Experienced Assignment of Corporation Lawyer in Lawrenceville, GA
As a corporate shareholder in Georgia, or as a member of a LLC in Georgia, you must ensure your business assets stay safe and keep working smoothly no matter what happens. One way to achieve this is by assigning your business interests to a living trust as part of your estate plan.
Get in touch with the team at Peach State Wills & Trusts for efficient business planning solutions across Georgia. Contact the firm today to consult a reliable assignment of corporation lawyer.
How Corporations Work in Georgia
A corporation is a separate legal entity that can hold assets and enter into contractual rights and obligations. Common attributes of corporations include:
- A total separation of shareholders' personal property from the corporation's assets
- Limited liability of owners and investors to a fixed amount
- Clearly defined organizational hierarchy and management
- Investor ownership (i.e., legal recognition of investors as holders of the company's shares)
- Shareholders' ability to transfer or sell shares
The transferability of shares applies not only to persons but also to legal entities like trusts. Assigning corporation shares to a trust can play an important role in your business planning.
LLCs typically offer the same benefits of a corporation for its owners, who are called members instead of shareholders. A member's ownership interest, often called a membership interest, in a LLC can also be transferred to trusts, and assigning LLC membership interests to a trust can play an important role in your business planning.
Why Transfer Your Corporate Shares to a Revocable Living Trust?
Like a corporation, a revocable living trust can hold various assets, including real property, stocks, and company shares. When you assign your interest in a business to a trust, the trust becomes the legal owner of your corporate shares. However, by appointing yourself as the trustee, you keep the same authority over the shares as if you held them in your own name.
The main advantage of transferring business interest to a trust is the ability to name a successor trustee who would take over business management immediately in the event of your incapacitation or death. This step can protect your company's legacy and heirs' interests. Also, since living trusts are revocable, you can remove your business property from trust ownership at any point during your lifetime. Alternatively, other planning tools can be used to provide for business continuity and succession of the business interests if you were to become incapacitated or suddenly die.
What an Assignment of Corporation Lawyer Does
Assignment of corporation, or a LLC, to a trust is an important part of your overall business and estate planning. A knowledgeable assignment of corporation lawyer at Peach State Wills & Trusts can:
- Guide you through the process and explain the legal implications of assigning corporation shares to a trust
- Help you find solutions for seamless management of your business assets in case you pass or become incapacitated
- Advise you on the aspects of selling or liquidating a business under trust ownership
- Ensure your business plan fully complies with Georgia corporate law
Peach State Wills & Trusts: Effective Legal Solutions for Your Georgia Business
What will happen to your corporate shares or LLC membership interest if you die or become incapacitated? Timely and effective legal measures can protect your interests and safeguard the future of your business property.
Contact the legal team at Peach State Wills & Trusts for trusted legal solutions for corporations, limited liability companies, and small businesses in Georgia, from assignment of corporation to subordination agreements and compliance with public policy. Call (678) 344-5342 or fill out the convenient online form to consult an experienced assignment of corporation lawyer.