Cover Your Assets (CYA) – Business Law Tip

Business Law Tip: Cover Your Assets (CYA)

You must “Cover Your Assets”! CYA!
If you own a business, your personal assets may be at risk! Your home could be at risk! If a claim or lawsuit is filed against your business and you do not have the proper formalities in place, you could be personally liable! As a business owner you must CYA!

  1. Form a legal business entity.
  2. Draft an operating agreement or bylaws.
  3. Keep separate bank accounts for your business and personal funds.
  4. Maintain business records and meeting minutes.
  5. Have properly drafted contracts and agreements.
  6. File your tax returns.
  7. Have insurance, including an umbrella policy.
  8. Work with an experienced business lawyer.

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Justin Sterling, Esq. is a leading civil litigator and business lawyer.  Mr. Sterling is the founder of The Sterling Firm, a top-rated law firm with its original headquarters in Los Angeles, California. The Sterling Firm has a client base that stretches not only across the nation but also around the globe. We offer experienced and driven legal counsel for your matter.  The Sterling Firm handles business law, both transactional and litigation

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