How Louisville Small Businesses Benefit From Asset Protections By Forming An LLC

Why Protect Your Assets?

As a small business owner, your biggest challenges will be learning to manage your business structure, understanding your liabilities, and ensuring your taxes are correctly filed.

This is why Associates in Accounting, CPA is helping small business owners like you protect their assets from creditors, lawsuits, and other liability claims.

Explore Associates in Accounting, CPA's asset protection services here! 

How To Prevent The Loss of Business or Personal Assets

If you run a small business, a claim for employee damages, product liability, or lack of consumer protection can be very damaging, especially with limited assets and finances to fall back on.

The answer? Forming a Limited Liability Corporation (LLC) that by definition, limits your liability as a business owner.

The benefits of an LLC include:

• Personal asset protection for real estate, stocks, cash, vehicles, bank accounts, art, collectibles, etc.
• Tax liability management is based on the fact that Kentucky does not tax the net income of LLCs.
• Protection from business debts and obligations because of the separation of ownership between an LLC and the owner.
• Risk mitigation for partnerships and multi-owner businesses because owners are protected from the liabilities of other owners or members.

However, you will need professional help to set up an LLC, and Associates in Accounting CPA of Louisville specializes in this area.

“We should be aware of whether or not clients are operating businesses or owning rental properties inside of LLCs to protect individual owners from claims against the business. This is well within our professional expertise and is something we address with clients,” said a spokesperson for the accounting firm.

Support For LLC Formation & IRS Representation

Associates in Accounting, CPA will help you set up an LLC and protect your business interests from multiple risks. Additionally, as most claims are legal concerns, the firm refers clients to reliable legal representation, making it easier to fight inaccurate or malicious claims.

To address any structuring issues from the tax perspective, Associates in Accounting, CPA gives you IRS representation, acting as your advocate to IRS officials and making sure your business’s taxes are managed correctly.

Scale Your Business & Maximize Profitability

Since 2005, Associates in Accounting, CPA has supported individuals and small businesses with a wide range of financial services including tax planning, bookkeeping, payroll services, retirement planning, and more. With a team of certified and experienced accountants and paraprofessionals, the firm continues to help small businesses grow in scale and maximize their profitability.

Click here for more information about Associates in Accounting, CPA of Louisville.