Asset Protection For Florida Business Owners
There are some legal exemptions for business owners available to business owners. We can ensure your assets are protected by being effectively separated.
At Brick Business Law, P.A., we have a deep understanding of how to protect assets in each business entity type. We offer a free consultation so that you can understand how we can help secure your personal assets and business from legal actions and creditors. Call 888-708-4250 to arrange a meeting.
Why Protect Your Assets?
While this may sound like an absurd question, the truth is many small, family-owned and even mid-sized business owners do not take the time to investigate how they can best protect their business and personal assets.
Asset protection involves ensuring that your business assets are sufficiently difficult for a creditor to seize. This is especially useful for business owners whose personal and business assets might be entangled in a way that jeopardizes them or puts them at unnecessary risk.
We will also discuss succession planning: who will take over the business? We will help you create a plan for the ownership and management of your business in the event you are unable to run it or if the dynamics of ownership change.
Separating Your Assets While Creating The Correct Business Entity
In any business, there are two types of assets: operating assets and fixed assets. Small and family-owned businesses may make the mistake of commingling their personal assets into the business. Sole proprietorships are typically the most vulnerable and run the greatest risk of liability.
Partnering with an experienced business litigation attorney can ensure that you are optimally protected and have effective shields in place. We will discuss in detail your assets – including cash; intellectual property; real estate, including structures and land; technology; manufacturing equipment; office furniture; and other items.
The Importance Of Dividing Assets
Dividing your assets into different entities and having one entity lease assets from another is one very common way to protect yourself and your business. Typically this involves separating your operational assets from your fixed assets into two different entities and then leasing the fixed assets to the operational asset entity.
In any business, the key is to prevent yourself from being personally responsible for the business entity’s debts and risks. The business, not you personally, is responsible for those.
We help corporations, limited liability companies and limited partnerships understand their liability. Meet with us to find out where you and your business may be vulnerable to a lawsuit or to creditors. Sufficient business liability covers all of business operations. We can guide and counsel you on how to do this.
Optimize Your Business And Personal Asset Protection
Call 888-708-4250 or send us an inquiry email to get started. We offer a free initial consultation. Serving sole proprietorships, family business owners and small to mid-sized business owners throughout Tampa bay.