Profession-Specific
Those who are self-employed such as entrepreneurs and business owners should keep an eye on the problems that can appear in case of a lawsuit. A lawsuit can destroy the company and, unfortunately, its assets too.
So, in order to protect themselves from the risk of personal injury, those who have a business should register as a limited liability company (LLC) or an S corporation (a type of corporation that meets specific Internal Revenue Code requirements).
Plus, it might be in your best interests to create an asset protection trust, especially if your field of work has a history of regular lawsuits. Work fields, where this protection may be quite beneficial, are real estate, health, and the law itself. According to Galfand Berger LLP, the average annual number of medical malpractice lawsuits filed each year was 85,000.
