Protecting Your Business

  • How can you, as a business owner, protect your assets when you start a business?

    If you begin a business without incorporating it or forming it as some type of limited liability entity, then all of your personal and business assets are at risk for all debts and claims against your business.

    If you run your business as a sole proprietorship or a general partnership, then you have no asset protection—all of your business assets are exposed to both, business or personal liability.

    It is much more difficult for creditors to reach business or investment assets that have been transferred to these limited liability entities. In most states, a judgment creditor of a limited liability entity cannot attach a partnership’s assets or foreclose on a partner’s interest in order to satisfy his claim. Instead, a creditor is only entitled to a “charging order,” which may limit their claim to partnership distributions.

    Many business owners form an LLC or a corporation with the misunderstanding that their business structure will protect them from lawsuits or creditors. However it is rare that these same owners operate their business in a manner consistent with their chosen entity structure, as required by law.

    Therefore, they often find out that they have no protection. The courts consistently rule that if you are not acting like a corporation or LLC, then you are not one.  If you do not follow the “Rules”—you are not protected.

    Small business owners need help with the very complex tax code and in meeting all of the regulatory requirements that our overreaching government has placed before them. On a daily basis most small businesses unknowingly violate some regulation.

    We are here to help you protect your business and other assets, including how to:

    • Provide asset protection through the proper structuring of your business
    • Protect your tax benefits with IRS approved recordkeeping, should you be audited
    • Protect you and your family’s pre-tax benefits by having acceptable documents and administration in place
    • Protect your personal assets from business liability through the segregation of personal, investment & business assets
    • Manage risk by implementing appropriate agreements, procedures and through the use of insurance
    • Eliminate fines and compliance actions imposed by the regulatory agencies.
    • Plan your exit strategy, succession, and estate plan

    Ready to Get Your Money Back From the IRS?

    Bring us up to 3 years of past taxes and we’ll find ways to save you money, when we do we’ll help you file to get your money back from the IRS.

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