Your Business – Protecting Your Assets Pt 4

This post was written by Tony-Online on March 15, 2010
Posted Under: Uncategorized

Of course, you are under no obligation whatsoever to take any action that protects your assets from potential litigation – some turkey suing you but, taking precautions, its good thing.

The problem is that no one seems to take responsibility for their own actions these days. When something goes wrong in their life, the first action many take is to look for someone else to blame. That leads to a lot of lawsuits attempting to hold some other party accountable for the issue.

All I’m advising is that, as unlikely as you might think it, someone could elect to sue you for an action they’ve taken based upon something you sold them, one that hasn’t worked out the way they thought it would.

Any protection you can apply to your assets protects them from any lawsuit that you lose. If you have the money, consult an experienced lawyer that can advise you what is best in your case. If you don’t have any assets, you don’t have to worry about losing them.

You can incorporate your business. Such a business shields all that you own personally from any debts and obligations that the business incurs. Again, you would need to consult an experienced lawyer that can advise you how to proceed. Incorporating a business does cost money and it obliges you to file forms and periodically submit reports on your business to designated agencies on an ongoing basis. This may be a choice you could consider.

Regardless of what route you take, make sure it is one that you are comfortable with or take steps to change your status if your situation changes. For example, you might start small but enjoy rapid success and that could warrant you making a change.

“None is so perfect that he does not need at times the advice of others.” Baltasar Gracian

More tomorrow.

An original blog written by Tony Neilson and published at March 15/10

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