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Top Things Entrepreneurs Get Wrong in Running a Business

January 10, 2018

Filed under: Business Planning — Neel Shah @ 9:15 am

There are so many different risks to think about and potential growth opportunities affecting entrepreneurs that far too many of them fall prey to missing out on important planning opportunities. One of these includes not preparing for a lawsuit well before it happens. Most entrepreneurs only worry about this after a lawsuit has been filed or after an accident has occurred. However, at this point, options are limited.

Being an entrepreneur comes with a long to-do list, but it’s still important to consider that protecting your risks is a worthwhile endeavor. Asset protection planning is one worthwhile goal. 

Some advanced asset protection planning carried out with the assistance of a lawyer can help you. You don’t want to commit what is known as a fraudulent conveyance, such as moving money around to avoid losing it to a lawsuit once the lawsuit has already been filed. The best time to plan for asset protection planning is when there is no risk in sight. If you plan appropriately, you may be able to settle lawsuits for very little compared to the potential exposure.

The crucial aspect of this is having a comprehensive plan drafted by an estate planning attorney so that those assets cannot be taken from you.

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