as well as owners of existing businesses who wish to change the legal structure of their company, business formation attorney Jon Turner begins by taking the time to learn about the business operations and the short- and long-term goals of the owner. He then explains how each entity choice affects taxes, liability, and business operations.
Jon provides the client with all the essential information necessary to make an informed decision about the legal structure for the business. After the client identifies the structure for the business, Jon works closely with the client in satisfying all the legal requirements for establishing the legal entity. As a business formation attorney, he also makes certain the client knows how to comply with ongoing requirements for maintaining the business structure after establishing it.
Jonathan C. Turner Law Office is conveniently located in the City of Springboro, Ohio. Jon welcomes inquiries about business succession planning, business formation, and estate planning from business owners in Springboro and neighboring communities in Warren, Butler, and Montgomery Counties, including Centerville, Dayton, Franklin, Kettering, Lebanon, and Miamisburg. To schedule a consultation, please call 937-790-WILL or 937-790-9455, or use the online scheduling form.
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