Employee Stock Ownership Plan Services | DeWitt

Comprehensive Employee Stock Ownership Plan (ESOP) Legal Services

Navigating the intricacies of Employee Stock Ownership Plans (ESOPs) demands legal expertise that spans the entire spectrum, from inception to termination. Our accomplished team of attorneys brings a wealth of experience, having successfully handled diverse ESOP scenarios, ranging from small businesses with fewer than 25 participants to expansive corporate ESOPs encompassing thousands of participants. Operating under the purview of federal law (ERISA), our legal practice extends to ESOP companies and ESOP Trustees in Wisconsin and Minnesota, across the Midwest in Iowa, Illinois, Indiana, and Michigan, as well as on a nationwide basis.

Our client-focused services encompass:

ESOP Transaction Documentation:

Skillful preparation and thorough review of documents for seamless ESOP transactions.

Fiduciary Responsibilities Counseling:

Expert guidance on fiduciary responsibilities for ESOP Trustees, ensuring compliance and sound decision-making.

ESOP Plan Documentation:

Precise preparation and amendment of ESOP plan documents, summary plan descriptions, distribution policies, unsolicited offer policies, and other essential plan-related documents.

ESOP Loan Documentation:

Preparation of loan documents related to ESOP exempt loans, ensuring compliance with regulatory requirements.

Tax Consequences Counseling:

In-depth counseling on ESOP tax consequences, including insights into S Corp and Section 1042 elections.

IRS Filings:

Thorough preparation of IRS ESOP filings for determination letter requests and formal correction requests through the IRS's correction programs.

Merger and Acquisition Advisory:

Expert counsel on ESOP companies in third-party merger and acquisition situations, facilitating informed decision-making. Our attorneys have cultivated strong relationships with essential service providers, including valuation experts, record keepers, third-party administrators, accounting firms, and lenders. Beyond providing legal counsel, we can recommend reputable service providers or seamlessly collaborate with those already engaged by the client.

Furthermore, we take pride in being a trusted resource for ESOP education. Through article authorship, podcast appearances, conference presentations, and educational videos, we are committed to empowering business owners and their advisors with a comprehensive understanding of ESOPs, assisting them in determining whether this structure aligns with their business objectives.

ESOP Video Library

The following videos describe various aspects of ESOPS, including what an ESOP candidate looks like as well as comments from business owners who used ESOPS as their succession strategy and more.

Quoted Articles | Podcasts – ESOPS

"Building Trends: ESOPS Gain Popularity with Construction Firms," Wisconsin Law Journal, February 2020
“ESOP Lawyer Gets Theatrical,” Milwaukee Journal Sentinel, September 21, 2016
“Eder Flag Co. Becomes Employee Owned,” Milwaukee Journal Sentinel, September 2, 2016
Growth Bomb Podcast, Episode 21, September 16, 2015
“ESOP May Be Short Answer to Complex Questions,” Employee Compensation newsletter, published by Business & Legal Resources, April 2015
“ESOPS in the Craft Brewing Industry,” The New Brewer Magazine, April 2014