What Do I Mean By Asset Defenses?

Cover Your Assets
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As people go through life, they accumulate assets, which are anything of value.  Other people want to take these assets away, either through a lawsuit or other judgement or something as simple as taxation…

Asset Protection is the legal maneuvering that is done to attempt to erect barriers around your assets so that they are tough to get to.  The higher the barriers and the more of them you have in place, the more secure that your assets are.  I made up the term “Asset Defenses” as a phrase to describe all of the various defensive structures that you could use to protect what is yours.

One good Asset Defense is a Corporation, which allows you to engage in a business enterprise and earn money and build equity (stored value in the company).  The Corporate structure is designed to put up a wall around the corporation so that things that happen within the business can not easily escape over into your other businesses or your personal life. 

Corporations are fantastic tools to contain risk and liability within the confines of the business. But they must be run strictly as a business, a separate entity from you personally, and this means you need to follow some rules… or your Corporate liability protection could be torn to shreds and your personal assets put at risk…

My new product CorporateVeil Pro , is available, and it is a clear, concise step-by-step system, written  for the busy business owner.  It is designed to get your corporate records ship-shape in 7 quick streps…

Rob Northrup

Is Your Corporation Protecting Your Assets?

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11 Comments

10 Comments

  1. Robert KauferNo Gravatar (24 comments)  •  Oct 28, 2008 @5:05 pm
  2. Jennifer SkinnerNo Gravatar (42 comments)  •  Oct 28, 2008 @5:12 pm

    Robert-
    Very funny!

    Rob-
    Nice post on CYA-covering your assets. :-)

    Jennifer Skinner
    Wardrobe Planning Expert

    Reply

  3. Cindy EyansonNo Gravatar (36 comments)  •  Oct 28, 2008 @5:17 pm

    I will pay Rob.. so I don’t have to pay Robert Later.

    Cindy

    Cindy Eyanson Online

    Reply

  4. Intuitive JohnNo Gravatar (31 comments)  •  Oct 28, 2008 @8:40 pm

    I was sitting with a colleague between meetings today and he was talking about the cost of insurance on this biz…and he said he saw it as a necessary evil to protect his assets. Having read your posts…I asked him what he was doing about protecting his personal assets. You can always replace a building, inventory and customers…but it’s a lot harder to regain a lost net worth.

    I’m sending him the link to your site to help “wake him up”.

    Intuitive John Shoemaker

    Reply

    Rob NorthrupNo Gravatar (84 comments) Reply:

    thanks John…
    Rob

    Reply

  5. Lisa McLellanNo Gravatar (90 comments)  •  Oct 28, 2008 @9:27 pm

    I hope you don’t delete any of your posts. I’m going to need to comeback and reference many of them when I decide to incorporate.

    Babysitter, Nannies, and Au-pairs

    Reply

  6. Matthew ShieldsNo Gravatar (36 comments)  •  Oct 29, 2008 @12:21 am

    Hi , Rob
    Indeed we do need to set up as many defenses as we possibly can to protect our assets. Your information is very spot on
    Matthew Shields
    Hotel Resort Energy Management Wireless Systems
    Anything Solar

    Reply

  7. Steve ChambersNo Gravatar (103 comments)  •  Oct 29, 2008 @2:08 am

    The Corporation was a wonderful invention. It allows us to mitigate the risks we sometimes need to take to be successful. Still, whenever you have achieved some semblance of success people come out of the woodwork to take it from you.

    Because of this you need to defend your rights & your property by playing as close to the rules as possible. Keeping your Corporate Records up to date is the best defense once we have a corporation established.

    Steve
    Persuasion Tips and Influence Tactics

    Reply

  8. Craig ErnstNo Gravatar (8 comments)  •  Oct 29, 2008 @5:26 am

    Rob, You couldn’t be more right about the importance running your business strictly as a business and following all of the necessary rules. Many people who have corporations simply do not do this.

    A good friend of mine, who is an attorney, recently told me about how he was able to “pierce the corporate veil” and seize assets in a suit that he won for a client– all because his adversaries didn’t “dot their ‘i’s’ and cross their ‘t’s’”. Don’t kid yourself. Just “having” a corporation is not enough.

    Craig Ernst
    Real Estate Success Path, Tips & Strategies for Smart Agents

    Reply

  9. SabrinaNo Gravatar (1 comments)  •  Oct 29, 2008 @3:36 pm

    Rob,

    All of us need to keep more of what we earn. You are a genius for coming up with this system.

    Sabrina Peterson
    Personal Training and Weight Loss Programs

    Reply

  10. David J. ParnellNo Gravatar (38 comments)  •  Oct 29, 2008 @5:35 pm

    Incorporation is indeed a good defense against intruders… You never know when you’ll get sued….

    David J. Parnell | Communication Expert
    The Communication Expert Blog

    Reply

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