One of the biggest risks small business owners take is not properly protecting their personal assets from business liabilities or judgments. In a recent Entrepreneur.com article, Mark Kohler, author of The Tax & Legal Playbook, offered these 8 asset protection strategies for business owners: The Strategies to Protect Your Business Choose the right business structure….
It’s pretty amazing to think of all the things we do online today that would have been unthinkable just a few years ago. But just because you can do something online doesn’t necessarily mean you should. And that certainly applies to fulfilling your company’s legal needs. Here’s What To Look Out For Here are three…
Absolutely! What’s the Catch? Piercing the Corporate Veil: In certain situations, courts can ignore the limited liability status of a company or LLC and hold its officers, directors, and shareholders or members personally liable for its debts. When this happens, it is called piercing the corporate veil. Unfortunately, many people get bad advice. Too often, we receive calls from…
Is Your Living Trust Really Going to Work For the People You Love? Traditionally, one of the primary reasons for establishing a living trust has been to avoid probate. But there are a few more benefits of a living trust that can help you do much more than that if it’s set up right: Asset…
If you are starting a new company or have an unincorporated entity that has grown to the point where protection of your personal assets may be desired, the selection of the proper business entity can be critical to the future success of your business. There are 10 essential questions you need to ask as part…
While many people consider email to be an informal way of communicating, courts have generally held that emails can be considered enforceable contracts even if the intended purpose was for casual negotiation. The Reality of Email Communication In emails or in correspondence, anyone seeking to make an agreement should do the following: If you are…
Estate planning is an ongoing process, and plans should be reviewed with a qualified estate planning attorney every few years to ensure that the goals you set in making your plan are still valid. Successful Estate Planning When reviewing your estate plan, keep these things in mind: Do You Own Your Assets Properly? There is…
Before you consider in a new startup, you should understand that there is quite some distance between a great idea and a great company. As part of your due diligence, perform these reality checks before you spend your savings on starting something new: What to Consider Before Starting Your Business Are you ready for the…
When There’s a Will, There’s Probate One of the most prevalent misconceptions when it comes to estate planning is that if you have a will, it will take care of everything that needs to happen after you die in terms of your assets. But before you leave everything to just a will, consider these circumstances…
There is much to be learned from the mistakes of others and the celebrity world abounds with cautionary tales when it comes to estate planning. Even with all the financial resources available to them, celebrities can neglect the basics when it comes to protecting assets. How to Avoid Estate Planning Mistakes We come across sad…
Maybe you have dreamed of leaving the business you have built to your heirs, but if you do not have a buy-sell agreement, a business succession plan, a business transition plan or a business preservation plan in place, that dream may not be realized. Any number of factors can work against your dreams if you…
It’s been said that into every life a little rain must fall, and for small business owners, that shower (or storm) can come in the form of a customer or client’s bankruptcy. Here are some tips on what you need to do to improve your odds of getting paid: Stop contact. Bankruptcy law prohibits creditors…
One of the most impactful decisions business owners will make is their selection of business entity – sole proprietorship, partnership, limited liability company (LLC) or corporation – for their company. This decision has important tax, legal and operational implications, so choosing the right entity is vital. Business owners have several choices when it comes to…
Robin Williams’ wife Susan has gone to court over personal items she says were taken from the couple’s Tiburon, California, home without her permission. Williams’ children say their father set up a trust that bequeathed the items to them and that his wife of three years is acting against his wishes. Could this have been…
Terri Kelly, a mother of six who started her “second life” as an entrepreneur designing comfortable flip-flops, did everything right when she launched her company. First, she designed a great product that addressed a market need. She worked tirelessly to get her product into shops, boutiques, and local stores. And she trademarked her unique branding…
Once you have chosen the people you want to receive any of your assets — either from a will, a trust, a life insurance policy or a retirement or bank account — the way you designate how they will inherit should be a key consideration. What You Need to Consider Before Naming Beneficiaries Here are…
Why You Might Want to Consider Unequal Treatment of Children in Estate Matters It is natural for parents to want to treat their children equally when it comes to inheritances. However, equal treatment is not always the best course of action when it comes to estate planning and gifts. Here are some situations that call…
What to Know About Bankruptcy Bankruptcy. It’s the bad word every business owner is working hard to avoid. And, yes, it’s also a tool given to entrepreneurs as an encouragement to take risk and be able to have a fresh start when things do not go as planned. It’s a thought that may have crossed…
Legal Document Case Gone Wrong If you’ve been following along here for any length of time, you’ve seen us write quite often about the need for every adult to have specific legal documents in place. What we haven’t written about quite as much is why legal documents themselves simply are not enough to ensure the well-being…
Maintaining Your Business During Divorce Whether it is due to the high unemployment rates that hit several years ago or the entrepreneurial itch, Baby Boomers are now, instead of retiring, married people who are starting their own businesses. If you own a business, it is probably your largest single financial asset. If you divorce, your ex…
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