How Do You Guys Protect Your Businesses?

[Vanbret]

Of course most of us here have E&O insurance, but I'm curious to hear how people set up their "businesses" to protect their personal assets.

By that I mean, is it best to set up an LLC, or just to incorporate in general (in regards to your insurance practice)?

I had heard that it might be best to set up an LLC, for purposes of protecting my assets in the (god forbid) event that someone sues you. I'm also assuming that for purposes of your contracts with the various carriers, you would no longer give them your social security number, but your Corporate Tax ID.....

What do you guys recommend?

 

[arnguy]

I use a 9 mm Glock.

 

[souldeux]

By being too broke for anyone to bother with suing me

 

[moonlightandmargaritas]

By being too broke for anyone to bother with suing me

There's a legal name for this: judgment proof....

 

[Vanbret]

I want to thank everyone for their inspiring thoughts and ideas!!

 

[souldeux]

I suppose I could come back in here and add something marginally helpful.

I have a good friend who is an attorney in the Atlanta area. He owns his practice, I own my...computer with all my stuff on it...and he and I have talked a little about asset protection.

His honest opinion in my situation was that until I had some more assets to protect that it'd be a waste of money to bother setting up anything convoluted to protect them. He did, however, tell me that setting up an LLC down the road would be an excellent idea and something he has done for other clients in a situation similar to mine.

PM me if you'd like his contact info. Just promise me you won't try to sell him anything -- I'm trying to get him to switch his group!

(or at least give me an AOR grumble grumble grumble)

 

[Vanbret]

Hey Nick,

Thanks for the thoughts; I'm glad to hear that you got similar advice about forming an LLC.

I also appreciate the offer to talk with your guy; but no worries man! I'm just going to set it up through legalzoom. They can setup that stuff dirt-cheap.

Thanks Again Nick; good luck selling the guy! Let us know if you close the deal.

 

[captain94]

What Is The Diffrence Between An Llc Or An S-corp. Ive Talked To Agents Some Have An Llc Some Have S-corp. Im Not Sure What The Benifits For One Or The Other Are.