Asset Protection

Learn How to Protect your Assets

Incorporating a business offers the owners limited personal liability protection from lawsuits filed against the business. This is accomplished because a corporation or LLC is considered a separate legal entity from its owners.

Unfortunately, we live in a very litigious society. Statistics tell us that an estimated 50,000 lawsuits are filed every day in the United States. Our customers tell us that personal asset protection is one of the main reasons they chose to incorporate.

You've worked too hard to let a lawsuit against your business threaten your personal belongings. You should take steps to protect your wealth before you ever get served with a lawsuit against your business.

An LLC or corporation's lawsuit protection is generally respected as long as it remains a complete and separate entity apart from the individual owners. It is imperative to follow all corporate and/or LLC formalities for compliance and be consistent with each compliance regulation. Your asset protection depends on it.

CorpAmerica can assist you with your asset protection planning. To learn more, call and speak with one of our Business Specialists today at 877-246-2462 or 302-636-5448. Or, you can email us at info@corpamerica.com.

Corporate Veil

The term 'corporate veil' generally refers to the shielding of a corporation's shareholders from personal liability for the debts or actions of the corporation. The courts generally uphold this liability protection offered by the corporation or LLC status of a business. In cases where it is found by the court that the business owners did not abide by all the corporate formalities or abused the company entity in any way which is harmful or defrauds others, and a judge rules a defendant personally liable for damages of the corporation, the corporate veil is said to be pierced or lifted. This is commonly referred to as 'piercing the corporate veil'. If the members of an LLC are found personally liable for damages of the LLC, this can also be referred to as "piercing the veil."