Bob Bluhm, an expert in asset protection. He discuss the importance of structuring your business as an entity, such as an LLC or corporation, to separate personal and business assets. He also highlight the risks of operating as a sole proprietor and the benefits of having proper asset protection.
Bob emphasizes the need for a properly structured and documented entity, as well as the importance of operating it in a business-like manner. He also touch on the concept of piercing the corporate veil and the consequences of not maintaining compliance.
Takeaways
• The most important element of asset protection is to not do business as a sole proprietor.
• Using an entity, such as an LLC or corporation, provides separation between personal and business assets and protects them from lawsuits.
• Properly structuring and documenting your entity is crucial to maintain asset protection.
• Operating your entity in a business-like manner, following corporate formalities, and avoiding commingling of funds is essential.
• Piercing the corporate veil can expose personal assets to liability.
• Consulting with an asset protection attorney is important to ensure proper entity structure and compliance.
Sound Bites
• The most important thing that an entrepreneur needs to know is don't do business as a sole proprietor.
• A properly structured asset protection plan can deter lawsuits because lawyers know they won't get a big percentage.
• The decision to have one LLC per property or multiple properties in one LLC depends on factors such as net worth and cash flow.
If you have any questions in general you can reach our office at:
VastSolutionsGroup.com
Phone: (888) 808-8278
Email: info@vastsolutionsgroup.com
Monday-Thursday 8:00 AM – 5:00 PM (Pacific)
Thank you for listening!
