Asset protection for a business owner means arranging things so that a claim against the business does not reach the owner’s home, savings, and family assets, and a claim against the owner does not take the business. The planning works best before there is a problem; transfers made after a claim arises can be undone by a court.
Separating business risk from personal assets
- The right entity, properly formed and kept separate from the owner’s personal finances.
- Separate entities for separate risks, such as holding real estate apart from the operating business.
- Contracts that limit liability and insurance that covers what contracts cannot.
- Ownership of personal assets arranged to use the protections Florida law provides.
Keeping the shield intact
An entity only protects its owners if it is treated as a real, separate business: its own bank accounts, its own contracts, records of major decisions, and no mixing of personal and business money. The firm sets up those habits at formation and reviews them when something in the business changes.
Florida protections
Florida law protects certain assets from most creditors, including a homestead within statutory limits and, for married couples, property owned as tenants by the entirety. The firm explains which protections apply to a client’s situation and how to hold assets so the protections are not lost by accident.
Contact the office to review how a business and its owner’s assets are held.