Protecting Your Business Assets: Asset Protection Planning in El Paso, Texas

Business owners in El Paso, TX, often structure their businesses in a manner that protects their individual property, such as by forming a limited liability corporation (LLC). However, the business structure does not protect property belonging to the business itself. To protect business assets, owners must hire a commercial litigation lawyer to explore their legal options.

The El Paso business attorneys at Carabin Shaw understand the liability that can put your commercial assets at risk of seizure following a lawsuit. Our team can help you to create a legal vehicle that protects your assets, so you can withstand a civil judgment without facing insolvency. We offer our services on a contingency-fee-basis, and we have English- AND Spanish-speaking staff available. Call our toll-free number 24/7 at 800-862-1260 to schedule a free consultation.

Asset protection in El Paso TX includes considering vulnerable personal and business assets in the event of a lawsuit. Business assets that are susceptible to creditors and legal judgments include:

• Financial assets: Cash, accounts receivable, stock, royalties
• Physical assets: Property, vehicles, machinery, products

Depending on the business structure and industry, multiple options may exist to protect your business assets. Speaking with an experienced attorney allows business owners to make informed decisions about safeguarding their business.

The first step in business asset protection is evaluating risk and developing potential strategies to mitigate that risk. For example, identifying hazards and reducing their danger lessens the chance of a severe accident that could cause a large personal injury claim. Oversight by management can also reduce risks by employing safety measures and creating operating procedures that are safety-compliant.

Finally, the organization must consider legal strategies to protect itself from a devastating lawsuit or inability to pay a creditor. These strategies can involve insurance policies, trusts, and the business structure. A commercial litigation attorney in West Texas can present the legal options available to you in Texas.

There are multiple types of commercial insurance policies available to help businesses in all industries protect their viability in case of a lawsuit. Policy types include:

• General liability
• Professional liability (errors and omissions)
• Commercial property insurance
• Commercial automobile insurance
• Workers’ compensation
• Umbrella insurance

While a business might choose to consult only with a commercial insurance agent when purchasing business policies, a business lawyer in El Pason can help to ensure that you have coverage for risks that could cause costly damage and that the policies have high enough limits to cover most losses.

A trust is its own legal entity, separate from an individual or a corporation. Business owners can receive tax and liability benefits when they transfer business interests into a trust. Much like the separation between the individual and the company in an LLC, the trust creates an entity that shields the company from the financial woes of liability in a business lawsuit.

Trusts are complex legal vehicles with potential downfalls, such as cost, legal requirements, and the trust’s duration. However, El Paso business asset protection may include forming a trust as a perfect solution for some businesses. Sometimes, a trust will protect a business from complete liquidation because of a lawsuit.

The best advice for commercial asset protection depends on the many factors present in your business. A consultation with a quality legal team is the best way to get sound legal advice to protect your assets when an unexpected event occurs. At Carabin Shaw, we encourage business owners to read our client reviews to determine how we dedicate ourselves to our clients. Call us ASAP to schedule an appointment to ensure you’ve protected your business assets.

For more information:

• Texas Secretary of State
• TDI Texas
• Statutes Capitol Texas