Do You Need Help Protecting Your Personal Assets with a Corporation?
The main purpose of a corporation is to insulate the owner's personal assets (or the assets of other businesses) from the debts of the business itself. You can achieve this same objective with a limited liability company (LLC), but unlike the LLC, the corporation is a poor entity to protect personal assets.
There May Be Some Disadvantages to Consider
There are two major drawbacks from using the corporation as a personal asset protector: For one, the assets you transfer to and from the corporation create various consequences. The second is that your personal creditors can seize whatever shares you own in the corporation, as well as obligations due to you from the corporation.
The limited liability company (LLC) and limited partnership (LP) overcome these corporate disadvantages. As a consequence, they play a more important role in personal asset protection planning that a corporation lawyer can help you understand.
Learn more about corporations and asset protection by reviewing the following:
- Corporation Basics
- In Business? Incorporate!
- More Corporate Advantages
- S Corporations
- Corporations versus LLC's
- Maintain Corporate Protection
- Incorporating as a Liability Shield
- Avoid Corporate Guarantees
- Why Corporations Should Not Shelter Personal Assets
- Poison Pill Your Corporate Shares
- Where to Incorporate
If you need the assistance of as corporations lawyer to help you protect what’s important to you, reach out to The Presser Law Firm for help!
Yes, You Can Lose Everything!
You may think that your wealth is safe and that you don't need protection. But don't delude yourself and accept reality — For every 60 minutes you spend making money, spend 60 seconds thinking about how to protect it!