There are several strategies businesses can employ to protect their assets:
Incorporation: Forming a corporation or limited liability company (LLC) can provide a shield against personal liability, ensuring that personal assets are not at risk in the event of business-related lawsuits. Insurance: Purchasing various types of insurance such as general liability, property, and product liability insurance can provide financial protection against unexpected events. Contracts: Well-drafted contracts with vendors, customers, and employees can help protect the business from potential legal disputes and financial losses. Intellectual Property Protection: Registering trademarks, patents, and copyrights can safeguard the business’s unique products and services. Asset Segregation: Keeping personal and business assets separate can prevent personal assets from being used to satisfy business liabilities.