Running a business is a dream for so many people, but the reality is that a single legal issue can quickly erase everything business owners have worked so hard to achieve. The majority of people do not expect to have a lawsuit filed against them, but it is always a possibility, particularly for business owners.
To avoid this, it is important to be aware of the risk and to implement effective asset protection strategies that can protect business owners in the event that they are ever in a legal dispute. A Spartanburg asset protection lawyer can help you devise asset protection strategies, and legal strategies, which are tailored to meet your specific needs.
The Threat to Business Owners
Business owners face many threats, both in their business and personal lives. A creditor may take legal action over a debt that has not been paid, a divorcing spouse may try to claim some of the assets a business owner has accrued, and even an unhappy business partner can pose a threat to a person’s business. All these concerns can result in a legal issue for the business owner, which may place their assets at risk. For this reason, all business owners should have an asset protection plan in place that will ensure that does not happen.
Asset Protection Strategies
While there are many factors that can threaten a business and its assets, there are also ways business owners can mitigate those risks. The strategies a business owner employs will depend on the type of assets they are trying to protect, the risk factors involved, and the business owner’s own objectives for their desired level of protection. An asset protection lawyer can review a specific situation and offer suitable recommendations, which may include:
- Insurance: Insurance policies can greatly protect a business owner against certain types of risk, such as property insurance that will protect them in the event of a premises liability issue. This and other types of insurance are crucial for any business, but it is important that owners do not rely on insurance alone to protect them.
- Trusts: Trusts are a legal tool used to hold certain assets of a person or business. When someone takes legal action against the business, any assets placed into the trust are essentially barred from being part of the dispute. They are inaccessible to the person that is filing the legal action. Trusts do not only protect the business owner, but also their family members that may have rights to that property.
- Business entities: An asset protection lawyer will structure title to assets in the most beneficial manner that minimizes potential exposure to liability while also addressing business succession planning needs.
An asset protection lawyer will advise on the best method for a certain situation that provides the most protection to the business owner.
Our Experienced Asset Protection Lawyers Can Provide the Advice You Need
At A Business Law Firm, our dedicated Spartanburg asset protection lawyers are committed to helping business lawyers protect the assets most valuable to them, and we want to help you, too. Call us today to schedule a consultation and to learn more about how we can help you and your business.