Legal Question in Business Law in New York

Hello all,
As a small business owner and real estate owner, the threat of a frivolous lawsuit is always there.
What I would like to do is create a new corporation and open a brokerage account for this corp., then transfer the mutual funds held in my personal brokerage account into the new corporations brokerage account.
Would this be a good way to protect my personal assets if I am sued or in the case of a divorce?
Would this create an extra or new tax burden?
I want to avoid a single member LLC as it would be attached to my personal tax return on the schedule C.
Thanks in advance for your thoughts/ideas!

Asked on 1/05/13, 9:07 am

Walter LeVine Walter D. LeVine, Esq.

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0 attorneys agreed

Yes, but if you have a family you. might want want to consider an irrevocable trust which can protect your assets and provide other benefits also .

Answered on 1/05/13, 9:17 am

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