Family-Owned Businesses & Farms
Small businesses and agriculture are the foundation of the American spirit. Privately owned businesses, and owners of family farms are responsible for millions of jobs, a key component to our country’s economy, and directly influence the products and services utilized throughout the world. Your part in this legacy is not only important for the piece it plays in our communities but is also something you need to protect for the impact is has on those you love and care for. Cross Law APC can work with you to reduce risk, increase success opportunities, and place the resources critical for protecting your efforts during your life and beyond.
We work with you to understand your business and offer solutions personalized to meet your needs. Areas of guidance that we can support include:
- Defending your business or farm against the challenges that may arise
- Resources available to protect your small business or farm
Challenges Facing Small Business and Farms
One of the most notable characteristics of small businesses and farms are the hard work and commitment you have personally invested to build sustainable success. However, even the best work ethics can be challenged throughout the decades.
Both business owners and farmers may find their assets and/or land at risk when threatened with a lawsuit. On the financial front, creditors and taxes can put pressure to your ability to make a profit. Through time, the death of key family members or farm-owners raise new challenges with estate taxes and the complications of how the succession is pursued. Working with an attorney allows you to assess these risks and put resources in place to reduce the potential of unforeseen circumstances leading to a negative impact of your farm or business.
Protect Your Small Business or Farm
Cross Law APC can work with you to assess the risks of potential lawsuits, creditor collections, tax liability or the other scenarios that may lead to the loss of land or the business assets. With an understanding of these risks we can develop strategies that fit the size of your family business or farm, the business structure you operate within, the variety of influences upon your farm or business.
Examples of how we can work with you to develop these strategies include:
- Exploring business and ownership structure, such as incorporation, to determine if it is a best fit to minimize tax liability, and protect you against litigation and bankruptcy.
- Asses the ownership structure and look at the integration of any properties into a trust to pursue a smooth transfer of assets in the future, reduce risk of loss and protect your company against creditors and taxes through the changing scenarios.
- Create efficient plans for succession that keep your farm or business from being stuck in inefficient probate that can have a negative affect on operations potentially tied up for weeks, months, or years after your death. Planning for death, disability or other factors that will restrict your ability to lead your company or farm is an activity that is must take place long before tragedy leads it from the vision and success you have worked hard to achieve.