Protect Your Assets

 

"Grenier Law Offices . . . a Boutique Law Firm for Small Businesses and Executives."

Taking the Dispute-Avoidance Approach.

Protecting Your Assets from Business Activities

I.  GENERALLY

When starting a business you should consider taking steps to protect your personal assets, including your home, from business creditors and other business claims.  First, consider creating a separate legal entity under which you will conduct your business, e.g. INCORPORATE, set up a LIMITED LIABILITY COMPANY, etc.  Second, consider non-business protection options such as, filing a DECLARATION OF HOMESTEAD (if applicable in your jurisdiction) for your home.

II.  CREATE A SEPARATE LEGAL ENTITY

By creating a separate legal entity (e.g. Corporation or LLC) under which you will run your business, you will reduce the risk and exposure to personal liability for most acts or omissions of the business.  You will remain personally liable for some acts, e.g. gross negligence and other intentional and fiduciary duty acts.  However, by running your business as a separate legal entity, you will greatly reduce your exposure to liability. Click here for more information on separate legal entities.

III.  DECLARATION OF HOMESTEAD

In addition, if applicable in your jurisdiction, consider filing a DECLARATION OF HOMESTEAD at the Registry of Deeds.  Click here for more details regarding Declaration of Homestead.

Concerned about Protecting Your Assets and want to discuss with an Experienced Business Lawyer?

Click here for a Consultation.

 

 

1. Some jurisdictions do not recognize the filing the Declaration of Homestead.  
    Consult an attorney regarding your specific situation and jurisdiction.
2. Filing fees and statutory protection is subject to change.  Consult an attorney
    regarding your specific situation.

 

Keywords:  Boston Business Lawyer, Boston Business Attorney, Maine Business Lawyer, Maine Business Attorney, Startups, Starting a Business

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DISCLAIMER: These materials have been prepared by Grenier Law Offices, PC for informational purposes only and are not legal advice. This information is not intended to create, and receipt of it does not constitute, a lawyer-client relationship. Readers should not act upon this information without seeking direct professional counsel. See further notices in our Terms of Use.      To discuss your business issue with an Experienced Boston Business Lawyer or Maine Business Lawyer e-mail Michelle L. Grenier, Esq at michelle@contactmylawyer.com