“Faithfulness to the formalities is the price paid to the corporation fiction, a relatively small price to pay for limited liability .” -as quoted by the court in Labadie Coal Co. v. Black
Liability protection for LLC and corporation owners is not absolute. In a legal sense, corporations and LLCs are legal entities [...]
An Introduction to Asset Protection
Asset protection refers to a set of legal techniques that protect a person’s property from creditors and judgments. While there have always been protective measures available to persons to protect their assets, there has never been as great an interest in asset protection until recent years. The litigation explosion of the [...]
How to Effectively Manage Your Corporation or LLC (Limited Liability Company) to Maximize Your Personal Liability Protection
The most notable feature of corporations is that a corporation’s shareholders are protected from personal liability for the company’s debts and obligations. This is a valuable tool for businesspersons. In fact, the corporation developed historically as [...]
LearnAboutLaw Staff July 2007
What is a Homestead Exemption?
A Homestead is, quite simply, a legal device that protects a person’s residence (or a portion of it) from creditors. A judgment creditor cannot levy on the homestead portion of a person’s residence. The amount of homestead protection differs widely by state. Texas and Florida offer unlimited homestead [...]
LearnAboutLaw Staff, June 2007
A friendly lien is simply a lien against property that you own that is held by a party or parties that is friendly to you. Some other terms used to describe this device are “friendly mortgage”, and “friendly loan.” The classic example of a friendly lien is as [...]