Oklahoma business people should protect their assets, reputations, and financial success. The assets are the result of detailed planning and hard work. Here’s some tips on how to preserve those assets and keep the business running smoothly.
Corporation or LLC – make use of legal business entities to protect your business from liability. Understand the limits of the protection, simply setting up a new entity is only the start. Find a lawyer that can help.
Liability Insurance – buy it! Increase the coverage limits far past what you ever expect to happen. You can plan for what you expect, but insurance covers the things you don’t expect. Consider umbrella coverage or layers of protection. Insurance becomes less expensive, the more you buy.
Holding Company – make use of one company to own your assets while using a separate entity to operate the business. It’s not for every situation, but a worthwhile consideration for some companies.
Captive Insurance – for medium and large companies, consider an insurance captive. You own the insurance company that protects your business. You keep the earnings from the premiums and control your own claims.
Prevention – the best asset protection is prevention. If you run a safe organization, you don’t have as much exposure to lawsuits and litigation. Safety pays huge dividends.
Education & Training – make sure you and your staff know the industry standards and laws governing your type of business. The failure to follow the rules exposes your company to all types of liability and problems.
Good Lawyers and C.P.A.s – you can’t know it all. It’s best to leave legal and tax matters to someone who knows the law and the rules. Mistakes can be extremely expensive and sometimes result in bankruptcy.
Our firm provides legal advice to Oklahoma businesses and wants to help you navigate the complexities of the numerous legal challenges. Call us and let us help you today! 918-940-2222.