Asset Protection for Business Owners: The Need Dual Primary Objectives
The number one objective of most business owners is to turn a profit. Yet, turning a profit, while important, needs to be a parallel objective with asset protection for business owners.
When it comes to asset protection for business, some businesses have what’s known as “dangerous” assets. These include rental real estate, commercial property, tools and equipment and motor vehicles.
Dangerous assets carry a substantial risk of liability.
And, yes, there are also “safe” assets. These include the ownership of stocks, bonds, and individually owned bank accounts which, by their very nature do not carry risk.
Any business owner knows that there are ups and downs, challenges, and tough times to get through. However, depending on your business, the litigious nature of people may not come to mind when you think of the challenges that may lie ahead of you in your business. The fact is we do live in a litigious society.
An asset protection plan for business owners employs legal strategies, that must be put in place before a lawsuit or claim arises, that can deter a potential litigious claimant or help prevent the seizure of your assets after a judgment has been filed.
Knowing what kinds of risks you could potentially face in your business, and how to minimize or avoid them, gives you a great sense of confidence and removes any sense of impending doom should something arise. Debts and mortgage obligations to third parties and vendors, claims for damages caused by your employees, product or professional liability, and consumer-protection issues are just some of the risks most business owners deal with. Without an asset protection plan in place for your business, or an improperly created asset protection plan, these risks could result in the loss of both business and personal assets.
If you own a business and do not have an asset protection plan, this should be on the top of your “to-do” list. Give our office a call at 404-370-0696 and let us get you protected and provide a sense of relief as you then put all of your attention on making your business more profitable.
Looking to find an experienced estate lawyer in the Georgia area who is skilled in asset protection and estate plan preparation? Shannon Pawley is an attorney in Georgia with expertise in estate planning and asset protection. Shannon can provide assistance with creating an estate plan to include making a will and how to establish a trust properly. If you have questions about asset protection or questions about making an estate plan, reach out to Shannon and she will be glad to help answer all the estate planning questions you might have!