By Nicholas C. Misenti, J.D.
534 pages -- 7" x 10"
For 90 years, CCH has been the leading name in government, business and tax information for professionals. Now, CCH is making its experience accessible to small business owners in SAFE HARBORS: An Asset Protection Guide for Small Business Owners.
Asset protection is an essential part of the operation of any small business. Unfortunately, many small business owners retain a lawyer only after a financial crisis strikes, and only then ask what they could have done to protect their personal assets from creditors. All too often, loss of a business results in loss of a home, investments, and even a spouse's personal assets. Almost all of these problems are preventable with solid advance planning.
While many small business owners form corporations or limited liability companies to take advantage of their classic characteristics, most owners don't understand that there are significant exceptions to limited liability that can leave their personal assets at risk. This book is a guide to the properly operating a company in a way that preserves that limited liability. It covers topics such as:
The emphasis is on easy-to-understand strategies that business owners can undertake on their own, with little or no legal assistance. Sample forms with instructions make it easy to carry out the author's advice, and extensive appendices provide detailed information on state and federal laws.
Table of Contents
PART I: ARE YOUR ASSETS AT RISK?
Chapter 1: How Creditors Get Your Assets
Chapter 2: Bankruptcy—An Overview
Chapter 3: Effective Asset Exemption Planning
Chapter 4: Avoiding Challenges to Asset Transfers
Chapter 5: Using Asset Protection Trusts
PART II: LIMIT LIABILITY IN YOUR BUSINESS STRUCTURE
Chapter 6: Choosing an Organizational Form
Chapter 7: Comparing the LLC and the Corporation
Chapter 8: Using Holding and Operating Companies
Chapter 9: Choosing a State
Chapter 10: Planning for Federal Estate Taxes
Chapter 11: Securities Law Issues
Chapter 12: Tax Aspects of Strategic Funding Decisions
Chapter 13: Establishing the Business Entity
PART III: AVOIDING DAY-TO-DAY LIABILITY RISKS
Chapter 14: Withdrawing Funds from the Business
Chapter 15: Limiting Liability for Contracts and Torts
Chapter 16: Piercing the Veil of Limited Liability
Chapter 17: Navigating the Court System
Chapter 18: Insurance—The Protection of Last Resort
PART IV: APPENDICES
Appendix A: Federal and State Asset Exemptions
Appendix B: Federal, State and Private Resources
Appendix C: Sample Articles of Organization
Appendix D: Sample Operating Agreement
Appendix E: Sample Funding and Withdrawal Forms