For a business owner or professional, it is important to create a strategy that shields your personal and business assets from liability because of a business slow-down or lawsuit. Failing to protect assets against liability could subject you to liens and forfeitures from creditors, taxing authorities, and courts.
Wheeler Upham can assist individuals, couples, groups, and businesses. In order to prepare a plan for the proper protection of property, our firm will perform a thorough analysis of our client’s assets, including how they are owned, titled, and located. In many cases simple changes may result in significant protection.
All businesses need to consider how the legal structure of the business protects its owners from personal liability for the business’s debts. Use of corporations, limited liability companies (LLCs), limited partnerships, and other formal entities is commonly understood as a means of protection. Mere existence of an entity, however, is not sufficient to assure the owners that they are protected from creditors of the entity. We have the capability to structure the business entity properly and to advise our clients regarding how to avoid the risk of a piercing of their entity by creditors or claimants.
The timing of asset protection planning is very important. Protective measures are effective only when implemented before the event from which you seek to protect your assets. Transferring assets after a claim becomes known to you may be viewed as fraudulent and is an ineffective way to shield yourself from liability. Our lawyers will assist you to determine your best options to protect your assets.
Our attorneys represent financially distressed businesses engaged in all types of commercial enterprises. We have counseled entrepreneurs, retailers, manufacturers, wholesalers, distributors, service organizations, and real estate operations in either reorganizing or exiting difficult business situations. Representation includes every aspect of restructuring and reorganization, including working with secured and unsecured creditors, collecting assets, and liquidating claims. We also work with solvent companies to change their corporate structures in an effort to improve financial performance and enhance value.
We use a variety of methods to solve the problems of financially distressed businesses, including cases under Chapter 11 of the Bankruptcy Code, out-of-court compositions, liquidations, receiverships, assignments for the benefit of creditors, and asset sales conducted in cooperation with the debtor’s lenders and trustees. We are experienced and knowledgeable in avoiding bankruptcy proceedings through out of court workouts and receiverships.
Contact John M. Roels or Michael J. TerBeek for help in this area.