Building a business and building wealth both require careful planning and smart choices. One of the smartest choices you can make if you are growing your own company or working to grow your assets is to get legal help from an experienced attorney.
protect your company and protect your assets
Vermillion Law Firm, LLC can provide assistance with some of the most important issues affecting business owners and affecting people who are hoping to achieve financial security for themselves and their families. Our legal team offers you advice on how to protect your company and protect your assets from all of life’s uncertainties. Give us a call today at (972) 366-7201 to find out more about asset protection and business planning services we offer to clients in Dallas, Irving, Plano, and surrounding locations. You can also get answers to some general questions including:
What do entrepreneurs need to know about business planning?
As you begin your business, operate your existing company, or grow your operation, there are a few primary things you need to consider. These include:
Keeping your personal assets safe
Protecting your interests in your investment in the business
Making sure the business can grow and survive, even after you are gone
A good business plan can help you to accomplish all three of these goals.
You can keep personal assets safe through strategically choosing your business structure. Corporations and LLCs are among the options which allow you to operate your business as its own legal entity separate from you. By incorporating or forming an LLC instead of operating as a sole proprietorship or partnership, you can prevent a business bankruptcy from becoming a personal bankruptcy and can ensure a lawsuit against your company won’t lead to the loss of personal assets.
There are a number of ways to protect your investment in the company, many of which center around avoiding problems with co-owners and creating the right legal documents. A buy/sell agreement ensures you and the other owners have agreed upon a protocol in case anyone needs to leave. You can determine in advance how a business interest will be valued, and can make sure no one gives their share of the company to someone you don’t like. A partnership agreement, employment agreements, patents, trademarks, copyrights, non-compete agreements, and non-disclosure agreements are also different things you may need to use to protect your investment and help ensure business success.
Finally, to make sure your business can grow after you are no longer involved, you will need to create a comprehensive business succession plan. You should also think about your business as you make your estate plan, so you can avoid having estate taxes or high nursing home bills necessitate the sale of business interests.
what do you need to know about asset protection?
Business owners need to protect both their personal and company assets, so asset protection is especially complicated for entrepreneurs. However, anyone with a nest egg needs to understand the risks they face and take steps to protect their wealth.
You need to consider how your wealth could be lost. Threats can include high nursing home bills; divorce; creditor claims; bankruptcy; estate taxes; and irresponsible heirs. Mismanagement of your property and investments in case of your incapacity could also result in your assets being reduced in value.
There are legal tools which can help you to address all of these concerns. Various types of trusts can protect your assets during your lifetime, as well as once those assets have been passed on to heirs. Creating a power of attorney can also help you to name someone who will be responsible for the management of your assets in case of incapacity, so the property can be controlled by someone who understands how to protect its value.
An attorney can help you to determine what the biggest threats are to your assets and how to protect your company and your wealth.
HOW CAN A BUSINESS PLANNING AND ASSET PROTECTION LAWYER HELP YOU?
Vermillion Law Firm, LLC provides assistance with asset planning, business planning, and taking steps to protect your company and your nest egg. If you want to ensure you can protect all you are working to build, give us a call today at (972) 366-7201 or contact us online. We provide service to clients in Dallas, Irving, Plano, and surrounding areas, so give us a call today to learn about what our legal team can do for you.
John R. Vermillion is also licensed in Tennessee and Oklahoma