Legal Question in Business Law in Florida
Owning 2 corporations
I currently share ownership of an S-corp with a partner. Both of us including our wives signed personal guarantees on a business loan as well as our lease. I want to start another business with another party. Is there a way that I can shield the new business from my first business should the business fail and the leaseholder or bank come after me personally? Could the new business be put in one of my minor children's names or can we set up the new corporation or LLC in a way that the bank or landlord cannot try getting at the assets of the second company? Any ideas would be most helpful.
1 Answer from Attorneys
Re: Owning 2 corporations
Just start the new business. If you keep them seperate and operate them legitimately then each company's assets should be protected from the other and from others.
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