You must protect your assets through a business listing, like an LLC or corporation. This is because we live in a society that’s sue-happy, and will look to milk every penny out of you for any slight wrongdoing. Also, insurance alone won’t cover the cost of any lawsuit, as it is only meant to be an initial defense. Finally, you’ll need to understand the regulations involved in shielding your assets and act immediately so to stabilize your financial future.
- The United States is a very litigious society, but a corporation, LLC or LP can help protect you.
- Structuring your business properly is preferable to the stealth method of putting your assets is someone else’s name.
- Successful people use the law to their benefit, which includes using corporations and LLCs to protect themselves.
“You can have a horrific claim where your insurance is not enough to cover you. Litigants can go after your personal assets once the insurance money runs out.”