Today's AVERAGE American Today’s average American works thousands of hours to achieve wealth, but spends less than five hours taking steps to protect it. In this age where lawsuits are as common as candy, it’s surprisingly easy to lose everything you have with one misstep. From employment issues to debt problems, legal pitfalls abound in today’s business climate. That’s why asset protection planning should be a vital part of any business. And as more and more people are discovering, incorporating is one of the best ways to do so.
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A corporation is legally recognized as a “person” separate from those who own and operate it. As such, its finances (debts, taxes, etc) are handled separately from those of its owners. Its main advantage is liability protection – the owner’s personal assets will remain intact if the business gets sued, goes bankrupt, or ends up in a similar unfortunate situation. And because it is considered a separate person, it continues to exist even after the death of an owner or shareholder, offering great advantages for estate planning.
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