“Why start a business in Indiana?… low taxes, affordable real estate, vibrant communities and a well-established workforce,” IN.gov explains, naming different formations of business:
- Sole proprietorship
- General partnership
- Limited liability company
- Non-profit corporation
“Care should be taken when deciding which business form to utilize.” The website cautions.
At Geyer Law, we certainly agree. Starting a business takes a lot of time, patience and financial investment. Setting up a solid foundation is of the utmost importance when it comes to your future success. In addition to selecting the right business entity, there are many other important decisions to be made, including:
- finding the right location
- securing proper financing
- tax planning decisions
- employment contracts
- employee benefit decisions
- succession planning
- insurance planning (life, health, disability)
- estate planning
In fact, business planning and estate planning are inevitably intertwined. As the years go by, having an ongoing handle on your business value will prove important when:
- you choose to gift part of or all of your business to others
- you choose to sell either a partial interest in or all of your business
- you die
Business valuations change over time, due to both internal developments and external industry and political changes.. The periodic business valuation process, which is part of both business and estate planning, will consider mergers, acquisitions, real estate ownership, gifts, transfers, and employee benefits and incentives.
When starting a business in Indiana, male sure to plan it right!
– by Cara Chittenden, Associate Attorney at Rebecca W. Geyer & Associates