Protecting your own assets

Hello all. I am very very new to the idea of running my own business, and my main concern is around how I protect my future and my (meagre!) assets in case things go awfully wrong. It’s a little bit chicken and egg for me in that I can’t afford legal advice without starting to turn over money, but am reticent to do that until I have good legal advice. I hope that makes sense!

I would love to know if there are some actually qualified lawyers here who could answer that.

1 Like

Thanks Sally. I know that the community is still growing and so hopefully some will come along!

The answer to this will, in part, depend on the structure that you choose. Typically you will have more protection if you venture is a limited company (limited by shares or by guarantee) than if you are a sole trader. You can also insure against some of the risk with Director insurance, professional liability insurance etc. You may find that your local authority, business growth hub or even your nearest University have a start-up service which can provide some free or very low cost initial support - have you contacted them? Where are you based?

3 Likes

hi @Beatrice - depending on how you incorporate the venture, there’s always an option for you to ‘lease’ your personal assets to it initially in the short term: that would protect what you personally already have, but also mean that in the future as it grows, the enterprise would start to ‘own’ the future assets generated in its own right and name.

1 Like