Maybe you’re simply eyeing new pursuits and challenges after a long and successful career as a business owner. Alternatively, it might be the case that health issues or some other family considerations are now weighing heavily on your mind. Perhaps you are looking with acute appreciation at the energies and talents of younger family members and feel that now is the right time to react accordingly.
Last year, the Tax Cuts and Jobs act brought dramatic changes for businesses around the country. Significantly, it slashed the corporate tax rates to a mere 21 percent and introduced a qualified business income deduction for pass-through entities. As a result, many companies have considered changing their structure to take advantage of these corporate tax breaks.
It would be hard to overestimate the stark employee-linked challenges that company principals face every day. Business owners across the Washington, D.C., metro area and the rest of the country know from hard experience that worker-related issues are often apex concerns. We stress on our business law website at the Northern Virginia business law firm of David, Brody & Dondershine that they “can be extremely complex legal matters.”