Tampa Asset Protection Strategies For Business Owners

Owning a business comes with heavy responsibility. In addition to protecting profits and ensuring that day-to-day operations run smoothly, you also need to be proactive in planning for the future. Our experienced Tampa asset protection attorney explains legal strategies for business owners that provide guidance and help prevent losses in case the unexpected happens.

Protecting Your Business Against Unexpected Losses

Consulting with an experienced Tampa estate planning and asset protection attorney should be at the top of the to-do list for business owners. Regardless of your current size or profitability, we can advise you on ways to protect yourself, your family, and your employees. These include:

Limiting Liability

As a business owner, you face risks in dealing with the public, your employees, partners, and vendors. One of the first steps is reviewing how your business is structured. The Internal Revenue Service (IRS) provides a list of options available.

A sole proprietorship or joint partnership are among the most basic choices but can leave you personally liable for certain types of costs and losses. Depending on your business size and model, a limited liability company or corporation is generally the better option. It offers protection against personal claims, lawsuits, and tax debts. Having an appropriate amount of insurance is also important and can help protect you against claims for injuries that occur on your property or among product users.

Protection From Creditor Claims

Properly structuring your business can help reduce personal liability against credit claims. However, to ensure you and your assets are fully protected, creating a trust is often the best choice. In addition to providing important estate planning benefits for your family, a trust can shield you against creditor claims and lawsuits, while also reducing business and estate taxes.

Retirement Planning

Making sure you are provided for in the future is one of the main goals in estate planning. This includes making provisions for a comfortable retirement. Kiplinger advises creating an exit strategy that factors in the transferable value of business assets, tax liability, and succession plans. If you have a partner, buy-sell agreements often play a key role in making these arrangements, ensuring a smooth transition for both you and your employees.

Planning For Death Or Disability 

Estate planning protects you against the unexpected. Advance directives and health care powers of attorney communicate your wishes and ensure proper handling of your business affairs in the event you are incapacitated. In the event of your death, having an updated will, trust, and other legal documents can help provide for your loved ones, reduce taxes, and determine how your business should be divided among your heirs.

 Request A Consultation With Our Tampa Asset Protection Attorney 

Taking a few simple steps now can help to protect you, your loved ones, and your business both now and in the future. At Strategic Counsel Law Group, L.C., our experienced Tampa asset protection attorneys can advise you on the options available. To request a consultation, call or contact us online today.

Sources:

irs.gov/businesses/small-businesses-self-employed/business-structures

kiplinger.com/business/for-business-owners-estate-and-exit-planning-join-forces#:~:text=Estate%20planning%20can%20include%20strategies,shield%20them%20from%20personal%20liability