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Good insurance and good management practices are the best way to protect the assets of your company (equipment, for example) if the company is sued. When it comes to protecting your company's assets if you are sued personally, or protecting your personal assets if the company is sued, a one-person business creates some potential landmines in terms of both legal and financial liability. Although choosing the right business structure certainly helps, it's rarely as simple as forming an LLC or corporation, and presto, you're safe (even though that's what some folks imply). The type of business and the state in which it will be registered are just two of the many factors that will help determine the "right" set-up for you. Welcome to the community and best wishes.
1000QUESTIONS, welcome to the SBOC! You have an interesting username. Do you have more questions like this?1 of 1 people found this helpful
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I would like to know how to protect the assets of the company in case of a lawsuit. The company does not exist (yet), however I would really need to protect the equipment of my business. I guess you would like to know whether or not it would be LLC, S or C etc. I don't know all the details of them, however all I can say at the time is that I will be the only person running the company. I don't know if that limits my options or not but i remember reading something about board members and other things with regards to C. Not sure if its a requirement?