If you haven’t signed a personal guarantee or suretyship that pledges your business assets for some loan or you have not incurred some significant liability that threatens to wipe out your business, then now is the time to consider protection for your business assets.
This is particularly relevant to those businesses with fixed assets of significant value, for example the manufacturing and engineering sectors who own expensive plant and machinery.
An asset-protection plan employs legal strategies, put into place before any lawsuit or claim arises, that can deter a potential claimant or help prevent the seizure of your business (and personal) assets after a judgment. If you haven’t already put your asset-protection plan in place, don’t wait – the longer the plan has been in existence, the stronger it likely will be.
Chanelle Rheeder, a director of our alliance partners and Trust law specialists, Delgado Velosa Kenworthy & Associates, discusses this option in our April 2016 issue of the BAN Bulletin.
Click here to read the full article – Your business assets – are they protected