How to Protect Websites and Domain Names from Judgment Creditors

For some businesses, the most valuable asset they have is their website and domain name. Even in cases where the website and domain names would not have any market value to anyone else, a judgment creditor may still seek to levy on this unique personal property in order to pressure the debtor to pay all…

Piercing the Corporate Veil in Florida

Piercing the corporate veil refers to the creditor tactic where a creditor with a judgment against a business pierces the corporation and transfers the judgment to the individual owners. Many business owners are worried that their creditors will pierce the corporate veil, putting their family’s assets at risk. One of the most important functions of a…

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Fishermen Exempt From Wage Garnishment: Federal Law

Federal law wage garnishment rules are different than Florida’s rules and exemptions from wage garnishment. For instance, federal law permits garnishment of 15% of net wages without regard to any state exemptions. I just learned about a federal wage garnishment exemption I had never before encountered in asset protection work. Federal statute 46 USC 11109…

Sole Proprietorship Advantages For One-Owner Businesses and Professions

Most one person professional business- such as attorneys or physicians- operate as a legal entity (P.A. or L.C.) . The professional is an employee who receives from the business a combination of salary and profit distributions. This business arrangement has tax advantages because it can reduce employment taxation, but it may not be best for…

Distinguishing Two Similar Asset Protection Issues: Piercing The Corporate Veil And Attacking Successor Business As Alter-Ego Of A Debtor Business

I got a call from a Florida businessman who owned a business Jacksonville which had been sued. The court awarded a judgment against the business, but there is no judgment against the owner personally.  The owner is  considering closing down the debtor business and starting a new company doing similar kinds of things for similar…

Fraudulent Transfer From Debtor Company To Newly Formed Entity In Same Business

Asset protection clients often deal with judgments against both themselves individually and their closely held business. Many of my clients believe that they can deal with their businesses’ liability and potential judgment by closing or bankrupting their business. When I asked them how they plan to make a living after they close their business the…