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Nov 19, 2013

What If You Already Have a Business Entity?

When we are involved in the original business planning and choice of entity, our engagement often involves an initial Risk Assessment of the areas of risk that your business will most likely be subject to. These risks can involve business processes, record keeping, reporting, compliance procedures, economic and capital structure, labor structure, procedures and compensation, insurance coverage, and a number of other issues. The purpose of this Risk Assessment is to attempt to anticipate risk exposure and assist in providing structure, processes and safeguards to eliminate, minimize, or prepare for such risks.

If we have not participated in the original planning, were not asked to initially conduct that review, or after any business has been operating for a while, we offer a Business Review and Audit Package which includes a Risk Assessment. This process allows us “audit” and assess the choice of entity, whether conditions have changed, and the common risk areas and exposure brought about by the way the business is operating. We offer several Review Packages priced to accommodate the needs of any business.

The Business Review Process parallels the steps of the Entity Choice and Formation Process. In general the necessary information is gathered, reviewed and evaluated and a report presenting our findings, along with recommendations for changes, a timeline and the price of our services to design and implement the recommended changes.

Gathering the Information about the Business and Your Goals

In order for us to review and assess your situation, it will be necessary for us to get a very clear picture of how your business is operating. We will do that through interviews, gathering documents and observation as well as discussions with you and your other advisors after we have been engaged. We actually begin that process during our initial contact before you have engaged us where we gain a basic understanding of your business and concerns. We will explain our business planning process and schedule a time for you to meet with our attorneys and often your other key advisors.

We will send you our Confidential Business Information packet which includes:

  • the date and time of our meeting
  • directions to our firm's offices
  • an explanation of the process ahead
  • basic information about business planning and our firm
  • a Confidential Information Booklet for you to fill out and a list of requested documents.

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Posted: Tuesday November 19, 2013, 9:50 pm
Tags: group law estate corporation planning Corliss [add/edit tags]

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Kei Fong
female, age 28,
Singapore
KEI'S SHARES
Dec
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\nCorliss Law is dedicated to serving the unique planning needs of the business owner and their families through thorough, carefully designed and implemented business and wealth preservation strategies and plans.  We work with you and your team of...
Dec
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\nWealth Preservation\r\n \r\ nWealth Preservation is the unification of your efforts to protect and plan for your estate, your business and your assets, but it is much more than the sum of its parts.  It is the symphony, the unified and seamless ...
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\nLegal Information Is Not Legal Advice\r\nCorliss, A Law Corporation is a California Corporation licensed to practice law in the State of California.  Our web site provides information about the law designed to help users safely cope with their own...
Nov
26
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\nBusiness Exit Planning Using Charitable Strategies\r\nBusiness owners usually have four goals when they leave their businesses: retire from the business; sell to a new owner (family members, employees, or third parties); minimize taxes and maximize pro...


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