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What steps should I take to protect my personal assets if I own a small business in Florida?

Picture of Chris Battis By   ·  1 minute read

As a small business owner in Florida, there are several steps you can take to protect your personal assets. Here are some recommendations:

  1. Incorporate your business: By incorporating your business, you create a separate legal entity that can shield your personal assets from any liabilities incurred by the business. This means that if someone sues your business, they can only go after the assets of the business, not your personal assets. To incorporate your business, you will need to file articles of incorporation with the Florida Department of State.
  2. Obtain liability insurance: Liability insurance can provide an additional layer of protection for your personal assets. This type of insurance will cover legal fees and damages if someone sues your business for harm or injury. Be sure to review your policy carefully to ensure that it covers all potential sources of liability.
  3. Keep accurate financial records: Maintaining accurate financial records is essential for protecting your personal assets. By separating your personal and business expenses, you can ensure that your personal assets are not at risk if your business is sued.
  4. Follow all legal regulations: It’s important to follow all applicable laws and regulations for your business. Violating these regulations can expose you to liability and put your personal assets at risk.
  5. Consult with an attorney: It’s always a good idea to consult with an attorney who specializes in business law to ensure that you are taking all necessary steps to protect your personal assets. An attorney can provide specific guidance based on your unique circumstances and can help you create a comprehensive asset protection plan.

It’s important to note that there may be exceptions and limitations to the advice provided above. Additionally, this information is intended for general informational purposes only and should not be relied upon as a substitute for legal advice from a licensed attorney. If you have any questions or concerns about protecting your personal assets as a small business owner in Florida, it’s best to consult with an experienced attorney.