8 Lines of Defense from Lawsuits

Here are 8 Lines of Defense from Lawsuits every business owner should have.

  1. Good Business Practices
    1. Using contracts and proper documentation of services offered AND what’s NOT included in services.
  2. Entity Structure
    1. Sole Prop, Partnership, S or C Corp, LLC.
  3. Entity Compliance
    1. Don’t just meet the minimum requirements.
    2. “Preponderance of the Evidence” criteria.
  4. Insurance
    1. General Liability Insurance, Malpractice or Errors & Omissions Insurance.
  5. Legal Team
    1. Business attorney on retainer.
  6. Anonymity
    1. If they can’t find you or don’t know what you own, they may be discouraged from even trying.
  7. Multiple Entity Structure
    1. Establish an Operating, Parent, Holding, or Lending Company designation.
  8. Trusts
    1. Ownership vs Control.
    2. Revocable vs Irrevocable.
    3. On Shore vs Offshore.

Ron Fossum

Today Ron serves as a Fractional CFO for 5 Separate Companies as well as running his own tax planning practice, Tax Plan Wealth. Their entire focus is on how to reduce their clients' tax bills by 50% or more… legally, morally, and ethically.

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