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. There are challenges and tough times to get through. However, the litigious nature of people may not come to mind when you think of these challenges. However, we do live in a litigious society.

An asset protection plan for business owners employs legal strategies that must be in place before a lawsuit or claim arises. This plan can deter a potential litigious claimant. Or help prevent the seizure of your assets after a judgment has been filed.

Understanding the risks in your business helps you reduce or avoid them. It also builds confidence and removes fear of the unknown.

Common risks include debt, mortgage obligations, and vendor liabilities. You may also face claims from employee actions, product defects, or professional services. Consumer protection issues can create additional exposure.

Without a solid asset protection plan, these risks can escalate quickly. A poorly structured plan can be just as dangerous. Both situations can put your business and personal assets at risk.

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!