I am often asked how liability insurance is different from entity liability protection. Liability insurance is purchased from an insurance company to cover claims against the business. Business entities such as limited liability companies (LLC’s) and corporations provide limited liability protection, which prevents creditors from seizing the business owners’ assets. Business owners do not realize…
PRACTICAL BUSINESS ENTITY TIPS—DO YOU KEEP YOURSELF SAFE? What do the terms “articles,” “meeting” “bylaws” and “minutes” mean? Articles of Incorporation The Articles of Incorporation is the primary legal document of a corporation; it serves as a corporation’s constitution. The articles are filed with the proper state government to begin corporate existence. The articles contain…
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…
