Tag Archives: personal assets

Tips for Minimizing your Business’s Liabilities

If you own a business, it is imperative that you take steps to safeguard your company and yourself from liability claims. Sadly, threats of liability to businesses and their owners are more abundant than ever. Most business owners are unaware of the broad range of actions that can place their personal and their business assets in jeopardy.

The following are a few items to consider in how to protect your business:

  • Have you properly incorporated your business as a C-corporation, an S-corporation, or a limited liability company (LLC)? If so, are you following the corporate formalities to ensure your business is treated as a legal separate entity and to protect you from personal liability?
  • Do you have a written agreement with your business partners?
  • Does your business have adequate liability insurance in amount and scope of coverage?
  • Is your stock owned by a Trust or other separate legal entity to ensure that you are protected from personal liability if the corporate veil of the business is pierced?
  • Do you maintain separate corporate entities for each business venture in order to segregate liability?
  • Are your personal assets protected by a Trust?
  • Do you have an attorney assisting your business with tax-saving opportunities?
  • Does your business have guidelines and policies that comply with applicable government regulations? If your business has employees, does your employee handbook comply with the law?

Advising business clients for nearly 30 years, we can help you navigate these issues with ease and peace of mind. Protection of your personal and business assets is a primary focus of our firm. Don’t wait until an issue arises and your entity is in trouble. Take preventative and protective action now to save yourself time, money and heartache in the future.

The Astill Law Office has provided high quality legal services for over 30 years. We specialize in wills, trusts, estate planning, and asset protection. If you have any questions about creating a Trust, Will, or estate planning in general, contact The Astill Law Office at 801-438-8698.