While lawsuit proofing is necessary for every individual, it is no less important for small businesses and professional practices. Small businesses are often more vulnerable to lawsuits and creditor problems than individuals and need their own brand of financial protection. Unfortunately, few business owners go through the advanced planning necessary to blockade lawsuits and other inevitable financial threats that can sink their business. Business start-ups are the products of entrepreneurs, and entrepreneurs are fueled by optimism. They journey into business happily envisioning only the upside, seldom the downside. Because they are success-oriented, they ignore the possibility of failure and overlook the most obvious precautions necessary to protect themselves and their business when trouble strikes. You must defensively position your business enterprise as well as your personal assets because your business will have battles and inevitable wars with creditors and litigants. A well-fortified business always has the best chance to survive.
No business is too small to incorporate because no business is safe from lawsuits. Obviously, the larger enterprises are a larger lawsuit target, but still no business, no matter how small or seemingly safe, is immune from legal and financial disasters. In fact, the smaller the business the more important it is to protect it, because one lawsuit can wipe out the entire company.
There are three primary types of business structures, the sole proprietorship, the partnership, and several types of corporations. Within these structures many variations of the business may exist. Each state recognizes and treats these business structures differently, and each structure offers different levels of Asset Protection. Depending on the risk of your business it may be helpful to utilize a combination of these structures.
If you currently own a business or are setting up a new business contact The Presser Law Firm, P.A. for a complimentary preliminary consultation to discuss the best business structure for you. Utilizing the expertise of an Asset Protection Attorney to structure your business properly from the start will save you time and money in the future.
The Presser Law Firm, P.A.
(561) 953-1050 or e-mail Info@AssetProtectionAttorneys.com