Protecting business interests and personal assets is an important part of any business strategy. A properly executed asset protection plan will prevent litigation, increase favorable settlements if litigation does arrive and prevent the liquidation of personal assets whatever the outcome. In it’s simplest form, asset protection can be placing the business assets in a corporate entity that is properly formed and maintained.
Case Study: A very successful business owner came in as he was about to launch into a new business line with significant liability exposure. We explored his current situation thoroughly, assessed the environment he was heading into and made a number of important recommendations. These included entity formation to place the new line in its own corporate entity, contracts to document and confirm the contractual relationship between his new entity and his existing business, and a revised service agreement to reduce the liability itself. These changes, along with a carefully structured insurance policy, allowed the client to stay liability free for some time.