This morning, I met with a fellow entrepreneur who has a legal case at the Daley Center in downtown Chicago, Illinois at the Circuit Court of Cook County-1st Law Division. His case stemmed from a real estate company that he used to own. His story is a similar story that business owners are facing everyday. Business owners are being sued by their customers, vendors, and others. Most often, business owners have bought into the illusion of limited liability protection provided by LLCS and Corporations. Unfortunately, most business attorneys do not inform a shareholder or member of an LLC that there is a good chance that they will be sued personally if a lawsuit is commenced. Later on this afternoon, I met with a father and son team that have a successful closely held business. Their objective is to gift the business to the son. In one of the topics, we discussed is it is better to have his company, ABC, Inc. (made up name) to be owned by a new entity, S corporation, instead of him personally. The business purpose behind this is most creditor's attorneys will sue the ABC, Inc. and S corporation and not the client personally. If the Client was a member or shareholder in his personal name, the Client gets named in the lawsuit. This is important for several reasons. The first reason is the costs of paying for litigation can and does bankrupt a lot of business owners. My main point is asset protection and wealth preervation are critical for business owners before a litigation arises.
Sean Robertson is a commercial litigation and wealth preservation attorney that concentrates in litigation, estate planning, and asset protection for business owners. Unlike most litigation attorneys, Sean Robertson focuses on distressed business owners and giving them their legal and financial options.
Sean Robertson is Managing Partner of Robertson Law Group, LLC, which concentrates in asset protection and commercial litigation. Asset protection is a combination of estate planning, business law, litigation, and bankruptcy planning. Robertson Law Group, LLC may be reached at (312)-854-7102 and our website is www.RobertsonLawGroup.com.
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