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        • People’s Choice Photo Winners
      • Best of Greater Prescott
      • Everyone Can Be a Hero
      • Holiday
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Prescott LIVING Magazine
Prescott LIVING Magazine - Click for Current Issue
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INCORPORATE BEFORE IT’S TOO LATE

August 2, 2018
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PROTECTING YOUR PERSONAL ASSETS FROM BUSINESS DEBTS

by Joel T. Fornara, Attorney, Musgrove Drutz Kack & Flack, PC

There is no reason for a business owner to operate a business without the protection of a legal entity, such as a corporation or limited liability company (LLC). Whether you are an online retailer or are a “mom and pop” brick-and-mortar business, do not make the consequential mistake of being a sole proprietor. As a sole proprietor, there is no “corporate veil” separating you from your business. Instead, the business and the business owner are one and the same, and the owner is personally liable for all business debts.
While this may not concern you now, a sole proprietorship can quickly turn into a financial nightmare if your business gets sued and has a judgment entered against it. Without the protection of a legal entity, many of your personal assets may be levied upon or garnished to satisfy the judgment against your business.
Forming a corporation or LLC is a critical step toward protecting your personal assets. In general, an Arizona business owner is not personally liable for the obligations of the business. Instead, a judgment creditor must overcome a very difficult legal hurdle known as “piercing the corporate veil” before it can attempt to collect on the owner’s personal assets.
Whether a corporation or LLC is more suitable for your business depends on the individual aspects of your business. Our law firm represents a wide variety of businesses from startups to established companies. Call our office to schedule a consultation so that we can help you grow your business while protecting your personal assets.
ATTORNEY JOEL T. FORNARA ADVISES LOCAL BUSINESSES AND REPRESENTS THEM IN THEIR TRANSACTIONAL AND LITIGATION NEEDS. MUSGROVE DRUTZ KACK & FLACK, PC IS A FULL-SERVICE LAW FIRM SERVING OUR COMMUNITY FOR MORE THAN 30 YEARS. FOR MORE INFORMATION ABOUT THE FIRM, GO TO MDKFLAW.COM.

Meet Two of Our Attorneys

Mark W. Drutz received his B.A. cum laude from the University of Kentucky and received his law degree from the University of Iowa College of Law in 1980. He has been a member of Musgrove Drutz Kack & Flack, PC since 1985. His practice is focused on litigation, that includes bodily injury, wrongful death, real estate and commercial cases. Mark appears in courts throughout Arizona, is a member of the Arizona Trial Lawyers Association and has been a member of the State Bar of Arizona since 1981.

Jeffrey D. Gautreaux earned his Juris Doctor summa cum laude from the University of Arizona College of Law, and his B.A. summa cum laude in Media Production from Hastings College in Hastings, Nebraska. His areas of focus at the firm are criminal defense, civil litigation and appeals. Jeffrey also handles real estate disputes and personal injury cases. He previously clerked for the Hon. Patricia K. Norris at the Arizona Court of Appeals. He is a member of the State Bar of Arizona, the Yavapai County Bar Association, and is admitted in the United States Court of Appeals for the Ninth Circuit. He also serves on the Board of Directors for the Prescott YMCA of Yavapai County and is President of the Board of Directors of the Forest Trails Homeowners Association.

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Come & enjoy the local scene in Prescott Arizona!

Prescott Living Magazine

1 day ago

Prescott Living Magazine
OUT & ABOUT — Thank you to Janet Cameron, Karen Shaw, and Janet Ash for submitting these creative photos! Reader photos are published in every issue of Prescott LIVING - send in your best shots taken in the Greater Prescott area to photos@roxco.com. Selected photos will appear in print and will be posted to our social media channels. #prescott #prescottvalley #chinovalleyaz #deweyhumboldt ... See MoreSee Less

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Prescott Living Magazine

2 days ago

Prescott Living Magazine
Tickets are available at www.ycpac.com for the Kathy Mattea & Suzy Bogguss concert, which is coming up on March 2 at the Yavapai College Performing Arts Center. If you're not familiar with their musical careers, here's some background from YCPAC. . . .COUNTRY STARS COMBINE HIT SONGS AND CHEMISTRYPrescott, Arizona (2/2/2023) – Two stars, no waiting. When longtime friends and Country music artists combine their impressive set lists and their love of live performance, everybody in the audience wins. Yavapai College Performing Arts Center invites you to join Country music hitmakers Kathy Mattea & Suzy Bogguss for a rousing and memorable ‘Together at Last’ performance, Thursday night, March 2 at 7 p.m. Two country music legends, with three Grammy awards between them, bring their prodigious talents, their solo hits, and their on-stage chemistry to the stage in ‘Together at Last.’ Friends since their early days in Nashville, Kathy Mattea and Suzy Bogguss have each carved out careers in popular music with country chart hits spanning two decades. Kathy has had more than 30 singles in Billboard Magazine’s Hot Country Songs Charts, including “Goin’ Gone,” “Eighteen Wheels and a Dozen Roses,” and “Come From the Heart.” She won Grammy Awards for her 1990 single “Where’ve You Been?” and her 1993 Christmas Album Good News. Bogguss found stardom with her platinum-selling album Aces, which featured four hit singles: the title track, “Someday Soon,” “Outbound Plane,” and “Letting Go.” She won the Academy of Country Music’s Top New Female Singer award in 1989 and the Country Music Association’s Horizon Award in 1992. Their busy solo careers allowed Kathy and Suzy few opportunities to collaborate musically, although they did perform a Grammy-nominated cover of “Teach Your Children” back in 1994. Their fans have clamored for a joint tour like this for years. And now, sporting new material developed for the tour, armed with two careers worth of stories and more hits than they can fit, Kathy Mattea and Suzy Bogguss are together at last.Tickets for Kathy Mattea and Suzy Bogguss start at $32. Yavapai College Performing Arts Center is located at 1100 E. Sheldon Street, in Prescott. The YCPAC Ticket Office is open Tuesdays and Wednesdays, from 9 a.m. – 6 p.m.; and Thursdays and Fridays, from 9 a.m. - 4 p.m. For reservations or more information, please call: (928) 776.2000 or visit us online at: www.ycpac.com.. . .Be sure to pick up a free copy of Prescott NOW to see what's happening this month, or visit prescott-now.com/events for the online events calendar. ... See MoreSee Less

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