Learn how ESOPs provide tax benefits and succession planning flexibility, ensuring business stability and employee ownership.
Many closely held businesses have little or no succession plan in place. As a result, the day a founder or primary shareholder leaves the business often results in significant adverse consequences for the company, the employees, and the exiting owner. ESOPs offer transitional flexibility that can facilitate succession planning. An ESOP is a tax- qualified retirement plan authorized and encouraged by federal tax laws. Unlike most retirement plans, ESOPs:
• Are required by law to invest primarily in the shares of stock of the sponsoring employer.
• Are trusts that hold shares of the business for employees, making them beneficial owners of the company that employs them.
• Can provide tax benefits to the company and to the exiting owner(s).
Attendees can learn the basics of this valuable tool for business succession in this course and leave equipped with an introduction to ESOPs which can be useful in advising clients on business succession.
Agenda
Faculty
Todd Denison
Phelps Dunbar LLP
- Partner with Phelps Dunbar LLP
- Practice focuses on business and tax law
- Counsels corporate and individual clients in various facets of their business operations, including: corporations and partnerships, employee stock ownership plans (ESOP), general tax advices, and trust and estates/estate planning
- Advises closely held companies nationwide on ESOP transactions, from feasibility studies to plan development, document drafting, and financial structuring, while collaborating with banks and benefits counsel to ensure compliance and optimal outcome
- Clients include a regional engineering firm, national advertising agency, regional construction firm, regional stone and interior design firm, and numerous family-owned businesses operating locally, regionally, and internationally
- Frequent speaker and has several publications
- Member of numerous professional and civic organizations
- Achieved the highest rating with Martindale-Hubbell Law Directory
- Mid-South Super Lawyers Rising Stars list, Super Lawyers (2010-2014), Business Organizations (including LLCs and Partnerships) (2019-2025), Tax Law (2018-2025), Trusts and Estates (2018-2025), The Best Lawyers in America
- LL.M. Degree, New York University School of Law; J.D. Degree, University of Montana School of Law; M.A. and B.A. Degrees, University of Montana
- Can be contacted at 251-441-8206 or [email protected]
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