Page 20 - 1st Quarter 2016 PL NLTEST

Getting ready to start your own business?
As the founder of your own business, there are certain personal liability risks you need to understand.
Physical and emo onal commitment.
Many of us just like the idea of running a business, and others totally commit to it. The level of mental, emo onal, and physical commitment shouldn’t be underes mated.
Poten al legal disasters
Having a orneys review what you are doing can
mi gate the risk of a legal disaster down the line.
A orneys can catch the things an untrained eye glosses over – like an
indemni ca on clause that could end up with you on the hook for another en ty’s legal fees.
The possibility of lawsuits
Be sure you are insulated, informed, and insured. Don’t leave accoun ng or contracts to the last minute or to those who don’t
know how to execute them. Be sure that as much as possible is in the company’s name, not your own.
Li ga on risk
Keep corporate and personal assets separate. Par cularly where startups are concerned, businesses are o en seen as the alter ego of their founders.