Winter Park business and civil litigation lawyers Eric Lanigan and Roddy Lanigan urge soon-to-be small business owners to consider asset protection. It is always a good idea to begin with the end result when starting a new business venture. Think first about small business asset protection.
It sounds like a great idea for Florida small business owners with big dreams, small budgets and little or no initial capitol to support startup costs. But it’s relevant at this point of the year when budding entrepreneurs want to launch businesses.
What does a small business owner do when he or she is sued in a personal matter and the fleet of delivery trucks, pizza ovens and all the kitchen equipment are sought by the along with all the other assets the same small business owner holds?
You’ll find out soon enough if you haven’t had your assets protected. If you don’t know what asset protection is, then you haven’t done your homework, your research or consulted with Winter Park business and civil litigation lawyers Eric Lanigan and Roddy Lanigan.
Businesses that hold assets must structure those assets so that if the primary business is sued, there’s nothing available in a judgment. Asset protection is not only for individuals in high finance, high risk industries. It’s for all businesses. Small, medium and large businesses should have all assets protected.
Protecting assets from potential creditors is important because the seemingly small financial emergencies or problems can very easily can put a business into bankruptcy. If you can’t pay the business mortgage then a Chapter 11 or Chapter 7 bankruptcy can sometimes be followed by a foreclosure.
But if you’re a planner and all business owners should be, your assets can be protected. If your assets are not protected you’ll have to rely on a quickly hired attorney’s ability to negotiate and have knowledge of Florida law in regards to your businesses’ situation.
Proper Florida asset protection is the difference between being sued or losing everything. The goal is to be judgment proof to be able to remain in business. A business can be restructured so that should a lawsuit occur the business can remain in business.
Instead of floundering for answers, scrambling for answers, consult with the Lanigans before you decide to start selling pizzas, providing spa services or start an orchid nursery without any asset protection.