Small Business and Farming

Small business (and farming) are the lifeblood of our economy. Business (and farming) enterprises may be sole proprietorships, partnerships or corporations. We provide integral support services for each type of business. We have an understanding of small business because we are a small business.

Business (and Farm) Purchases and Sales may be for specific assets (including land, equipment, goods and inventory and goodwill) or for the shares of the corporation which holds those assets. There are consequences relating to each alternative for both the buyer and seller. We will help sort out the differences to help ensure that your interests and goals are protected.

Terms and conditions of an Agreement should be specific to your transaction. Often boilerplate clauses simply will not do. Plain and straightforward language helps to clarify matters and effectively express the intentions of the parties.

Most transactions have taxation implications, now or in the future, of which you need to be aware, and which should be addressed. We help ensure that these are identified and that the consequences are effectively addressed.

A business (or farm) purchase or sale may affect the employees of the business. Their employment may be transferred to the new owner, or lawful and proper termination of their employment may be required.

Maintaining proper corporate records of common transactions, like declaration of dividends, approval of Financial Statements, and the requirements for Director and Shareholder meetings are important. Many small businesses don’t take the time to do these, or realize the implications of not doing them. We can help.

Small Business Owners and Farmers often would like to transition their business interests and operations to one of more of their children, or their employees. There are many issues which should be addressed including control, participation in future growth, taxation, preservation of the current value for the current owners, and estate planning for non-owning children or other intended beneficiaries. We will work with your accountants and tax advisors to help provide an effective succession plan and estate plan for you.

Common matters with which we can help include:

  • Purchase (or sale) of business assets
  • Purchase (or sale) of shares
  • Commercial leases
  • Farming/ Cash leases and Crop Share Agreements
  • Incorporation and other business relationships
  • Maintaining Records and Minute Books
  • Succession Planning and Estate Planning
  • Support for Tax Planning
  • Shareholders Agreements
  • Professional Corporations
  • Employment issues