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

Healthcare Entrepreneur Academy Podcast

Release Date: 10/27/2020

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More Episodes

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 when it comes to legal action. He/she will help you navigate different caveats your business may face.
  3. Create a structure early on and keep adding layers of complexity as your business and 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/

 

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