Protecting Your Assets from Business Activities
When starting a business you should consider taking steps to protect your personal assets, including your home, from business creditors and other business claims. First, consider creating a separate legal entity under which you will conduct your business, e.g. INCORPORATE, set up a LIMITED LIABILITY COMPANY, etc. Second, consider non-business protection options such as, filing a DECLARATION OF HOMESTEAD (if applicable in your jurisdiction) for your home.
- CREATE A SEPARATE LEGAL ENTITY
By creating a separate legal entity (e.g. Corporation or LLC) under which you will run your business, you will reduce the risk and exposure to personal liability for most acts or omissions of the business. You will remain personally liable for some acts, e.g. gross negligence and other intentional and fiduciary duty acts. However, by running your business as a separate legal entity, you will greatly reduce your exposure to liability. Click here for more information on separate legal entities.
III. DECLARATION OF HOMESTEAD
In addition, if applicable in your jurisdiction, consider filing a DECLARATION OF HOMESTEAD at the Registry of Deeds. Click here for more details regarding Declaration of Homestead.
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- Some jurisdictions do not recognize the filing the Declaration of Homestead. Consult an attorney regarding your specific situation and jurisdiction.
- Filing fees and statutory protection is subject to change. Consult an attorney regarding your specific situation.
Copyright (c) 2011-2012 Michelle L. Grenier, Esq. All rights reserved.
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