“Business Asset Protection in Business Formation” Article Published by LegaLees’ Attorney Lee Phillips

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The correct business structure is one of the most important steps in business formation. It can determine the asset protection afforded by law, and provide valuable tax saving strategies.

Lee R. Phillips

Lee R. Phillips

The challenge is that most people don’t know which structure to use either because they don’t know what the options are, or no one told them how to weigh the pros and cons of all the possibilities.

Choosing the correct business structure is one of the most important parts of business asset protection. Many people do not understand this; they just start into business, and hope they make it. LegaLees has released a new article on how using the correct company structure can make all the difference in business asset protection. Unfortunately, many times the business structure gets no attention when a business is started, and when problems occur, then it’s too late.

Because of the importance of the business structure to its overall success, Attorney Lee Phillips has written this article. He also created the LLC Wizard Course, which has a business formation table designed to help people determine which business structure they should use in a particular venture.

There are several business structure options. Each structure has different tax implications, management options, costs and registration requirements. Attorney Phillips explained, “The challenge is that most people don’t know which structure to use either because they don’t know what the options are, or no one told them how to weigh the pros and cons of all the possibilities.”

Mr. Phillips sees many people in his practice who have started a business, but did not give much thought to the proper business structure beforehand. He said, “I see these people after it is too late. What they do not realize is that if the business structure is not in place, they will never have the tax and money making advantages they could have had. Nor will they have the asset protection they need if they ever end up in court.”

Attorney Lee Phillips runs a law firm in Orem, Utah, that litigates business issues. In filing cases against over 100 businesses, they have succeeded every time in holding the owners personally responsible in the litigation. This would not be possible if the businesses were setup correctly, were properly maintained, and the formalities followed.

Mr. Phillips serves as a counselor to the Supreme Court of the United States. He is the author of 11 books, including his latest,Protecting Your Financial Future. He has written hundreds of articles for professional people to assist them in finding various strategies to use the law to protect their property, save taxes and make more money. He has given addresses at thousands of business seminars. He enjoys helping people apply the law, not only to provide asset protection and estate planning, but also to help them make more money and achieve greater success.

LegaLees was founded in 1982 by Lee R. Phillips. It is a legal self-help publishing company. It produces products designed to help people understand the law. Based on his own personal experiences, Mr. Phillips realized that people needed to be able to understand how the law works so they can direct their own legal professionals. He also saw that people who want to do their own legal work need to be shown how, not just handed a fill-in-the blank form. LegaLees has designed many products to help individuals structure their personal and business affairs. All of the products help the clients protect assets and prevent legal disasters that can strike at any time.

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Lee Phillips
LegaLees
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