Gaughan & Connealy offers assistance on asset protection and business planning to clients of all ages and to clients at all income levels. Whether you have a start-up company, a thriving commercial enterprise, or simply a lot of assets in the bank, we are dedicated to helping you protect what is yours.
Under both Kansas and Missouri law, there are ways business owners can get protection for their personal assets as their company grows. Both business owners and individuals also need to explore ways to keep their property and wealth secure. Our firm can help with these goals and can provide comprehensive legal assistance with using all available tools to grow and protect your nest egg. Give us a call today to schedule a consultation and find out more about the personalized services we offer. Our legal team can also answer top questions on asset and business planning that you may have including:
- What are some of the issues faced by business owners?
- How can I protect my assets?
- How can an Kansas or Missouri asset & business planning lawyer help?
What are Some of the Issues Faced by Business Owners?
Business owners are responsible for their own success when it comes to growing their company and turning a profit. However, business owners also face unique issues which people who earn wages from an employer do not need to address. Some of the issues that may be faced by business owners can include:
- Partnership or shareholder disputes: If you co-own a business with others, disputes or disagreements may arise over the course of ongoing operations. A dispute can undermine the success of a business if it is not resolved effectively. To reduce the chances of disagreements and to make sure there is a plan in place for solving them productively, you should have a partnership or shareholders agreement that all co-owners have signed. You may also wish to consider having a buy/sell agreement to determine what happens if any partner needs to leave, and employment agreements dictating each owner’s role.
- Liability for business debts or judgments against the business: When your business goes into debt or when your company is sued, there is the potential that your personal assets could be put at risk. A business bankruptcy could also become a personal bankruptcy, depending upon how the company is structured. You may wish to consider options for reducing tax liability, such as incorporating.
- Business tax issues: Companies must make sure they are withholding payroll taxes from employee checks and making periodic payroll tax payments. You may also have to pay in quarterly estimates to the IRS, depending upon your earnings. Failing to pay all business taxes could have profound financial consequences.
- Business succession issues: If you become disabled, retire, or die, you need to make a plan for who will take over the business. You also need to ensure that the business will be appropriately managed in the event of incapacity and that a plan is made to reduce or avoid estate taxes if your business shares put your estate over the excludable limit before taxes are assessed on your estate.
When you want to grow a company, you can create a powerful organization that will last long after you are gone and that can provide for your loved ones for generations. However, you need to make sure you are doing everything possible to protect your personal assets, to protect the business, and to ensure that operations are ongoing no matter what happens to you.
How Can I Protect my Assets?
Business owners must make sure they protect their personal assets from business debts or judgments against the company. However, business owners are not the only ones who may have substantial assets they need to protect.
Anyone who has money or property that they want to pass down to future generations should create an asset protection plan. Your plan can keep you from spending down your money if you need nursing home care, and can allow you to ensure careful management of assets in case you become unable to manage your own property. Depending on your needs, you may also wish to take steps to protect your funds after heirs inherit by creating trusts that give you continued control and ensure assets aren’t lost due to bankruptcy or divorce.
How Can a Kansas or Missouri Asset & Business Planning Lawyer Help?
Gaughan & Connealy can provide assistance to business owners and to anyone who wishes to protect their assets. Give us a call as soon as possible to learn more about the assistance we can provide you.