Business / Corporate Basics Attorney in Tampa, Florida
How can business owners protect their personal assets?
How can business owners protect their personal assets?
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00:04
one of the ways business owners can
00:06
protect their personal assets is never
00:07
commingle
00:09
the business assets or business income
00:11
with their family income
00:13
don’t try to pay a bunch of their
00:15
personal expenses out of their business
00:17
if they disregard the business and they
00:19
treat it as their personal piggy bank
00:21
the court will too and it will allow the
00:23
creditors of the business to do that
00:25
the other way is just to use those some
00:27
of the asset protection techniques
00:29
to isolate both the value and the risk
00:32
of the business to the business
00:34
and keep it away from the owner’s
00:35
personal assets
Tampa FL, commercial litigation attorney Stan Padgett talks about how can business owners protect their personal assets. He advises that one of the primary ways business owners can protect their personal assets is to never commingle business assets or income with their family finances. Owners should avoid paying personal expenses out of the business. If the business is treated like a personal piggy bank, courts may allow creditors to reach the owner’s personal assets.
Another key strategy is to use asset protection techniques to isolate both the value and the risk of the business within the business itself, keeping it separate from the owner’s personal assets.
