How can I protect my assets?

Protecting your personal and business assets begins with the business structure you choose. Registering an LLC or corporation offers liability protection if you are careful not to co-mingle your business and personal finances. Your attorney should create the appropriate legal agreement to govern your business – Articles of Incorporation, an Operating Agreement or Partnership agreement. All need to conform to Idaho law, include details  of how business finances will be handled and by whom and be regularly updated. Registering only an assumed business name, which creates a sole proprietorship, offers no legal protection and puts your personal assets at risk, as well as your business ones. Your SBDC consultant can suggest some safeguards to help protect your assets, beginning with good business practices. We are here to help clarify and define additional practices that will help reduce your risks.