Many business owners struggle for years to turn the corner and find the path to economic success. When they do, however, it comes with new sets of problems. One such concern is the protection of assets that have accompanied that success.
Many view insurance as a necessary evil and maintain minimal coverage, but an experienced St. Louis business law firm can explain insurance remains one of the best ways to shield a business from adversarial claims. It is recommended to regularly review one’s policies and limits of coverage and increase as necessary.
Type of Entity
If a business is started without incorporating it, not only are the business assets exposed to the potential debts and claims against the business, personal assets are as well. A St. Louis business law firm can advise of the pros and cons of such entity types as:
Companies with significant assets such as expensive equipment or real estate may wish to consider a business trust. An independent trustee controls the trust, and the owner has an operating agreement with the trust for the use of those assets. The assets are managed just as they would be if owned by the company but are not reachable by creditors.
Contact a St. Louis Business Law Attorney for Legal Advice
You have worked hard for your success; make sure you take the proper steps to protect it. Call the Law Office of Christopher Bent at 314-551-0898.