Slashing your taxes is one major obstacle your business will face. The other major obstacle is defending your business against lawsuits. Don’t think you will face a lawsuit? Think again. Lawsuits happen all the time.
Obstacle #2: Lawsuits.
The average person is slapped with 5-7 lawsuits in their life. In other words, 1 in 4 people will be sued in the next 12 months. Every year universities pump out new lawyers. These lawyers are hungry to make money. Therefore, they are on the hunt to create lawsuits.
If you are sued is your business structured in such a way that you will not only survive from the lawsuit, but actually thrive? You can thrive if you are knowledgeable about entity structure. Your entity structure can be a powerful force against lawsuits. In other words, the person suing you will be worse off when they win then if they had never bothered you in the first place. Even if your opponent wins, they will spend more money on actually suing you.
You need to know how to deter lawsuits so you can spend your time building lasting wealth. If your business structure is set up correctly then people who try to sue you will find it better to just come to an agreement before a lawsuit begins.
You can use the Internet to your advantage. You can find information on anybody you want in seconds. However, this technology can also make it easy for people to find out information about you that they can then use against you. For example, if you have businesses in your own name then people can view you as having deep pockets. They are more likely to sue you if they see that you have money.
DBA and sole proprietorships give you no protection. These types of businesses are in your own name. These types of businesses are risky because if you make a mistake then your name and personal assets are vulnerable.
General partnerships are the riskiest forms of business you can have. You need to shift the way in which you approach and run your business. If your partner makes a mistake, both of you are sued. This can be devastating especially if you didn’t do anything wrong in the first place.
Do you have insurance? Insurance is good to have, but it is simply not enough protection. Insurance companies do everything they possibly can to avoid paying your claims. So you can’t count on insurance to save you in the event of a lawsuit.
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