Most business owners assume their LLC offers complete protection. The truth? Gaps in your structure could put everything you’ve built at risk.
In this episode, Tim Lyons, a partner and co-chair of the Business Litigation Department at Jardim Meisner Salmon Sprague & Susser, P.C., breaks down the real risks that leave entrepreneurs vulnerable. Tim is a certified civil trial attorney specializing in business governance, liability protection, and partnership disputes. He has been designated by the Supreme Court of New Jersey as a Certified Civil Trial Attorney, an honor given to less than 2% of attorneys in New Jersey, and is a lifetime member of the Million Dollar Advocates Forum, a prestigious group of trial lawyers.
With years of experience in complex commercial disputes, Tim shares invaluable insights on the complexities of business ownership and the importance of protecting your personal assets through the right legal structures. From inadequate insurance to overlooked governance flaws, Tim also warns of the hidden liabilities most entrepreneurs miss and the critical steps you can take to avoid them.
As business owners near retirement, Tim stresses the importance of revitalizing business value through strategic planning and sound financial management, ensuring that their legacy is properly protected.
Tim holds a Juris Doctor from Seton Hall University and has represented clients in both state and federal courts, focusing on issues like breach of contract, business torts, and company disputes. His experience and insights are essential for any business owner looking to safeguard what they’ve built.
Chapters:
00:00 Introduction
2:27 Why LLCs Aren’t Bulletproof
5:00 One Legal Mistake That Nearly Destroyed a Business
7:00 The Hidden Liabilities Most Entrepreneurs Overlook
9:38 How Poor Governance Drains Wealth
26:38 Partnership Pitfalls That Cost Business Owners Millions
44:13 Protecting Business Value Before Retirement
45:47 When Relationships Go Sour: Legal Lessons for Owners
51:03 Building a Defense-Ready Business Team
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