Business Liability and Asset Protection Planning
Business Owner Asset Protection Lawyer for Yorkville and Oswego
Owning and operating a business can be extremely rewarding both personally and financially, but it can also come with its share of risk. Most businesses are vulnerable to some type of lawsuit against them. A legal judgment against a business can have wide-ranging consequences and, in some cases, cause the demise of the business altogether. At Robertson Legal Group, LLC, we work with businesses and professionals to minimize their liability and to implement asset protectionstrategies. We strive to empower our clients to protect themselves from frivolous lawsuits and other threats to the security of their business.
Potential Liabilities of Businesses
No matter what type of business or professional practice you have, there is some risk of legal liability. Some of these liabilities are valid and others are frivolous. Regardless, it is incumbent upon business owners to predict and plan for possible litigation. Potential vulnerabilities include:
- Professional malpractice
- Personal injury lawsuits (including accidents occurring on business property or by fault of business employees)
- Business and contractual disputes
- Post-judgment proceedings such as Citations to Discover Assets
- Employment lawsuits
- Lawsuits from former business partners and shareholders
- Creditors’ lawsuits and collection matters such as credit card disputes
Businesses may also be vulnerable to lawsuits from creditors. There are various strategies that can be employed to prevent the collection of assets by creditors including placing property and assets in trusts and understanding what assets are exempt from creditor’s claims. This is a complicated area of asset protection and highly specific to the circumstances of the business. Attorney Sean is experienced in asset protection strategies as well as estate planning strategies, which often go hand in hand. He has the skill to assess the needs of each business and provide counsel on the legal protections necessary to preserve the assets of the business and the business owner.
Business Structure and Entity Planning
How a business is structured is an essential part of protecting both the business and the business owner. Business entities are in part chosen to protect the personal assets of a business owner and their family from liability and vice versa. A corporation or an LLC are considered distinct legal persons in the eyes of the law. In theory, if a business is sued and found liable, the personal assets of the business owner could not be used to pay off the judgment if the business is properly structured. Business entities separate personal and business assets. In reality, a business owner and their family’s income and assets may be at risk despite their entity status. Personal asset protection requires thoughtful analysis and personal liability protection
For more information on how we can help you protect your business and professional assets, contact us at 630-780-1034 to schedule a consultation. Or, you may email Sean@GatevilleLawFirm.com. We will examine your specific situation and discuss your asset protection options. Our firm works with professionals and businesses throughout Kendall County such as Plainfield, Joliet, Shorewood, Plano, Oswego, Yorkville, Montgomery, Aurora, and Newark.