Asset Protection for California Small Business Owners

1:00 pm Asset Protection

Safe11 150x137 Asset Protection for California Small Business OwnersOne of the many things successful California small business owners overlook is the proper separation of assets, including real property, liquid assets, and intellectual property.  Without asset protection, a judgment brought against your business or you as an individual could cost everything you have earned. The way to avoid losing assets to a lawsuit or other claim is to protect what you have in separate trusts, companies, and if married, through marital property planning.

Depending on how much you own and how large your business is, you may need to set up multiple California LLCs and trusts to shelter everything from your home to your business equipment, any other real property, and any liquid assets. The way this works best is by separating what you own as much as possible so that if a judgment is brought against one entity in your possession, it cannot go after the assets or monies that are held by other entities you possess.

For example, if someone sues your company by name, they can only take what that company owns. If the company is an LLC and all it owns is the equipment used to run the business, the judgment can only go after those assets. Conversely, if someone sues you as an individual, they would not be able to go after the assets held by your company, or those held in any trust that is not in your name, including an offshore trust held in the name of a trustee.

If you are a California small business owner, our law firm can help protect your business from legal judgments and claims. Contacts us for a free no obligation consultation.

Let our Costa Mesa law offices help you get started by contacting us today.

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