Safeguarding yourself, the 101 on protecting yourself from yourself

Business today is nothing short of setting yourself loose in a tank of hungry piranha.  It seems like everyone is out to make a quick dollar and they don't care who - or what - they step on to get there.  Here are a few ways to protect yourself from your business before one of these piranha latch on.   

1.  Create an LLC.  Or limit your personal goods from the company in some way.  This may be intuitive, but that's why it's number one.  Do this sooner rather than later.  One of the biggest mistake would-be entrepreneurs make is allowing too much time to pass before they safeguard their personal assets from their company's.  After too long, your money becomes the businesses money, your car suddenly belongs to someone else, and your home is a couch in your parents' house because they've already converted your room into a workout room.  Or worse yet, they've rented it out... under their own LLC.

2.  Get C-Corp coverage.  If you operate in a somewhat risky industry that may subject your company assets to lawsuits on a more-than-average basis (construction, restaurant, doctor), you want something to give the plaintiff.  That, my friends, will be much easier if you have something of value to give.  That will be stock.  

These are just a glimpse into the safeguards, and I'm of no law expertise, but these are ways to get you thinking in that direction!