January 13, 2014 by Aaron Scott Young
As a small business owner you may have heard a story like this before:
Five years ago, Susan and Frank quit their jobs to start their own business. They spent countless hours building a successful company, when out of the blue they were involved in a lawsuit. They weren’t even the primary target but it was enough to cost them their time, money and unfortunately their business. They both ended up going back to work for someone else just to pay off their legal fees.
With proper planning from the start you can avoid losing your business and personal assets!
As a small business owner you a prime target for unscrupulous litigation. If you own a business you are perceived as having “deep pockets”. If you have assets for the taking, then in all likelihood they will be taken.
There are a few key underlying truths when it comes to asset protection:
1.) True asset protection does not come from hiding your assets.
2.) Do not put all your eggs in one basket. In more cases then not you would be better off to divide your assets into different entities, in the case that one asset is attached it doesn’t cause a chain reaction and you lose everything.
3.) Keep a low profile….try not to own anything in your own name. If you own real estate put it into a limited liability company.
Putting together an asset protection plan is an essential part to any business. It doesn’t have to be expensive or complicated. Incorporating or forming a limited liability company should be looked at carefully but if you are a small business owner time if of the essence. Unfortunately it’s not a matter of if you will be sued it’s a matter of when. You don’t want to look back and wish you had taken the step; the best time to take action is when your legal seas are calm. So call 1-800-648-0966 today and take an asset protection security test.