Louisa is concerned about risks and liabilities involved with business ownership. What actions can cheap take to best protect her personal property against the financial obligations of her business.
Register the business name, patent the logo
Establish an IRA set up automatic withdrawals
Seek legal counsel choose the right legal structure
Or
Higher in an accountant enroll in online banking
ABC or D
The correct answer would be: Seek legal counsel, choose the right legal structure.
Seeking legal counsel will provide Louisa with professional advice on how to best protect her personal assets from the financial obligations of her business. The lawyer can guide her in choosing the appropriate legal structure, such as forming a limited liability company (LLC) or a corporation, which will create a legal separation between her personal and business assets. This separation can help shield her personal property from being at risk in case of any liabilities or debts incurred by the business.
While registering the business name and patenting the logo might be important for branding purposes and intellectual property protection, they may not directly address the concern of protecting personal property against financial obligations. Establishing an IRA and setting up automatic withdrawals, hiring an accountant, or enrolling in online banking are unrelated to personal property protection against business liabilities.
The actions that Louisa can take to best protect her personal property against the financial obligations of her business are:
1. Seek legal counsel and choose the right legal structure: Louisa should consult with an attorney to determine the most appropriate legal structure for her business. Options could include a limited liability company (LLC) or a corporation, which provide personal liability protection.
2. Register the business name and patent the logo: By registering the business name and patenting the logo, Louisa can protect her intellectual property rights and prevent others from using the name or logo without permission.
3. Set up an IRA and establish automatic withdrawals: Louisa can establish an Individual Retirement Account (IRA) and set up automatic withdrawals to ensure that she is saving for her retirement. This can help protect her personal assets in the long term and separate her business finances from her personal finances.
4. Hire an accountant and enroll in online banking: Employing the services of an accountant will ensure proper financial management, including keeping accurate records and filing taxes correctly. Additionally, enrolling in online banking will make it easier to separate personal and business finances, enhancing personal asset protection.
In summary, the correct options would be: Seek legal counsel and choose the right legal structure (C), and hire an accountant and enroll in online banking (D).
To best protect her personal property against the financial obligations of her business, Louisa can take the following actions:
1. Register the business name and patent the logo: By registering her business name and patenting the logo, Louisa can establish legal ownership and protection of her intellectual property assets.
2. Seek legal counsel to choose the right legal structure: Consulting with a legal professional can help Louisa determine the most suitable legal structure for her business. This could be a sole proprietorship, partnership, limited liability company (LLC), or corporation. Each option offers different levels of personal liability protection.
3. Establish an IRA and set up automatic withdrawals: By setting up an Individual Retirement Account (IRA), Louisa can separate her personal finances from her business finances and ensure that she has a designated retirement savings plan in place. Setting up automatic withdrawals can help her consistently contribute to her retirement fund.
4. Hire an accountant and enroll in online banking: By hiring an accountant, Louisa can ensure proper financial record keeping and tax compliance. Enrolling in online banking can help her maintain clear separation between personal and business transactions, making it easier to track income and expenses.
In conclusion, the best actions for Louisa to take to protect her personal property against the financial obligations of her business would be to register the business name and patent the logo, seek legal counsel to choose the right legal structure, establish an IRA with automatic withdrawals, and hire an accountant while enrolling in online banking.