As a business owner (or someone who wants to take an entrepreneurial path), it’s critical that you understand the many ways to protect your organization and the assets associated with it.
Asset protection for business owners often goes overlooked. You have so much on your plate that you forget to take the necessary steps.
Fortunately, it’s never too late to get started. Here are some of the many methods of asset protection you should consider:
- Buy-sell agreement: With a family business, a buy-sell agreement can provide you a variety of tax advantages. Even better is the fact that you know you’ll have something of value to leave to the next generation.
- Family limited partnership: As one of the most diverse asset protection strategies, a family limited partnership is something you may want to create. It can help you reach goals such as protection from lawsuits and estate planning. It’s not right for every small business, but it could be perfect for you.
- Limited liability company: Choosing a business structure is a big decision. Don’t take it lightly. With a limited liability company, commonly known as an LLC, you get liability protection along with tax-advantaged status. It’s not the only way to structure your business, but it’s one of the best from an asset protection point of view.
You never have to worry about keeping busy as a business owner. Just make sure you leave time in your packed schedule for asset protection and related activities.
If you have questions or concerns about asset protection and/or financial planning as a business owner, reach out to schedule a consultation with one of our experienced and knowledgeable attorneys.
We’ll do whatever it takes to help you protect your business, its future, and your loved ones. The right plan will give you the confidence to tackle anything that lies ahead.