I am starting a business, but am worried that my personal debt collectors will try to collect from the business earnings before the business is stable enough to pay myself a salary. Can personal debt collectors go after the business funds? Is there any special regualations I should know about to protect the business?
Real Estate Attorney
With some planning and by following proper procedures, assets can be protected from personal creditors. It is always recommended that business founders consult with an accounting professional to determine proper business entity selection, tax election and other matters. Especially in your situation -- share the financial details with your advisers -- this would be money well spent.
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Tom Gimer, Esq. -- licensed in DC and MD -- 202.556.4LAW (4529)