Starting a business can be a daunting task, especially when considering the legal aspect of owning and running your own company. Most new business owners are advised to incorporate their business through what is called an LLC, meaning a limited liability company or, as a corporation in order to protect their personal assets. However, LLC…
What happens if you are served a complaint and summons from a competitor, vendor, or client? Or the IRS puts you on notice of back taxes owed? Or changes in regulations and enforcement make you vulnerable? Or if you are personally exposed to an unforeseen loss from an LLC? Do you have a defense or…
What is asset protection and why is it important? Asset protection is, as it sounds, keeping your assets safe from creditors. It is something that you do from the start so that in the event something happens your plan is already in place. It is important because you want to hang on to your money….
When judgment proofing has been overlooked it is common practice for a creditor to go after a person or business that does not pay their bill as agreed upon. When this happens, there are a variety of ways that the money awarded in a judgment is collected: Wage garnishment Bank account levy Real estate lien…
It’s not what you own, it’s what you control. How do the wealthy maintain wealth even under adversarial conditions? Texas Joint-Stock Companies are often the answer. We at ProAdvocate Group are able to help you set up a Texas Joint-Stock Company and avoid liability. You will be judgement proofing your company! A Texas Joint-Stock Company offers…
In today’s seemingly sue-happy society, one has to plan for asset protection. You work hard to save money, plan for retirement, and buy stocks, bonds, CDs, real estate, and vehicles. After all, isn’t having financial security considered part of the American dream? It can be scary to think that a resentful neighbor, or an unceasing creditor, can…
What is judgment proofing? According to nolo.com: “When a creditor sues you and gets a money judgment against you, it has a variety of methods it can use to collect on that money judgment… However, if you don’t have any income or property that the creditor can legally go after, then you are what is often…