Protecting your assets should be a major priority now that our economy is in such turmoil; so many people will be looking at quick ways to make money and seeking anyway out of their financial bind. Filing lawsuits in hopes of a quick settlement is a sure way to make a hasty buck or two. Having the luxury items that most envy would make you the easiest target. Here's some easy ways to protect your assets, even if you think you may not have much, you'd be surprised as to what can be liquidated in a court of law!
If you have your own business, or are just making money on the side providing goods and/or services, becoming incorporated is the first step that will safeguard the things that you hold dear to your heart. Becoming incorporated gives you an umbrella of protection that is very difficult to pierce. It will provide what you can think of as "shield" to the home you live in or the car your drive. The corporation that you establish wil be able to absorb the lawsuit and if the business that you own does not generate the income needed to provide proper compensation, the suit will end with the business. The courts won't be able to order you to liquidate your assets to pay the settlement.
Becoming incorporated is not a difficult task. Depending on the type of business that you own or operate or the services that you provide, paperwork for incorporations can be drawn up within days.
Generally, the most difficult question that you would be facing is "What kind of corporation do you want to become?"
With several to chose from, be sure to take in advice from the attorney you select, in order to insure proper protection. You may also want to consult with a cpa or if you are the one to handle your accounts, go with whatever you feel comfortable with. There are several degrees to protecting your assets, but one thing is for sure, YOU NEED TO PROTECT WHAT IS YOURS!
You can also get more information about Asset Protection for specifically tailored to real estate investors and Real Estate Investing.
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