How can you ensure that your personal assets are protected if you form an LLC?

Creditors of your business cannot go after your personal assets in the event of a lawsuit against your business if you’ve set it up right. An important thing to note is that it's necessary to have an LLC agreement and an operating agreement. The reason for this is that creditors can still go after your personal assets if they don't have a written contract, but they CANNOT do so if they have a written contract. You want to avoid them piercing the corporate veil and avoid having the company as your alter-ego.

asset protection lawyer

When you form an LLC, you're creating a legal entity that protects your personal assets from any legal liability that your business incurs. But it's important to realize that there are two different kinds of liability: direct and indirect. Direct liability is when you're personally responsible for something like breaking a contract or violating someone's rights. Indirect liability is what happens when the actions of your business directly cause harm to someone else, usually through negligence or recklessness.

The best way to protect yourself from both forms of liability is to make sure that all of your personal assets are protected before you form your LLC. If anything happens with your business and you don't have the proper insurances in place, these things can be very hard to replace—your home, car, and savings could all potentially be in jeopardy if you aren't careful. It's always better to be safe than sorry! Be sure to speak with an attorney - the one below does free consultations:

Parklin Law LLC

5772 West 8030 South, Unit N206

West Jordan, UT 84081

(801) 618-0699

https://posts.gle/UxAZ4j

https://parklinlaw.com/business-law-in-utah/ 


Location: Brigham City, UT, USA

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