#132: Tactical Tuesday: Protect Assets & Limit Liabilities with an LLC

OVERVIEW: Jason A. Duprat, Entrepreneur, Healthcare Practitioner and Host of the Healthcare Entrepreneur Academy podcast talks about asset and liability protection for your business or start-up. EPISODE HIGHLIGHTS:
  • Why is it important for you to protect your assets, especially if you're a business owner?
  • When it comes to being sued, your business is at risk whether you offer a service or a product. 
  • The golden rule is to set up an LLC or a corporation to protect you from personal liability.
  • Jason talks about incorporating in different states as one way to protect your business. 
  • Hire an attorney with knowledge about being licensed in other states. 
  • Work with your CPA and attorney to create a structure that provides the most benefits while mitigating risks.
  • Your goal is two-fold: protect your assets and limit your liabilities. 
  • Another way to limit your liabilities is through trusts and holding companies. Create multiple LLCs/corporations to hold various assets of your business. 
3 KEY POINTS:
  1. The golden rule of asset and liability protection is to incorporate.
  2. Consult with your attorney AND CPA when it comes to choosing the legal entity that is best for your business
  3. Create a legal entity early on and keep adding layers of protection as your business and personal assets grow.
TWEETABLE QUOTES: "You guys are working hard as business owners and you need to protect what you're creating and what you're building." - Jason Duprat "The richest people in America literally have no assets. They don't own anything. They've set up everything as various companies." Jason Duprat    RESOURCES MENTIONED: Healthcare Entrepreneur Academy for Digital Businesses - https://www.facebook.com/groups/HeathcareEntrepreneurAcademy/ Healthcare Entrepreneur Academy for Brick & Mortar Businesses - https://www.facebook.com/groups/HealthcareEntrepreneurAcademyBrickandMortar/   #HealthcareEntrepreneurAcademy #healthcare #entrepreneur #entrepreneurship #assetprotection #liabilityprotection #llc #riskmitigation Check out this episode!

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