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Book an Initial Call NowMany entrepreneurs operate their businesses as sole proprietors rather than through a legal entity, such as a Corporation or a Limited Liability Company. Whether their business is home-based or in the Fortune 500, these business owners are attracted by the informality of sole proprietorship. They also do not want to incur legal fees to create and maintain a legal entity. However, in addition to other advantages, conducting business through a legal entity may offer substantial risk management benefits.
While lawsuits brought against a sole proprietorship are really lawsuits against the owner’s personal assets, lawsuits against a properly created and maintained legal entity are really lawsuits against the entity’s assets. Nevertheless, the selection of an appropriate legal entity is critical for managing your risk.
When was the last time you reviewed the details of your liability insurance program with your insurance professionals? Are your policies current? Are the coverage limits adequate and are the deductibles reasonable? Have you scrutinized the policies for loopholes? Remember: the fundamental philosophy of any insurance coverage is to pay a premium you can afford to transfer a risk you cannot afford. During your asset protection planning, take time to understand both the risks you have retained and the risks you have transferred.
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Riverhead Office
33 West Second Street
Riverhead, NY 11901
Hauppauge Office
490 Wheeler Rd., Suite 150
Hauppauge, NY 11788
Southampton Office
200 North Sea Rd., Suite A
Southampton, NY 11968
Southold Office
56340 Main Rd
Southold, NY 11937
East Hampton Office
20 Main St
East Hampton, NY 11937
20 Main St,
East Hampton, New York 11937
56340 Main Rd,
Southold, New York 11937
200 North Sea Rd., Suite A
Southampton, New York 11968
490 Wheeler Rd., Suite 150
Hauppauge, New York 11788
33 West Second Street,
Riverhead, New York 11901