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Asset Protection for Business Owners
All businesses face risk, which can be dealt with in one of four ways: it can be avoided, reduced, retained, or transferred to others. One of the key needs for business owners is keeping these business risks from impacting their personal financial situation. Improper planning and execution can have catastrophic consequences to a business owner and his or her family. A comprehensive asset protection strategy must address not only protection of business assets, but also protection of personal assets from business risks. We focus on two services in this area:
· Ownership and Business Entity Review – review the personal risks associated with the chosen form of business entity and recommend steps that can reduce personal risk. Also consider various alternatives for business ownership, such as Limited Liability Company, C Corporation, S Corporation, or partnership an what opportunities the particular ownership structure may present to you. This analysis may also include opportunities for ownership structure changes to deal with future ownership sale or transfer.
· Insurance Review – For each risk that can be addressed by insurance, determine if insurance is appropriate for you and recommend a course of action. These risks include premature death of a part-owner or owners and owner or key executive personal liability.
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