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Can I protect my new business from personal debt collectors?

Lihue, HI |
Filed under: Debt

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?

Attorney Answers 1

Posted

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.

NOTE: The response given does not form an attorney-client relationship and it is provided solely as the opinion of the author. It is for informational purposes only under the AVVO terms and conditions. If a legal opinion or representation is desired, please seek independent legal counsel.

REQUEST: Please give this answer a "thumbs up" if you find it valuable.

Tom Gimer, Esq. -- licensed in DC and MD -- 202.556.4LAW (4529)

http://gimerlaw.com

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