Have you built a business? Have you amassed assets through hard work and dedication? When you have grown and created something with your own two hands, whether this is a thriving company or a large nest egg, you know how important it is to protect all you have worked for.
Achieving your business or financial success required planning, and you need to continue to make smart and informed choices to ensure you can build upon and protect all you have made. Vermillion Law Firm, LLC is here to help. Our Dallas asset protection and business planning lawyers assist individuals and organizations to plan ahead for the future and to protect the company and assets they have worked so hard to build.
We provide personalized advice to clients at all stages of growing a company or amassing assets, and we offer the personalized advice you need and deserve. Give us a call to learn how we can assist you and to get answers to key questions including:
- What is involved in business planning?
- Why is asset protection so important?
- How can a Dallas, TX asset protection and business planning lawyer help me?
What is Involved in Business Planning?
As a business owner, you know you need a roadmap for success from day one of opening your doors. You want to create a strong business plan to convince lenders and investors to take a chance on your organization, to set goals, and to develop a plan for becoming profitable and growing your organization.
Your initial business plan is only the beginning. There are many different challenges you face along the way, at every phase of owning and operating a business. As you overcome challenges and build upon achievements, the plans you will need to make will evolve. At every phase, however, it is important to:
- Make informed choices on minimizing taxes. From structuring your business to reduce the tax burden you face as you grow to protecting your heirs from estate taxes due to the value of a family business, you need to know how to navigate the pitfalls in the Internal Revenue Code.
- Protect yourself from liability. Businesses are always at risk of litigation and you need to make sure you limit the risk to your company and take every step possible to fully protect yourself from personal liability.
- Structure your company appropriately. Whether you are a startup or growing, you need the right business structure. Vermillion Law Firm, LLC helps to create S-corporations, C-corporations, Limited Liability Partnerships, Limited Liability Companies, partnerships, and sole proprietorships.
- Consider succession issues. You want your business operations to continue no matter what happens to you. Creating a plan in case of disability or death means your company will be in good hands no matter what the future holds.
- Get appropriate legal advice. From negotiating contracts to entering into employment relationships, you need to know how the laws apply to your business.
Businesses are the backbone of the American economy and Vermillion Law Firm, LLC is proud of helping clients throughout Dallas and surrounding areas to plan for their business as they start, as they grow, and as the company is passed on to the next generation of leaders.
Why is Asset Protection so Important?
Asset protection is something everyone should focus on because when you work hard to amass wealth, you want to protect it. Asset protection can be especially important for business owners, as you want to ensure that if your company is sued or goes into debt, your personal assets are kept separate and safe.
Asset protection can take many different forms, depending upon what assets you want to protect and who you are protecting your assets from. Some of the different ways that business owners and others who are building wealth can protect their assets include:
- Choosing a business structure that creates a separate legal entity. If your business is a separate entity from you, you do not risk facing the loss of personal assets if anything goes wrong with the company.
- Transferring ownership of assets into a trust. There are certain types of trusts that can shield your assets from creditors and that can ensure your assets are safe in a wide variety of circumstances. Using a trust can also help to ensure you won’t have to spend down assets in old age in case you need to go into a nursing home.
- Planning for death. You will want to protect your assets from being lost due to estate taxes and will want to make sure you have determined who will inherit and how to seamlessly transfer your business, money, and property.
Whether you have made smart investments, grown your wealth through business ownership, or are just beginning to amass a significant nest egg, you need to take the right steps to protect your assets so your hard work will allow you to leave a legacy.
How can a Dallas Asset Protection and Business Planning Lawyer Help?
A Dallas asset protection and business planning lawyer at Vermillion Law Firm, LLC can provide you with knowledgeable advice on how to protect your business and your personal assets. Give us a call at (972) 366-7201 to learn more about how we can assist you.