Thanks for taking the time to find out about our connection to Plano, Texas, a great city exploding with economic development. Located only 20 miles northeast of downtown Dallas, nearly 80% of its visitors are business travelers headed for the many corporations which have made their homes in Plano. The city owns and operates a convention center. Its economic development team makes a concerted effort to encourage retail business to bring their shops to its downtown area and the Shops at Legacy. An experimental luxury Walmart Supercenter is also located at Park Boulevard and the Dallas North Tollway. Economic development includes creating job opportunities, diversifying the economic base to guard against economic shock, and increasing the tax base to provide services to citizens.
We are here to help our neighbors in Plano
There are many great asset protection plans available to new and growing business, but they can be complicated to create. Asset protection planning is basically the process of analyzing your assets and arranging them in a way that will maximize their protection from loss. This is especially important for business owners. Asset protection does not involve tax evasion or fraud of any kind. The Vermillion Law Firm, LLC can provide the advice you need to properly navigate this intricate area of the law and provide you with the security of knowing your legacy will be protected. We will evaluate your assets and advise you on the appropriate protection strategies.
In order for an asset protection plan to be effective, it must be established long before any creditors make claims or legally judgments have been obtained. If an asset transaction takes place after a claim has arisen it may very well be considered a violation of the “fraudulent transfer” laws. Another reason why you should establish your plan as early as possible is that most people fail to recognize when the claim arises. Once you have been served with a demand for payment or a lawsuit, it is too late.
Contrary to popular belief, there are more consequences to late asset protection planning than simple reversal of the fraudulent transfer. In addition, the debtor and anyone who helped in the fraudulent transfer may be held liable for attorney fees incurred by the creditor. The debtor will also likely lose the chance of discharging that debt in bankruptcy, if applicable.
Asset protection is for businesses too
Asset protection planning is not a substitute for liability insurance. Instead, it should only supplement insurance. Asset protection are not meant to deter lawsuits, nor do cover the legal fees required to defend against a lawsuit. If you are sued, it is your insurance company that will be responsible for defending you or paying to settle the claim. If you follow this one basic rule, you will be taking a big step toward protecting your assets: trusts are for personal assets and business entities are for business assets. There are several different types of business entities, including corporations, partnerships and limited liability corporations, which are meant to be vehicles for business assets only. Be sure to maintain that separation.
Business planning for Plano, Texas businesses
Business formation and business succession planning are not always simple due to the different tax issues involved. That is especially true with family-owned businesses. A Limited Liability Company (LLC) is typically the preferred business entity. LLCs are very flexible when it comes to tax planning and they are relatively simple to administer. LLCs provide legitimate asset protection and an integrated plan for succession of interest once the business owner retires or dies. At The Vermillion Law Firm, LLC, we will assist you in determining the best business entity for your business venture. We will draft all of the appropriate agreements necessary to meet your specific needs, including operating agreements and buy-sell agreements.
Planning your departure from your business is an integral part of your overall estate and retirement planning. If you create the proper plan now, you can be sure to have the retirement income and peace of mind you will need to have in the future. If you have questions regarding business planning, asset protection or any other estate planning needs, please contact The Vermillion Law Firm, LLC for a consultation either online or by calling us toll free at (972) 366-7201 .