The “ACTION” items below are critical to the continued success and growth of any business. Protect Your Business Name and Trademarks : Building a powerful and meaningful brand is a top priority for most small business owners. Unfortunately, protecting that brand from infringing, unscrupulous competitors often takes a back seat when we are overwhelmed with…
I always suggest a course of continuing education where asset protection principles are concerned. Because your education is never really complete and should be ongoing nevertheless ,here are some BEST ASSET PROTECTION principles to carry around in your wallet: Inventory Everything. Make a complete list of your assets and debts. It’s a good idea to do…
The Unfair Competition Law, codified as Business & Professions Code Section 17200, provides for injunctive and other relief for any business practice that is “unfair,” “unlawful” or “fraudulent.” What is Unfair? An unfair business practice is one that has the tendency to deceive the public. Courts have struggled to come up with some sort of formula…
The limited liability company combines the limited liability advantage of a Corporation with the protection of your ownership interest. Yet, there are essential reasons you should prefer a Limited Liability CO. (LLC) or corporation to the Limited Partnership: – As with an S corporation, you can avoid double taxation with a Limited Liability Company. And, the Limited…
I am often asked how liability insurance is different from entity liability protection. Liability insurance is purchased from an insurance company to cover claims against the business. Business entities such as limited liability companies (LLC’s) and corporations provide limited liability protection, which prevents creditors from seizing the business owners’ assets. Business owners do not realize…
I am often asked how liability insurance is different from entity liability protection. Liability insurance is purchased from an insurance company to cover claims against the business. Business entities such as limited liability companies (LLC’s) and corporations provide limited liability protection, which prevents creditors from seizing the business owners’ assets. Business owners do not realize…
For the savvy entrepreneur, incorporating a business can be a great way to lower the tax bill, ensure the business lives on, and gain legitimacy as an established business. However, the number-one reason to incorporate or form an LLC (limited liability company) is to protect any personal assets from the liability of the business. Separating…
Changes in the Law That Take Effect for LLC’s in California Best Asset Protection – WFB Legal Consulting, Inc On January 1, 2014, the California Revised Uniform Limited Liability Company Act (the RULLCA) will take effect. The RULLCA (new LLC law) replaces the Beverly-Killea Limited Liability Company Act, California’s current law governing limited liability companies. The…
Contract Terms Business Owners Need But Often Overlook Many business owners who enter into contracts with customers, suppliers and clients overlook important key terms and arbitrarily accept “boilerplate” clauses at the end of the contract without examination. ALWAYS remember to include the following terms: 1. Indemnification. This is an important contractual term which shifts the…
Best Asset Protection and Power of Attorney Generally speaking, if a principal is still living and capable of managing their own affairs their relatives cannot change the POA. However, if the person becomes incapacitated a General POA is extinguished and the relatives can petition for a guardianship of the person. If there is a Durable POA in effect…
