Posts Tagged ‘entity’
What not to do if assets are important to you.
The attribute of corporations that enables the limited liability protection is the legal concept that a corporation is a separate legal entity, distinct and apart from the owners or shareholders of the corporation. From an asset protection standpoint, there are several things that you need to avoid if you are going to maintain the separation » Continue…
What are some strategies to protect assets?
The main asset protection strategy is to separate different business activities by placing them each into different entities. That way if one of the businesses gets sued, it will not affect the others because they are operated in a separate legal entity. For example, if you owned a plumbing supply business and some rental properties, » Continue…
What kind of liability protection does a corporation provide?
The law allows you to conduct business just yourself as a sole proprietor or with someone else as a partnership. If you operate the business yourself or as a partner then, for legal purposes, your identity is the same as the business. If your business is sued, both the business assets and your personal assets » Continue…
What should I do if I've decided to discontinue using my corporation?
If you are going out of business or are simply not using your corporate form, there are several different ways to discontinue. The first involves not filing your annual report form. If you do not file the annual report form with the secretary of state, your corporation will be administratively suspended. This means you are » Continue…
