Do you own a business? Are you a real estate investor or developer? If so you could be personally liable for damages suffered by others as a result of the actions of you or one of your employees whether or not the cause was intentional or accidental.
You will also be personally liable for debts incurred by the business or real estate venture. Incorporating may not be as expensive as you think. Fleming & Miranda can help you determine the entity that would best serve your needs. The following are some examples:
Corporations
Creating a Corporation to operate your business can shield you from personal liability and debt associated with the operation of the business.
Limited Liability Company
A Limited Liability Company, or LLC, is similar to a Corporation in that it helps shield members from liability. The primary difference is the manner in which an LLC is taxed.
Trust
There are a variety of Trusts that can be used for a variety of purposes. A Trust separates legal and equitable title by naming a person to manage the Trust assets on behalf of another. Trusts can be used to effectuate distribution of property, to shield liability, and much more.
Please contact us for more information on these legal entities, and how they could benefit you.
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