SHATTERPROOF NEWSLETTER
NOVEMBER 2021
WWW.REIBLAW.COM | 940.591.0600
4 ASSET-PROTECTION TRICKS USED BY THE SUPER WEALTHY
No matter what line of business you are in, the reality of being a successful entrepreneur is that you open yourself up to a number of unique risks — and the more successful you become, the more risks you face. Asset-protection planning is intended to reduce or eliminate the risks of being in business by shielding business and personal assets from potential threats. Unfortunately, trying to protect your assets due to a claim or lawsuit might actually get you charged with fraud.
The following four strategies form the foundation of any comprehensive asset-protection plan.
1. LIMIT LIABILITY WITH BUSINESS ENTITIES. As an entrepreneur, one of the most fundamental asset- protection strategies is setting up the proper entity structure for your business. By structuring your business as a limited liability company (LLC) or corporation, you can shield your personal assets from liabilities incurred by your business. Such structures establish your company as a separate legal entity distinct from you as an individual, which prevents you from being personally liable for the company’s debts or legal liabilities. As long as you properly maintain the separation of your corporate and personal assets, both LLCs and corporations effectively create a barrier between you and the activities of your business. In that case, creditors, clients, and other potentially litigious entities can go after your business assets but not your personal assets. As an Access member, keeping up with your entity’s administrative and compliance formalities is a snap. If you want to find out if your assets are protected, take our FREE assessment and find out. 2. INVEST IN INSURANCE. While setting up a separate legal entity can safeguard your personal assets from your company’s liabilities, an entity will not protect your business assets — that’s where business insurance comes in. And since a single catastrophic event or
lawsuit can wipe out your company, it’s vital that you have the proper insurance coverage in place from the moment you open your doors. The type and amount of coverage your company needs will largely depend on your particular company and its assets. Before you sit down with an insurance agent, meet with us. We’ll evaluate your business assets and underlying risks to identify the optimal levels of coverage you should have in place. 3. PUT SOUND LEGAL AGREEMENTS IN PLACE. Although using proper contracts and other business agreements might not seem like a major priority for asset protection, the value of these documents should never be
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As your Access Lawyer, we're specifically trained to help entrepreneurs like you put these cornerstone systems in place, providing your company with a shatterproof foundation. To see how stable your foundation is, take our Shatterproof Business Audit and assess your confidence in how much your legal, insurance, financial, and tax foundations will support your business growth. Just go to REIBLAW.com/shatterproof-audit and complete your audit. We will send you back a report card.
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or grandparent. The one hitch here is that you have to have parents or grandparents who thought ahead and left you an inheritance inside an irrevocable trust at their death, or who are willing to set up an asset protection trust for you during their lifetime. If you already have an ongoing business you want to protect using asset protection trusts, you can transfer your business into a creditor-shielded asset protection trust. If this is something you’d like to consider to protect your assets from future creditors or from significant estate taxes, contact us now to discuss the options. To ensure these strategies are put in place and maintained properly, having an experienced business law firm like ours on your advisory team is a must. As your Access Business Lawyer®, we'll help you develop, implement, and enforce a full array of asset protection strategies at every stage of your company's evolution. Contact us today to schedule an analysis of your business’s current risk exposure so we can ensure your company’s legal foundation is strong enough to withstand whatever threats you might face.
underestimated. These agreements are designed to protect your company’s most essential elements: your personal liability, personal and professional relationships, intellectual property, and trade secrets. In all cases, you must enter into legal agreements in the name of your business entity, not in your personal name. And be sure your legal agreements include provisions requiring conflict resolution through mediation and arbitration, whenever possible, before litigation. When it comes to limiting liability through contracts, state laws vary widely, so allow a licensed business attorney to draft and review your agreements. 4. PROTECT YOUR BUSINESS WITH TRUSTS. If you’re looking for the maximum level of protection, you may want to consider using specially designed trusts to safeguard your business. Such trusts are set up so the trust owns your business; then, creditors or lawsuits can’t reach your company and its assets. The most airtight protection is provided when you never own your business to begin with, and you start the business as the trustee of an irrevocable trust set up for you by a parent
– Scott Reib
MEET ALL YOUR MARKETING NEEDS WITH ZOOMINFO, THIS MONTH’S BIZ TOOL
With ZoomInfo, you can interact with potential buyers while they browse your webpage. The tool allows you to have a better idea of what each individual customer is looking for and can capitalize on it while they actively look at your website. ZoomInfo Chat allows you to interact with these potential clients with personalized data points. You have access to market intelligence that reveals what is happening within the company you are attempting to reach. With ZoomInfo WebSights, you can easily identify those B2B visitors who view your website. This handy tool will record the IP address of any individual who reaches your webpage, then create a personalized profile with a list of possible contacts. ZoomInfo provides its customers access to millions of professional and company profiles. It’s never been easier to reach the people who visit your website. ZoomInfo not only gives you easy access to potential clients but it will also help provide all the information needed to close a sale. If you’re interested but aren’t sure if ZoomInfo is right for you, you can try a free trial just for first-time users. Visit ZoomInfo.com today to learn more.
Zoom video has taken the world by storm over the past couple of years. Many businesses turned to remote working environments because of the pandemic, and they were tasked with finding the perfect platform to keep everyone connected. Many corporations chose Zoom to meet all their video communication needs. Zoom video allowed many companies to continue working as if they had never left the office. Zoom has now taken it a step further in an effort to boost business-to-business sales with a new tool. Generating leads while finding the right group to target can be a challenge for many businesses. ZoomInfo will provide you with plenty of new information pertaining to potential clients and can improve any marketing outlook with relative ease.
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3 MONEY-SAVING TIPS FOR SMALL-BUSINESS OWNERS
For small-business owners, every dime matters. You have likely put careful thought into every aspect of your business in an effort to maximize your profits and ensure it’s operating efficiently. When attempting to keep costs low in your business, it’s important to know the best ways to save money so your business can continue to prosper for years to come.
Here are three of the very best money-saving tips to ensure your small business is profitable year after year.
a strong way to create short-term profits, you need to protect it financially for the future. Set money aside in an emergency fund in case your business faces turmoil or you start to see losses. Having an emergency fund is a great backup plan in case business slows down. It will keep your business from running out of money. CREATE BUDGET BOUNDARIES. Your budget should ensure that your business stays profitable. During your first few years of business, you might think you need to go over budget to make it more profitable. But this is the quickest way to run out of money. Set boundaries pertaining to your budget so you don’t overspend. Otherwise, you’ll likely need to cut costs in the future to make up for it.
MAKE PLANS TO MEET YOUR GOALS. When starting your business, you probably had short- and long-term goals in mind. As you begin to face new and difficult challenges, keep those goals at the forefront when making decisions. Your goals should be specific and attainable, and you should also have a time frame in mind when setting them. You then need to put plans in place to ensure you meet your goals. Success does not occur overnight. You need to put the effort in while creating a foolproof plan if you want your business to succeed in today’s climate. UTILIZE AN EMERGENCY FUND. When your business first starts seeing success, you may think it’s time to invest more money in your business. While this is
BAKED CORNBREAD AND CHORIZO STUFFING
We want your feedback!
In editions of this newsletter, we’ve covered everything from business contracts to how to handle the former spouse who wound up with everything because there was no business succession plan in place. But now we’re wondering: What would you like to see? You know those legal questions that Google can’t give you a satisfactory answer to? The ones that keep you up at night as you wonder whether it’s time to call a lawyer? We want to answer those. Send us your questions, and we’ll use them to address the topics you want to know more about. Text your questions and curiosities to 940.227.3383 .
Inspired by FoodNetwork.com
INGREDIENTS
• 1/4 cup
• 1 lb Mexican chorizo • 1 white onion, chopped • 1 carrot, chopped • 1 celery rib, chopped • 3 garlic cloves, chopped • 2 cups premade cornbread, crumbled
cilantro, chopped • 1/2 cup chicken stock • 1 tbsp unsalted butter, for greasing • Cilantro, for garnish • Cotija cheese, for garnish
DIRECTIONS
3. While stirring, slowly add the chicken stock. Stir until absorbed. 4. Butter a small casserole dish, then add the stuffing in an
1. Preheat your oven to 350 F. 2. In a large skillet over medium heat, cook the chorizo for 5 minutes. Add the onion, carrot, celery, and garlic. Cook for 10 additional minutes. Stir in the cornbread and cilantro.
even layer. Bake for 20 minutes, garnish as desired, and serve!
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Asset-Protection Tricks to Secure Your Business INSIDE THIS ISSUE 1 2 3 3 4 Biz Tool of the Month: ZoomInfo 3 Money-Saving Tips for Small-Business Owners Baked Cornbread and Chorizo Stuffing 3 Personal Goals to Make 2022 Better
3 GOALS EVERY ENTREPRENEUR NEEDS IN 2022
By now, you should have an idea of what you want your business to achieve in 2022, but have you considered how you will grow during that year — and the impact that could have on your business? Often, entrepreneurs and business leaders take on the identity of their companies, but in order to personally thrive and see their companies take off, they have to grow right alongside it. To do so, consider these goals all entrepreneurs must focus on at some point in their careers. GOAL NO. 1: GET A LIFE You are more than the company you started. Plus, having hobbies or personal interests outside of your work can help you excel in work. It allows your brain to grow in new ways, sparking fresh ideas and perspectives. Consider activities that you’re interested in learning more about — like painting, podcasting, reading, or running — and get started. Maybe you’ll fail, but just keep trying! You may find a new activity that brings you the joy you need. GOAL NO. 2: SAVE MORE Many of the dimes you earn as a business owner go back into the company, but don’t forget to consider your future. Is your retirement plan in order? Do you have a plan should your
company need to close? Will your family be secure? Consider these questions and hire a trusted financial advisor who can help you find personal investment success. GOAL NO. 3: MEET NEW PEOPLE Becoming inundated by daily, menial tasks can make us miss opportunities. This is where meeting new people can be so valuable! By doing so, you create a network of people who have different experiences than your own. They can help you see beyond your biases and discover a new path. Who knows? You just might find the next great venture for your company!
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