Suzanne Saxman Quoted in Mainstreet.com
“Asset Protection: What Women Business Owners Should Know”

Suzanne Saxman was quoted in the article “Asset Protection: What Women Business Owners Should Know,” published January 9, 2009 on Mainstreet.com. The article explained how to protect wealth when starting a business. As stated in the article, the personal finances of business owners and even their spouses can be at risk if a business entity is not selected. Suzanne remarked that even if you form an entity that shields you from personal liability, you’re only half-way there. She noted, “For the entity’s shield to work, it’s critical to not commingle business and personal assets.” She further noted that the entity is “a business owner’s front line of defense,” and if “clients use personal assets for business and vice versa, they run a big risk that a court won’t respect the limited liability protection of an LLC or corporation.”

Suzanne also illustrated how a client wanted to bring in two friends as equal partners in her business, even though it was clear that the client was the sole driver of the company. She pointed out that it’s one thing to enlist friends to “help,” and another thing entirely to give away ownership interests. “If you take the time to map out roles and responsibilities for those involved, it becomes clear who deserves an ownership interest and who is really an employee,” she concluded.