OVERVIEW:
Jason A. Duprat, Entrepreneur, Healthcare Practitioner and Host of the Healthcare Entrepreneur Academy podcast talks about asset and liability protection for your business or start-up.
EPISODE HIGHLIGHTS:
- Why is it important for you to protect your assets, especially if you're a business owner?
- When it comes to being sued, your business is at risk whether you offer a service or a product.
- The golden rule is to set up an LLC or a corporation to protect you from personal liability.
- Jason talks about incorporating in different states as one way to protect your business.
- Hire an attorney with knowledge about being licensed in other states.
- Work with your CPA and attorney to create a structure that provides the most benefits while mitigating risks.
- Your goal is two-fold: protect your assets and limit your liabilities.
- Another way to limit your liabilities is through trusts and holding companies. Create multiple LLCs/corporations to hold various assets of your business.
3 KEY POINTS:
- The golden rule of asset and liability protection is to incorporate.
- Consult with your attorney when it comes to legal action. He/she will help you navigate different caveats your business may face.
- Create a structure early on and keep adding layers of complexity as your business and assets grow.
TWEETABLE QUOTES:
"You guys are working hard as business owners and you need to protect what you're creating and what you're building." - Jason Duprat
"The richest people in America literally have no assets. They don't own anything. They've set up everything as various companies." Jason Duprat
RESOURCES MENTIONED:
Healthcare Entrepreneur Academy for Digital Businesses - https://www.facebook.com/groups/HeathcareEntrepreneurAcademy/
Healthcare Entrepreneur Academy for Brick & Mortar Businesses - https://www.facebook.com/groups/HealthcareEntrepreneurAcademyBrickandMortar/
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