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How to Protect Personal Wealth as a Small Business Owner Starting a business is risky.

Many business owners fear losing it all if their business goes under or if someone sues them. This is especially true for those who fund their businesses with their own capital, or if they don’t have any business insurance. However, even if you are self-funded, you can take measures to protect your personal wealth from the risk you’re taking on as a business owner. Set Up the Right Legal Entity Protecting yourself from business liabilities starts with choosing the right legal entity. If you are operating as a sole proprietorship, your personal assets including your home, investments, and personal property can be seized in the event of a lawsuit or if you owe creditors. Setting up a corporation or a limited liability company (LLC), however, can help shield you and your shareholders from personal liability in the event of judgments or debts against the business. With either an LLC or a corporation, only your business assets would be used to pay creditors if you can’t meet your obligations.
Posted 11:34 AM

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