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Business strategy
How can business owners safeguard their assets.
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[QUOTE="King bell, post: 274771, member: 75687"] The best way a business can safeguard its assets is by establishing a formal asset protection plan. Attorneys specializing in this area of law can review your current documents and counsel you on what additional procedures you should implement to protect your company’s property. For example, they might recommend that you place all your liquid assets in some type of investment structure such as a trust or limited liability company with the objective of avoiding lawsuits that could lead to judgments against liquid assets and the seizure of personal property. You’ll want to make sure that any new business owners or stockholders are provided with appropriate restrictive covenants, so they cannot sell their shares without the consent of other shareholders, for instance. A business operating as a corporation has boundaries that protect it from being subject to personal liability. For example, when a shareholder or an officer of the corporation is sued, the proceedings only become hostile against the business entity and not against a particular individual. However, if the company is structured as an LLC or another type of pass-through entity, it may be possible for sued parties to attach your personal assets. [/QUOTE]
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