Like many, you may decide to take the leap. You may realize that being your own boss is the best way to move forward with your professional life.
If everything goes as planned, your company will be up and running in no time at all. As excited as you may be about the future, it’s imperative that you also consider what this could bring in terms of challenges.
With this in mind, you’ll find yourself learning more about the many asset protection strategies that you can employ. Some of these will suit your every want and need, while others won’t make much sense for somebody in your position. Even so, you should learn more about each strategy so that you do what’s best for you, your family, and of course, your company.
Here are several asset protection strategies that many Wisconsin business owners have used to their advantage in the past. You may not employ the same approach, but you should at least consider what these could do for you:
There are many benefits of a buy-sell agreement, especially if you’re involved with a family business. It’s good to have this type of agreement in place, as it can help guide your decisions in the event that a business partner passes on.
Note: you can also use a buy-sell agreement to ensure that your children and other loved ones will be provided for after you have passed on.
Family Limited Partnership
For many years, we have been explaining the benefits of a family limited partnership to our clients. Here’s what we have to say about this on our website:
“With a family limited partnership, you can gain much needed protection from lawsuits while also helping yourself reach a variety of estate planning goals. With our help, you can decide if this is something you should consider. If so, your business and family will benefit in a number of ways.”
Once again, a family limited partnership is not the right choice for every business owner, but there are enough benefits that you should definitely keep it in mind.
Limited Liability Company
What business structure will you use? Do you know your options? A limited liability company, also known as an LLC, is one that you should absolutely consider.
There are many benefits of this, including the fact that an LLC is simple to create and manage. Along with this, you gain a high level of asset protection along with a variety of tax advantages.
As you compare an LLC to other options, such as a partnership or S Corporation, you may soon find that it’s just what you’ve been looking for.
The Protection You Need
You can’t assume that one asset protection strategy is as good as the next. Instead, you need to learn more about the pros and cons of each approach, as this is the only way to make an informed and confident decision.
Unfortunately, we live in a litigious world. This means that you have to keep yourself and your company protected at all times. If you don’t, you could find your assets at risk, and that’s not a place you want to be.
On the plus side, there are a variety of asset protection strategies to consider. This puts you in position to find and implement the one (or several) that is best for you.
Conversely, you can’t assume that just any strategy will work for you. Instead, you need to make decisions based on your personal situation, the future, and the good of your company.
At our law firm, we can help you better understand asset protection and the strategies that you can employ. It’s never easy to decide on a plan, but that’s what we’re here for. We’ll make sure that you know exactly what you’re doing, as this is the only way to feel good about the future.
Contact us online to setup a consultation. From there, we can discuss your company and the things you can do from an asset protection point of view.