Hi, I'm Katherine Taylor, the lawyer for business owners.

We've received several calls over the last couple of weeks from financial advisors. Why is that? Let me share three reasons why a financial advisor may call a business lawyer to assist with a client's financial plan.

First, many business owners work with financial advisors. While plenty of people who don't own businesses also have financial advisors, a significant number of individuals with substantial wealth are business owners. When a financial advisor is helping a client develop a sound financial plan, the business is often one of the client's largest assets.

That means it's important to review the company's governing documents and agreements to ensure they align with the client's overall financial and estate planning goals.

Second, sometimes a client wants to sell their business. In that situation, the financial advisor will often recommend an experienced business attorney to draft and negotiate the legal documents needed to protect the client throughout the sale. That's especially important because the proceeds from the sale of the business often become a significant part of the client's overall wealth.

Third, many businesses are organized as pass-through entities. This means the business's income passes through to the owner's personal tax return. In some situations, that's beneficial. In others, it may not be the best structure for the client's financial goals. Financial advisors often work with business attorneys to review the company's legal structure and determine whether it continues to support the client's financial objectives.

If you're a financial advisor looking for a business lawyer to assist your client, we'd be happy to help. We're licensed in Maryland and represent Maryland business owners and Maryland-based businesses.