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