To Be or Not to Be... Protecting Massachusetts Assets in a Recessionary Economy

A recent law firm survey of 100 corporate clients indicated 53 percent of respondents "had a negative outlook on the economy" with 31 percent considering a "recessionary economy" to be the biggest threat.

Whether from Boston, Weymouth, Cape Cod, or elsewhere in MA, anecdotal evidence from talking with attorneys, accountants, and Massachusetts business owners confirms the same. As a result, Massachusetts small business owners and family businesses are now taking pause and seeking ways to help them protect their assets, both personal and business.

If you have concerns, here are some questions you should be considering today:

Have you been too busy growing or focusing on your businesses and not made the time to protect your home and family assets?
Are you conducting risky business in business entities that may not limit your liabilities?
Are personal guarantees placing your family's assets at risk?
Do you own companies and assets under one umbrella, possibly exposing everything to liability when an issue arises?

This is my advice whether you are just starting a business or are an existing business owner with liability concerns:

First, take an inventory of your personal assets and personal liability exposures.
Second, take proactive steps to protect yourself and your family.

Third, reduce business liability issues with proper planning and by making use of ordinary and creative options.

While insurance and accounting practices are good steps toward your goals, adding a combination of legal protections with these is a more powerful approach. Don't wait until you get knocked down and it's too late to take advantage of all your options. Begin taking stronger strides towards keeping what you have protected, especially while weathering fluctuations in an uncertain or even a recessionary economy.

In this instance it is far better to take arms against a sea of troubles, and by opposing end them...