The Business Life Cycle

The Business Life Cycle means starting, then running a business, and finally implementing an exit strategy whether by sale, liquidation or passing the business to a family member or employee. Each step should involve the input from a legal professional.

The first stage of any business is obviously establishment. Creating a proper foundation at this stage can avoid expensive taxation issues later. Thus, good business planning is a crucial and necessary first step. When starting a business, the first issue that should be addressed is the choice of entity.  Do you need a partnership, corporation or limited liability company?  For more information on the types of entities and their associated tax compliance, please visit the Internal Revenue Service Website.

During the operational life of a business, a variety of circumstances may require legal input. Such as buying and selling specialized assets, ongoing reporting, board meetings procedures, and transactions if somebody wants to buy a part or all of your business.

Finally, what happens when at the end of the business lifecycle? It may be your opportunity to cash out on all the effort and years of hard work, or to keep the business going by passing it to family members or employees. It also can mean shutting down the business. Planning for your exit strategy should include a knowledgeable Arizona attorney. Attorney, Otto S. Shill can ensure you exit plan is sound. Including, passing your business on to family members, selling it to employees or third party, or liquidating the business.

Attorney, Otto S. Shill, III has extensive experience advising clients with respect to the entire business life cycle.