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Incorporate your business to protect personal assets from "summary" of The Tax and Legal Playbook by Mark J. Kohler
When it comes to protecting your personal assets, incorporating your business is a crucial step that every entrepreneur should consider. By forming a separate legal entity for your business, such as a corporation or limited liability company, you create a distinct barrier between your personal assets and the liabilities of your business. This means that if your business is ever sued or faces financial difficulties, your personal assets, such as your home, savings, and investments, will be shielded from creditors and legal claims. One of the main advantages of incorporating your business is limited liability protection. This means that as a shareholder or member of a corporation or LLC, your personal liability for the debts and obligations of the business is typically limited to the amount of your investment in the company. In other words, your personal assets are not at risk to satisfy the business's deb...
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