Asset Protection for Business Owners
Whether you are at the start of a new business enterprise, or in the midst of a purchase and sale, our experienced business attorneys are here to guide your business in the direction you want it to go and make sure your business is helping you stay on track for your financial plans. Asset protection for businesses includes ensuring that your business is properly structured and insured, and that it continues operate validly in the future.
Many businesses owners choose to operate their businesses as sole proprietorships or partnerships. However, these entities may not be the best form to operate your business for either tax or liability purposes. Substantial financial benefit may be lost by failing to operate your business in the most favorable tax status. Further, by operating as a sole proprietor or partner, your business structure is creating a double vulnerability– subjecting you to the creditor claims of your business and subjecting your business to your personal creditor claims. The intricacies of which type of business structure would be best may be affected by professional regulations and the activities to be taken by the new entity. However, a Limited Liability Corporation operating under a favorable subchapter “S” tax status is often the most favorable choice for small business owners. Contact us online today to determine which form of corporate structure is right for your business and make sure your most valuable asset is protected.
In addition to properly structuring your business, an even more critical piece of asset protection for business owners comes in the form of liability insurance. Does your coverage have sufficient limits? Are your deductibles affordable? Are you aware of what the terms of your insurance include and exclude? Have our business attorneys review your policy so that you are aware of what is covered and what is not to make sure you are aware of the state you are operating your business under.
Asset protection for a business owner is not just about setting up a proper structure; it is about taking the proper steps to continue keeping your assets protected. When dealing with your business structure, this includes making sure your business entity would be found valid in the eyes of the court. At Tolson & Associates, P.A., our business attorneys can help you accomplish this by serving as your legal counsel. Our business attorneys will keep your annual corporate minutes up to date and also serve as your registered agent. By maintaining this on-going business relationship, you will always have an attorney by your side ready to step in when your business goes through a major event, such as the sale or purchase of a business, or is threatened by a law suit.