Restructuring the Business / Succession Planning
At Galbraith Law, we work with many business owners who have developed a successful business and are looking to either retire, transition the business to their children, or bring new shareholders or partners into the business. Restructuring a corporation can be driven by many different motivating factors which impacts the form of restructuring.
Adding new shareholders or partners to an existing business may create unintended tax consequences if proper documentation is not in place. By obtaining proper advice, the tax consequences can either be minimized or deferred. In addition, issues such as the transition of control and security for unpaid money owing can be fully addressed.
We work together with our clients and their accountant to develop an appropriate strategy to support their succession plans or desire to add new shareholders or partners to their business.
The most common drivers are:
- Preparation for Sale of the Corporation to Third Parties
- Succession Planning
- Estate Freeze
- Asset Protection - use of a Holding Company
- Separation of Assets