Protect your assets in a recovering economic climate

Even as the nation moves toward recovery, the economic climate has caused a number of economic losses for business people. Still, it’s not too late to protect personal assets from any potential business losses.

A report from Resource Nation offers entrepreneurs some tips on how to be proactive about protecting personal assets in tough economic times. The first and foremost step in an asset protection plan is to make sure that a business is properly incorporated as either an LLC or a Corporation.

For business owners who have not yet incorporated their entities, it would be wise to seek the counsel of professionals at incorporation services. Online incorporation companies usually offer fast and inexpensive filing procedures.

The next step to asset protection is complying with all record-keeping requirements. This includes state filings, records of meetings, bank account statements and more.

Once these measures are in place, business owners can consider advanced asset protection strategies. There are certain states that allow Limited Liability Companies to apply for “charging order” protection to maximize the security of personal assets.

Following this plan for protection of personal property might help many business owners limit their liability in a tough climate. Entrepreneurs might also note that incorporation not only protects personal finances, but additionally offers tax benefits that might help them save corporate cash in the midst of recession. ADNFCR-3052-ID-19687820-ADNFCR

Melissa Clark
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Melissa Clark

Head of Content & Customer Marketing at Incfile
Melissa sets the vision for Incfile's content marketing and customer relationship management. Melissa has more than 10 years experience in various marketing roles, and a passion for supporting small businesses as they incorporate and grow. She loves sharing information that will help business owners maximize their LLCs, Corporations and Nonprofits. In her spare time, Melissa is an active member of The Junior League and enjoys running half marathons.
Melissa Clark
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