This is important. Why? You would not want creditors to make claims on some of your valuable assets that are actually critical for your business operations. The goal of a comprehensive asset-protection plan is to prevent or significantly reduce risk by insulating your business and personal assets from the claims of creditors. Being a business owner can be fraught with pitfalls and risks. Having profits isn’t the end of the story, you must also protect your business from claims and lawsuits. If the issue was mishandled, it could result in the loss of your business and personal assets.
An asset-protection plan employs legal strategies put in place before a lawsuit or claim arises, that can deter a potential claimant or help prevent the seizure of your assets after a legal judgement has been passed.
We can help you to devise strategies that would include separate legal structures or arrangements (say Partnerships, Corporations, Trust Fund etc.) The structures that would work best for you really depends on the kinds of assets that you own in your own name and the types of creditors that would most likely to come after you and pursue their claims against you. Knowing the type of claims that can be made will allow you to better plan and protect your property from seizure and your wages from garnishment. What is garnishment? It is when money is legally withheld from your pay cheque and sent to another party. It is a legal process that instructs a third party (in most cases will be debtor’s bank) to deduct payments directly from a debtor’s wage or bank account. Hence it is paramount important to understand which types of assets are more susceptible to claims.
Come to us
If you need assistance in this aspect, do feel free to come to us. We can assist you out in this area.
One-stop & Hassle Free
With our wide range of professional services, we are able to provide our clients with one-stop and hassle free solutions to serve all their companies’ needs.
Our Group & Associates have a team of professionals who are Public Accountants, Chartered Accountants, Tax Practitioners, Liquidators, Lawyers, Consultants and Valuers who are ready to serve you.
We have an experienced team with many years in the accounting, auditing, tax and consulting industry.
With our huge number of satisfied customers, we can assure you of our reliable services which you will not get elsewhere. You are able to reach to the Managers or Directors in-charge of your portfolio anytime despite that our staff handling your work are very reliable too.