How do I protect my assets from lawsuits?

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How do I protect my assets from lawsuits?

I want to protect my house, etc.

Asked on September 1, 2013 under Business Law, Michigan

Answers:

M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney

Answered 8 years ago | Contributor

If you own a business then the best way to protect assets is to incorporate the business.  There are many types of corporations and you should speak with an attorney in your area about which is best for you.  You should also carry insurance (liability as well as others may apply, again depending on the type of business).  You should never personally guarantee anything for the business although this may be unavoidable.  But you should speak with an attorney when those instances arise and make sure your insurance coverage is applicable.  Good luck.


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