Critical Points of Asset Protection
Tax Planning and Asset Protection strategies must be implemented correctly, for the proper reasons, properly documented, and become a part of the day to day business practices to avoid unnecessary exposure of personal and business assets – as well as IRS scrutiny.
A well reasoned plan for holding business and personal assets as well as the structure of the business operation should provide both asset protection and PRIVACY.
Asset protection strategies may keep them outside the reach of litigation's discovery and search process – making a lawsuit against you or your business less desirable.
Besides the shiny red trucks with your name emblazoned on them – are you running your business in such a manner as to invite litigation?
Are you treating the business as a separate entity? Remember the corporation is not you and you are not the corporation. For a court to respect the business as a separate entity for litigation purposes, you must treat it as a separate entity and follow corporate formalities.