Patrick E. Lacy, P.C.

Business / Tax Planning

We consult with many small to large closely-held businesses by providing assistance and guidance with business planning, business succession planning, mergers and acquisitions, purchase and sale transactions. We assist clients in all phases of business planning, including the entity selection, management, control and ownership issues, and business succession planning or termination, incorporating the effects of federal and state tax and business organization laws. Having estate planning and tax experience gives us unique insight and ability to counsel closely-held business owners on their asset protection and business planning needs in conjunction with their estate planning strategies and goals. Our services include the following:

• Business Succession Planning: The efficient formation, operation, management, and transfer of management now and in the future of various business entities, with emphasis on tax savings and harmonious family relations in family businesses.
• Asset Preservation/Creditor Protection: The structure, management, and operation of business and personal assets to minimize their exposure to liabilities and attachment by creditors.
• Franchise Tax Planning: Creation of new entities, structuring of old entities, and the conversion of certain entities, such as a corporation to a partnership in a manner that will allow the continued favorable federal income tax treatment while avoiding Texas franchise taxes.
• Limited Partnerships: The most flexible, tax favorable business entity that can be formed in Texas to own or develop real estate, to own and operate retail and commercial business operations, and to use as a tool in sophisticated estate plans, while providing pass-through income tax treatment and limited liability for its limited partners.
• Limited Liability Companies: A flexible business entity that provides pass-through income tax treatment and limited liability protection for its owners and can be used to operate and manage a variety of business activities.
• Corporations: A business entity that provides limited liability protection to its owners and which may or may not provide pass-through income tax treatment for the business activities of the corporation to its owners. A corporation can be used to operate and manage a variety of business activities.
• General Partnerships: A flexible, informal business structure that provides pass-through income tax treatment to its owners but does not provide limited liability protection to its owners.
• Buy-Sell Planning: The process by which the ownership interest in a business entity can be limited to a select group of owners to insure the successful continued operation of a business entity in the event of death, retirement, or termination of employment.
• Business Tax Planning: The planning, structuring, and operation of businesses in a manner that minimizes income taxes, franchise taxes.
• Buying and Selling of Businesses: The structuring, document drafting, and implementation necessary to buy or sell a business or the assets of a business in the most tax advantageous manner while still achieving the personal goals of the buyer and seller.
• Employment Contracts: The drafting and enforcement of agreements between employers and employees that set out the terms and conditions of employment, the rights of each party, including but not limited to covenants not to compete.
• Retirement, Health, Group Life, and Disability for Businesses: The coordination, planning, development, implementation, and advisability of retirement plans, group health plans, group life plans, and disability plans for businesses.