Charlotte Attorneys Handle Business Asset Protection for Your Peace of Mind
Business asset protection is essential for partners and shareholders
Your business depends on key assets to operate on a daily basis. Taking steps to protect business assets is an important and crucial strategy, not to mention good business planning. You can trust the lawyers at John F. Hanzel, P.A. to help you craft a strategic plan that keeps your business assets safe.
Key business assets that need protection include:
If you are starting or running a business with partners or other shareholders, a partnership or shareholder agreement can specify what happens to key business assets if the partnership ends or shareholders sell.
Do you have a right to purchase the partnership interest or shares of the other partner or shareholder? If so, at what price? A partnership or shareholder agreement can specify this and what happens to a partnership interest or stock of a shareholder, if a partner or shareholder dies or becomes disabled.
Determining business asset division among partners and shareholders is a key issue to address when starting a business. If you failed to address these issues when starting your business, don’t worry, because it’s not too late. The right business lawyer, such as John F. Hanzel, can help you put an agreement in place at any time to plan for these possibilities.
Protect your business assets to ensure continued operation
Equipment and machinery may be necessary to make and service products. Real estate and office or retail space are needed to house the business and provide a location for customers to visit. Intellectual property, including materials protected by copyrights and patents, may give you a competitive advantage and be necessary to service clients. Your business depends on these assets for its daily operations.
You cannot afford to lose these and other assets without serious consequence to your business. When clients ask us how we can help, John F. Hanzel, P.A suggests strategies to protect assets, including:
- Holding of assets in separate entities, rather than in the business
- Business contracts that include proper protections and liability limitations
- Lease arrangements that include service and replacement obligations
- Insurance policies that cover damage or loss
- Safety procedures for the workplace
- Banking arrangements with sound financial institutions
Asset protection is a complex area, and trying to implement protection strategies after problems arise rarely works. It is absolutely necessary to plan ahead. As one example, if you transfer assets to a separate entity after financial problems arise, this may be considered a fraudulent transfer and disregarded by a court.
Talk to an attorney who can help you protect your business assets
For help reducing the risk of business ventures by implementing an asset protection strategy, contact John F. Hanzel, P.A. at 704-892-1375 or online today. We offer a free initial consultation. We serve small businesses in Cornelius, Charlotte, Huntersville, Mooresville, Lincolnton, Davidson, Lake Norman and the surrounding areas. Saturday appointments are available. Se habla español.