Legal Question in Legal Ethics in Arkansas
1. How do you reduce personal liability issues within your companies operations?
2. How much are the fees and costs fr dawing up legalalities of a sole priortership?
3. How can you sheild your personal assets from liabilties of your business and what are the fees and costs?
1 Answer from Attorneys
1. The mere existence of a corporate entity will reduce your "personal" liability for actions carried out in the name of the entity.
2. There are no legalities of a sole proprietorship. A sole proprietorship is usually just an individual doing business as "dba" whatever ficticious name you choose for your business.
3. Incorporate and respect the corporate entity. I.e., keep your business affairs separate from your personal affairs. Keep separate bank accounts and don't use corporate assets for personal expenses. Pay yourself a salary from the corporation and don't commingle corporate and personal assets or expenses.
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