You grew up right beside your father as he rebuilt cars and trucks on the weekend to supplement the family income from his career in law enforcement. He taught you as soon as your mother would let him about the proper equipment, the importance of completing a project that you could be proud of and standing behind your work.
He is now moving slower and not able to crawl around the cars like he used to do. One weekend he tells you that he is passing the torch to you, the business is yours. His only request is that you learn How to Incorporate A Small Business. You smile, that is just like him, thinking of you and your financial security. He never incorporated the business when he was in charge, but now that it is your turn, he wants you to be protected.
You visit your family’s lawyer and explain the current situation of the small business being transferred from your father’s name to your name. Before you are able to share you desire to learn How to Incorporate A Small Business, your attorney begins to answer all the questions you were going to ask.
He shares that if a client sues your small business and it is not incorporated, that your personal assets can also be included in the lawsuit. As you swallow a little harder than usual, you understand why your father insisted upon learning How to Incorporate A Small Business.