Q: As a business owner, how can I legally protect my business?

by | Dec 22, 2021 | Business, Estate Planning, Q&A |

  1. Register your business with the state: This legitimizes your business for both you and your consumers, gives you the ability to apply for grants and loans, and allows you to receive an employer identification number (EIN), which means you can establish business bank accounts.
  2. Create business bank accounts: This allows you to keep track of budgeting and helps protect your personal finances if someone files a lawsuit against your company.
  3. Use strong contracts: It’s important to both establish an agreement between you and your customer and have protection if a problem ever arises.
  4. Complete an estate plan: An estate plan will make provisions for your business after your passing, which keeps you in control and makes sure that your business is taken care of!