Editor's Note: The information presented in this article IS NOT TO BE TAKEN AS LEGAL ADVICE. The authors of this article are not practicing attorneys at law. Nothing herein is to be construed as legal advice from the authors of this article or the employees of this website. Seek formal guidance from an attorney registered to practice in the state in which you operate. Corporate law varies state by state.

The authors are sharing their understanding of the pros and cons of various types of business structures and strategies for legally protecting your hard-earned assets. Some of the tips and advice presented is going to be slightly off depending on the state in which you operate and the present status of the U.S. tax laws and judicial system. The intent is to provide you some ideas to consider and to investigate via the proper experts (attorneys and CPAs).

WARNING REPEATED: Consult a licensed practicing attorney before taking any actions upon the suggestions shared in this article.

Protecting Your Assets
For most business owners, the type and number of corporations they should be using to run their business doesn't draw sufficient attention until AFTER their assets come under fire. By then, the game is lost.

You MUST set up your asset protection long before a threat arrives. The first priority for new business owners is getting going. What usually happens is the owner dumps everything into a single incorporated business.