Entrepreneur? Consultant? Have you started a new business? Proper business entity formation, such as incorporation, can protect you and your personal assets from liability. A lawsuit against you directly can impact your net worth without proper shielding through business entity formation.
The other component in protecting personal assets is to purchase business liability insurance. Most insurance carriers have business divisions which write general liability insurance polices. Contact your current carrier and see if you can obtain insurance this way. Additionally, you may be covered under your homeowner’s policy depending on the business you are in, anticipated revenues, and the potential exposure. Speak with your insurance carrier to find out what you need to do to protect yourself.
You can apply for the entity yourself or with the aid of an attorney. As mentioned earlier, you should speak with a tax attorney or CPA about which entity offers you the best tax advantage in your state.
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