Unknowingly, many people will combine personal and business assets, which can create serious legal and/or financial problems down the road. When business and personal assets are not explicitly delineated legally, they are essentially tied together, for all intents and purposes. If something happens in a single property or business, all other assets are liable. It should be obvious that limiting liability, whenever possible, is the best strategy.
By partnering with a knowledgeable lawyer, you can set up LLC businesses and partnerships or explore other ways to limit liability, both legal and financial. Contact Louis Pacella Attorney at Law, to learn more.
California Business and Personal Asset Attorney
Louis Pacella and team take their experience of helping clients save millions of dollars through proper estate and business planning and utilize it to help develop a solid strategy for identifying business and personal assets. This ensures that all personal assets are protected and all business assets are compartmentalized. If your business declares bankruptcy, is sued and a judgment is put out for a lien, creditors will not be able to come after anything personal. This setup is an absolute keystone when it comes to solid business practices.