I am reading this book called The Tax & Legal Playbook by Mark Kohler and I have found this book to be very helpful in the operation of my business so I thought I would share some of the things I have come across and also comment on them as well. I titled this blog Asset Protection because this is the section of the book I am reading and I hope it helps you. When you think of protecting your assets what comes your mind? Your home, vehicle the money in the bank, your children? What is an asset? Defined as property owned by a person or company, that has value and available to meet debts commitments or legacies. Business owners should always make sure that the entity should be a LLC or /S corp and maintain separate banking and checking accounts. Using your name of the company on all of your documents and keeping good records are vital to protecting the business. Keeping your business separate from your personal assets can avoid some legal problems you don't want to have. If you have umbrella insurance ( insurance under another form ) will not cover fraud, criminal or reckless acts. You want to maintain a good reputation in the business field because who wants to do business with a crook? Not me. Be sure to learn your states laws regarding a business liability. Every year go over your protection plans to make sure your have enough coverage and upgrade if needed.
