Long Island asset protection lawyers provide help to business owners who have their own companies. Business owners must make certain that they are actively taking steps to keep their wealth safe. While asset protection is important for every person, those who own their own companies face unique risks both during their lifetimes and after they pass away. A company should provide the chance to build wealth that can last generations. Having your own business should also provide the chance to leave a strong legacy. However, it is important to mitigate against the risk of loss so a business can be handed down through the generations.
Mark S. Eghrari & Associates PLLC has helped many business owners to both protect their personal assets during their lifetimes and to make certain that a business can pass on without the company suffering harm during the transition after the original owners step away.
Our legal team will work closely with you, regardless of the size of your company or the stage of business development, to keep your assets secure. To learn more about the assistance our Long Island asset protection lawyers can offer you, give us a call today.
How Long Island Asset Protection Lawyers Help Business Owners During their Lifetimes
When you own a business, there is a greater risk you could end up being sued if something goes wrong. If you are a sole proprietor or a partner in a general partnership and you have not taken steps to protect your personal assets, a lawsuit against your company could lead to personal financial disaster.
Your business also puts you at risk in other ways, unless you have engaged in appropriate asset protection. While many companies are successful, some businesses do fail. Unless your company is a separate legal entity- like a corporation – it is possible that business debts will be considered the equivalent of personal debts. If you and your company don’t exist as separate legal entities, you also won’t be able to just declare bankruptcy for your business – a business bankruptcy will be a personal bankruptcy.
You cannot afford to just take a chance on putting all of your non-business personal assets at risk by choosing the wrong business structure and not engaging in asset protection. You should work with an experienced attorney to make certain that your risk is limited to the investment you make in the business so you can control how much of your wealth could be lost if something goes wrong with the company.
How Long Island Asset Protection Lawyers Help Business Owners with their Legacy
When you pass away, or if you have to step away from you company for any reason, you need a business succession plan to transition the ownership of the company. Choosing who will take over for you is not enough, especially if ownership of the business is being transferred after your death.
The probate process can take a very long time, and if your company must transfer via probate, this creates a period of uncertainty when the new owner is not yet clearly in charge. Your company could lose value and suffer long-term harm if you don’t transition ownership more quickly outside the probate process.
If your business assets transfer after your death, it is also possible that the value of your ownership in the company and the assets that the business owns will result in your estate being large enough to trigger state and federal estate tax. In many cases, if the bulk of your estate is the business, there won’t be liquid assets available to pay the estate tax. The result of this could be that the company, or some of its assets, must be sold.
There are ways to avoid undesirable outcomes like these and to keep a company safe. You should work with Long Island asset protection lawyers to explore your options.
Getting Help from Long Island Asset Protection Lawyers
Long Island asset protection lawyers can offer invaluable assistance if you are starting a business, growing a business, or considering your options for passing a business on to new owners. Your wealth is too important to put at risk, and you don’t want to take any chances that your company will be harmed after you pass on if you want that business to be your legacy.
To find out more about your options for asset protection as a business owner during your lifetime and after your death, join us for a free seminar. If you are ready to create a personalized plan for protecting your company, give us a call at (631) 265-0599 or contact us online today .