Baton Rouge Legal Blog

Some business entrepreneurs have a vision of what they want to create from the earliest and most basic of concepts. For them, the journey is well worth the time and struggles, and the dream is fulfilled with a successful enterprise. However, this can be a risky way to develop a business. For many Louisiana entrepreneurs, acquiring an existing business is a better and safer way to find success.

Despite all the rigors of planning, business analysts recognize that a primary reason for the failure of startups is the lack of a sustainable and scalable market for the product or service. This could be a reflection of insufficient market research or the result of some shift in the particular business between the beginning stages of development and actually getting to market. However, this problem is far less of a factor when an existing business is acquired.

For many Louisiana business owners, creating a viable service or product and constructing it into a thriving enterprise is a life-long process. Eventually, however, the owner may want to move on. That could be to retire, start a different business or move in a new direction. When assessing options, having legal assistance with buying or selling a business is key.

There are many factors to consider with a business. The ideal time to sell a business depends on the owner's goals, economic factors and analysis for the future. The same holds true for buying a business. Since these issues can be complex, it's wise to be fully prepared long before the final decision has been made.

Financial concerns, fertility issues or other problems may keep individuals in Louisiana or anywhere else from having children. However, it is still generally a good idea for all adults to have an estate plan even if they don't have kids. It is also important to have a plan that accounts for the possibility that both spouses could pass at nearly the same time. It is considered a best practice to have a will as part of an estate plan.

A will gives a person greater control over where money or other assets go after he or she dies. For instance, property could be gifted to a charity, a school or a favorite relative through this document. Without a will, assets could pass to a spouse, parent or another family member even if that party wasn't the intended beneficiary. The use of beneficiary designations can also make it easier to control who gets money or other assets.

Wills and trusts are both important types of estate documents that can help people in Louisiana to plan for the future and provide for their loved ones after they pass away. A full estate plan will often include a will as well as one or several trusts. While one of these documents may be the major backbone of the estate, both can play a major role in properly ensuring that a person's assets are distributed correctly. There are different reasons why people may choose to focus primarily on a will or on a trust to pass on funds and property.

Wills are public documents that go through the probate process. This means that they are open to the public and can be challenged in court. There may also be additional delays associated with probate, and court costs can sometimes eat up a significant chunk of the estate. On the other hand, wills can be simpler and easier for the person passing on an estate. When there are smaller sums involved and little conflict, the probate process may be largely routine.