The very best in asset protection always incorporates employee awareness for small business owners. All too often, business owners make all or a combination of the following three critical mistakes:
1. They fail to form a business entity which feasibly can create protection from lawsuits filed by employees, suppliers and customers;
2. They fail to carry the appropriate amount of commercial insurance necessary for the operation of the business; and
3. They fail to distinguish between the proper organization of the business and the smooth running of the business as it regards employer obligations and employee rights under the law.
I urge business owners to form a structured formal business entity capable of inside and outside protection– by that I mean protection from internal lawsuits as well as from external lawsuits. Contact G.A.I.T.E.way Business Solutions at www.gaiteway.net, in order to obtain the proper commercial insurance, health insurance and the full gamut of legal and coaching business expertise, in order to ensure the smooth operation of your business and the protection of its valuable assets. Finally, I would urge that every business owner create a twofold the level of protection through the utilization of a irrevocable living trust. With this great tool, you can provide a vehicle for the smooth transition of your assets after you pass, as well as an additional layer of protection for your business during your lifetime.
Remember, lawyers for business owners everywhere recommend employer-employee awareness; entity creation; and insurance insulation for the BEST ASSET PROTECTION available.