Limited Liability And Shelf Corporations

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Limited Liability Is Asset Protection

1. Place assets into separate corporations.

Let’s say you own two apartment buildings.  Each building is placed into a separate corporation or LLC.  A lawsuit involving one building doesn’t affect the second building.  Why?  The lawsuit can only reach to the extent of the assets in the company.  The second building in another company is not touched by this liability-producing event.  Ask your attorney about protecting your assets by limiting liability.

Note:  Placing assets into separate corporations increases administrative efforts and contact with financial institutions.  We serve as your corporate officer as you decide what’s best for the corporation.

2. Maintain the corporate records.

Documentation makes the corporate veil solid as a rock.  Don’t allow a challenge of the corporate veil because the corporate resolutions and minutes were not kept up to date.  A pierced corporate veil means that the stockholders may be held liable for the debts of the corporation.

It’s critical to maintain those corporate records and not to commingle funds of the corporation with your own.

3. Obtain instant liability protection with a shelf company

A shelf company enables your business to build instant credibility in the eyes of your customers, clients and vendors. Further, you enjoy instant limited liability. No waiting and there’s no hassle.