Business Lawyer in Bakersfield
Business planning is a must if you are to protect your assets and your family. Planning a business begins with selecting the appropriate entity, perhaps a corporation or a limited liability company (LLC). You must then maintain your business to keep it in compliance with the law.
If you buy or sell a business, it is imperative to include clauses in the agreement to help protect you and to ensure performance. The Law Offices of Robert H. Brumfield, P.C., would be honored to assist you with these issues.
Robert Brumfield has been practicing law since 1984. He has many years of experience in business planning. He has been recognized by his peers as one of the Top Lawyers in California. He has also earned the Client Distinction and Client Champion awards from the prestigious Martindale-Hubbell lawyer directory.
When not practicing law, Mr. Brumfield has served as President of the Bakersfield North Rotary Club. He has given back to the community as Chairman of the Board of the Alliance Against Family Violence and Sexual Assault and Chairman of the Board of the Bakersfield Homeless Center.
Business Formation & Incorporation
Business planning begins with selecting the best entity for your business. You should consider organizing as a business entity, rather than conduct business as a sole proprietor or a general partner, to help avoid personal liability. Two of the most common business entities achieve this purpose. They are the corporation and the LLC.
If you are seeking outside investors, the corporation is probably the better choice. On the other hand, if your business is just you or a few others, the LLC might be better. The LLC avoids double taxation by allowing profits to flow through to the individual owners rather than be taxed at both the entity level and the individual level. A corporation can be similarly structured. Contact our Bakersfield & Mammoth Lake business lawyer Robert H. Brumfield today to discuss your goals and options.
Business Succession
With our experience in business law and estate planning, we can customize a plan for all types of transitions related to retirement, management and partnership changes, and other planned or unplanned events, including death and disability.
We work with clients to maximize, preserve and protect the value of businesses through proactive preparation for the transition or sale of the business and its assets.
Effective business succession planning is essential to ensure the continuity and stability of your company. It involves identifying and developing new leaders who can take over key roles, as well as establishing clear procedures for transferring ownership and management responsibilities. This process helps minimize disruptions to operations and maintains confidence among employees, customers, and investors.
Our approach includes evaluating your business structure, financial status, and family dynamics to create a tailored succession strategy that aligns with your long-term goals. We also assist in drafting buy-sell agreements, shareholder agreements, and other legal documents that facilitate smooth ownership transitions.
Furthermore, we guide clients through the tax implications of succession and asset transfers, helping to minimize tax burdens and protect the business’s financial health. Whether you are planning for a gradual retirement, an unexpected event, or a complete sale, our experienced business lawyers provide comprehensive support to safeguard your legacy and ensure your business thrives for generations to come.
Business Planning Includes Corporate Maintenance
After you have organized your business entity, business planning continues. In other words, it is important to set up a proper bookkeeping system, pay the various state and federal income and employment-related returns and taxes and file required reports with the state of California.
In California, business entities must pay an annual franchise tax of $800. If your company fails to pay this tax, you can be held individually liable for it. Mr. Brumfield, who also earned his Master’s degree in Taxation from the McGeorge School of Law, can help you with these issues.
It could be that you decide to purchase a business or to sell your own business. This is normally done in one of two ways. You can enter into an agreement to buy or sell the assets of a business. Alternatively, you can agree to buy or sell the business itself, a transaction that includes the business assets.
In either event, careful business planning requires that you include clauses in your agreement that will protect you and your family should the deal fall apart.
For example, if you are buying a business, you may wish to request a non-competition agreement from the seller. If you are selling a business, you may wish to be given a lien on its stock or assets which you can seize should the buyer fail to pay you as required under the agreement.
Buy-sell agreements are essential tools for managing ownership transitions and minimizing conflicts among business partners or shareholders. They outline the terms and conditions under which ownership interests can be transferred, helping to avoid disputes and ensuring business continuity. These agreements typically address key issues such as valuation methods, payment terms, and the rights of first refusal.
In addition to protecting financial interests, buy-sell agreements can provide clarity on how to handle unforeseen events such as the death, disability, or retirement of an owner. By having these provisions in place, businesses can reduce uncertainty and maintain stability during ownership changes.
Engaging a knowledgeable business lawyer serving Bakersfield can help tailor buy-sell agreements to fit the unique needs of your business, ensuring compliance with California laws and protecting your business interests effectively.
Dissolution of Entities
Dissolving a business entity is just as important to business planning as organizing one. Perhaps you have started a business that did not prosper and you want to wind it down legally so that you will not be held personally liable for any debts that it has.
In another situation, you and your business partner might decide to part ways. Failure to dissolve the entity can lead to continued taxation even after the business ceases to operate. Again, proper dissolution can help to avoid individual liability.
General Counsel for Business Planning
When we hear the phrase “general counsel,” we usually think of an attorney who is a full-time employee of a large corporation. But smaller businesses also need attorneys available to assist them as issues arise. They cannot afford to hire a full-time general counsel, but they can have a relationship with a local attorney to help as needed.
Mr. Brumfield can serve as general counsel for local businesses. The relationship makes for good business planning because, when legal issues arise, the general counsel is already familiar with the business. The business will not have to pay excessive attorney’s fees that an attorney unfamiliar with the business would charge to learn about the business.
Having a dedicated general counsel provides several advantages, including proactive legal advice that helps prevent potential problems before they escalate. This ongoing legal support ensures that your business remains compliant with ever-changing regulations and industry standards.
Additionally, a general counsel can assist with drafting and reviewing contracts, negotiating agreements, resolving disputes, and advising on employment matters specific to Bakersfield and California law.
By establishing a trusted relationship with a knowledgeable business lawyer serving Bakersfield, your company gains a strategic partner who understands your unique business goals and challenges.
This partnership allows for timely and cost-effective legal solutions, helping your business to grow and thrive while minimizing risks. Whether you are a startup or an established company, having general counsel on your side is a valuable asset for sustainable success.
Bakersfield Business Law Attorneys
Every business needs thoughtful business planning. Mr. Brumfield is a business attorney with offices in Bakersfield & Mammoth Lakes who is ready to put his extensive experience at work for your business needs. Please feel free to contact him at or by submitting a contact form through our website here.