Working for yourself can be an amazing opportunity to spend your time doing what you want. But it can mean new challenges as well.
Starting a business can be an adventure—but it can be risky too. Boost your odds of success by doing research and organizing your personal finances.
When you’re ready to put your new business in place, you and your attorney will decide on the right business structure. You’ll also want to keep your personal and business accounts separate and consider creating trusts to protect your personal assets from exposure to the businesses’ risks.
As with other life events, make sure all of your assets are properly titled; your beneficiaries are up to date; you have adequate life, health, disability, casualty, and liability insurance to protect your family and the business; and you revise your estate plans and documents as necessary.