CORPORATE ASSET PROTECTION
Mississippi Asset Protection Lawyers
“Asset protection” involves the use of legal structures to protect the assets of individuals, businesses and corporations from exposure to creditors, civil money judgments and administrative penalties or fines.
The goal of asset planning is to protect your assets, and ultimately your net worth, within the bounds of the law (i.e., without engaging in fraudulent concealment or tax evasion). If your business involves any type of commerce that might expose it to liability, then it is prudent to look at the different corporate structures that may protect against a catastrophic loss.
Creditors and plaintiffs have a number of tools available to go after your assets. These include federal and state laws against fraudulent transfers. Most states, including Mississippi, have adopted the Uniform Fraudulent Transfer Act (Miss. Code Ann. § 15-3-101 to 15-3-121). In addition to those rights available under the UFTA, creditors and plaintiffs may also try to “pierce the corporate veil.”
At Danks, Miller, & Cory, we have the experience and knowledge to help you set up and structure your business. We will work with you to give you the protection you need to shield the owners from individual liability for the debts and obligations of the company.
The First Rule of Asset Protection
The number one rule in corporate asset protection is to start planning before a serious claim or problem arises. Before a claim has arisen, there are many options. However, after a lawsuit is filed your options are more limited and risky.
Asset protection planning involves identifying the best corporate structures and designing the structure that will accomplish your ownership’s needs and objectives.
An important component of asset protection is having the appropriate insurance policies in place to cover any potential liabilities or losses. The right combination of corporate structure and insurance coverage will provide your company with the most protection possible.
There are any many different types of insurance coverage available. There are also many different ways that insurance companies exclude and limit the actual coverage provided. We have the experience to answer your insurance coverage questions while helping you incorporate the right policies into your asset protection plan
Contact Us to Discuss Your Corporate Structure Needs
At Danks, Miller, & Cory, we have the experience and skill to help you protect your Mississippi based corporation. We will assist you in selecting the right corporate structure, putting in place the appropriate systems, and even reviewing the various insurance policies in order to give you the protection and peace of mind you need.
Contact us online or call our office locally at 601-957-3101 to schedule a consultation with our corporate structure team. Our office is conveniently located in downtown Jackson, just off I-55. Parking is available behind the building.