Here at The Vermillion Law Firm, LLC, we take our commitment to our neighbors in Dallas County to heart. Dallas County, located in the Lone Star State has a population of more than 2 million people. With its county seat in the wonderful city of Dallas, the County is the second largest county by population in Texas and the ninth largest in the United States. Dallas County is contained within the Dallas-Fort Worth Metroplex.
Dallas County government
Dallas County, like all counties in Texas, is overseen by a Commissioners Court, which consists of the county judge and four Commissioners, all of whom are elected by the voters in each of four districts within the county. The Commissioners Court functions as the policy-making body for the County, while the County Judge holds the senior executive and administrative position in the County.
The Sixth Floor Museum at Dealey Plaza
Located on Elm Street in Dallas, in the former Texas School Book Depository building, the Sixth Floor Museum at Dealey Plaza chronicles the assassination of President John F. Kennedy. The sniper’s perch and rifle were found on the sixth floor of the building after the assassination, hence the name. The Museum’s core exhibit is currently located on the sixth floor. Nearly 400,000 people visit the museum each year.
The purpose of the Museum is to tell, as accurately as possible, the history surrounding President Kennedy’s assassination, as well as identify the major areas of controversy. The exhibits are regularly reviewed and updated.
Economic development in Dallas County
Dallas County reportedly has the fourth-largest number of Fortune 500 corporate headquarters among counties in the United States, including Texas Instruments, Kimberly-Clark, and Southwest Airlines, operations centers for JP Morgan Chase, Citicorp, and Capital One. The county is also home to major distribution centers for Amazon, Frito-Lay, Whirlpool, and Wal-Mart.
Dallas County is also filled with well-known restaurants, shops, and boutiques, an active and innovative small business community, and nationally-recognized research institutions such as UT-Southwestern and UT-Dallas. Dallas County also serves as a leader in regional transportation with a program that provides approximately $30 million annually in funding for thoroughfare improvement. In fact, the Dallas area’s transit authority, DART, is a light rail system larger than either Boston’s or Philadelphia’s.
Tax incentives for businesses in Dallas County
In a further effort to facilitate economic development, Dallas County has taken several steps to provide tax incentives for businesses that call Dallas County their home. For example, Dallas County provides strategic tax abatements, participates in tax increment finance (TIF) districts, nominates projects to the Texas enterprise project program, and supports the formation of foreign trade zones. Furthermore, along with the Dallas County Hospital District, the county also offers the freeport tax exemption on goods that leave the State within 175 days. Additionally, Dallas County has one of the lowest property tax rates in the State.
Business Succession Planning in Dallas
While an estate plan helps to protect your assets from taxes and creditors and allows you to control how your property will be distributed, business succession planning can help you make sure that your business will be protected and management will be transferred to the individuals you choose after you retire, or upon your death.
The benefits of a business succession plan
Eventually, you will start contemplating your retirement from managing your family-owned business. You must realize, though, that retiring from your own business is not as simple as turning in your letter of resignation. Indeed, you cannot feel comfortable retiring until you know you have left your business, and your legacy, in capable hands. The reality is that most business owners do not have a succession plan in place. While most expect to pass their business on to their children or grandchildren, statistics indicate that less than 30% of small business owners actually have a workable succession plan in place.
Why you must have a succession plan
The ultimate objective of your succession plan should be the smooth transition of ownership of the business to the next generation. Without a smooth transfer of management, your business could be in jeopardy and may not survive your retirement in one piece. A well-thought out succession plan is the answer. The two most common issues that prevent family-owned businesses from surviving are inadequate tax planning and family disagreements. Fortunately, both of these issues can be handled with comprehensive business succession planning.
If you have questions regarding succession planning, or any other business planning needs, please contact The Vermillion Law Firm, LLC for a consultation either online or by calling us toll free at (972) 366-7201.