Integrating Business Planning and Estate Planning for Entrepreneurs
For many small business owners, the lines between business assets and personal finances can be easy to blur, sometimes with highly unfortunate results. If you don't keep business and personal assets and liabilities strictly separate through proper organization and registration, personal assets can be reached to satisfy contract, tort or tax liabilities of the business.
Limited Liability Companies (LLC's) have become the most flexible and preferable entity for most operating businesses. They combine tax planning flexibility with administrative simplicity, legitimate asset protection, and a built-in plan for succession of interest after the business owner retires or dies.
LLC's provide a powerful tool for estate planning, too. Families who may not operate going businesses can still benefit from the protection and flexibility that LLC's provide, by creating a proven and reliable structure to manage and distribute family property to children or future generations.
UTAH LLC AND BUSINESS FORMATION LAWYERS: CALL 801-463-2600
There are many options available to business owners and investors seeking asset protection through LLC or business planning including:
- Series LLC's for dividing and isolating liability between assets,
- Foreign LLC's which are normally created in a state with preferential liability treatement for LLC's such as Nevada or Wyoming to ensure an even greater liability shield for your assets, and
- LLP's which allow for partnership treatment while achieving some of the asset protection benefits of an LLC
Contact the Salt Lake City business formation attorneys at Alder & Robb, P.C., for a free consultation about your options for shielding personal assets from business liabilities. We can also show you how estate planning tools can strengthen your business and protect its smooth operation.
