As much as we don’t want to think about things going wrong in our business, calculating risk is part of being a responsible business owner.
So how can you set up your business when you’re just getting started to make sure your personal home, car, bank accounts, and other assets are protected if something happens later? What role does insurance play in managing risk and do you even need to form a corporate entity at all?
In this episode, we’ll cover:
- The best way to protect your personal assets in case your business gets sued
- Which corporate entity you should choose if you have low risk in your business (you might be surprised!)
- Additional steps you should take to get your business set up as a sole proprietor
- Which corporate entity you should avoid if you have a business partner
- What you definitely DON’T want to do with your finances that could cause you tolose liability protection for your personal assets
- Why you’ll probably need to have an attorney on call to help you if you form a corporation
- The additional protection that insurance can provide to you and your business
- A few professions where you may not need a corporate entity at all
BONUS: Are you brand new to business and stuck on which corporate entity you should form your new business as? With all the options, it’s hard to know what’s what and understand which is the best fit for your type of business. Download our free corporate entity cheat sheet below.
Resources mentioned in this episode:
Find your local Small Business Administration (SBA) office:www.sba.gov
This podcast is information, not legal advice specific to your situation.