You can say that life is like a chess game. But if you don’t protect your personal assets from the everyday risks of your business, the game can end in a hurry.
Whether you’re driving for Uber, working as a web designer or managing an army of dog-walkers, things can go wrong. Cars crash, dogs bite, and so forth. If someone gets hurt or property gets damaged, you can be held responsible. Personally responsible. That means you could lose your house, your savings and just about everything else if the injured party sues. It’s known as “getting a haircut” and it’s not fun.
There is a way to protect yourself, just as giant corporations do. An LLC or similar structure puts your business assets in one silo and your personal assets in another, so that a disaster in one silo doesn’t affect the other one. It’s quick, easy and inexpensive. Or at least, it can be when your attorney is one who works with small and start-up businesses every day.