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How to protect your business assetsWhen starting a business there is no certainty that your business will be successful.If your business does become successful you will want to do everything possible to protect and continue growth of your business.There are many things that a business need protection from.Business and marketing is constantly changing, costs of products are rising, consumer habits are changing and every business is in danger of fraud.The thing most businesses worry about is competition putting them out of business.Lets look at ways you can protect your business and keep your business moving forward. A) Protect yourself against law suits and losses in your business.Get insurance to cover accidents that you could be held liable for.Ex:If someone slips and falls on your business property they could sue you for damages.If you have a home based business and a customer falls walking to your door, you would want to purchase extra home owners insurance to cover that.If you use a car for your business get insurance that will cover a business car, they have different insurance for personal use and business use.Also get workers compensation, if you don't you could end up paying a lot of money and that could soon lead to bankruptcy.
B) Turn your business into a corporation.Insurance may not be able to cover everything in a crisis.A corporations is completely it's own separate legal person.Even if you own the corporation, the business will be ran by the corporation and therefore be held responsible for any legal actions against it.So if the corporation where sued, you as a share holder will not be accountable for any costs, the corporation be held responsible for everything. There are many ways your business can suffer.Research ways to protect your business and do everything you can to ensure you stay in business. |
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