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Protect Yourself against LIABILITY |
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As a private person as well as a business person, you can never truly escape liability. But you can eliminate its unpleasant financial consequences for yourself, your family, and your business, in case you should face a liability problem, whether the claim is genuine or frivolous. | |
You can cover certain aspects of
your liability through insurance. However,
these insurances, especially for
professional activities, will rarely cover
what you really need to
protect yourself - unless they become
outrageously expensive...You might still need liability insurance as a formality, in order to run your business. Your customers might expect it as a prerequisite for doing business with you - or your government might demand it in order for you to obtain the licenses you need in order to operate your business legally. In those cases, you simply buy the insurance that fits this particular purpose best. For business liability, you can obtain a very effective protection through incorporating, particularly if you work with multiple corporations, even for a small business. For your personal protection, however, you are far better off making yourself invulnerable. This means that you transfer ownership of all your assets to an affshore entity that is not liable for your actions. For this to work for you, you need:
Once you have your assets owned by your offshore entities, you will legally own nothing - and hence will not suffer any consequences of whatever claim you might be subject to. You do not even have to defend yourself in court, because it does not matter if you lose the case! You can accept the liability, but it will not have any financial consequences for you, regardless the claim. |
Here is the outline for
what you should do to protect yourself from
private and professional liability:
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**************Warning!************* |
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Did you sign up for the free information about
how to effectively protect yourself and your family?
If not yet, please go to the sign-up form now!
(If you don't, you forfeit your moral right to complain
about any loss you and your family might incur because of a lawsuit hitting you...)
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Let's say you have some valuable jewelry you want to protect. You get a safebox in your bank. The bank gives you the key to the box. The only key that exists. You put the jewelry in the box, close it, and walk away with the key. Question: who controls the jewelry? The bank who owns the box? Or you who is in possession of the key? What would change if you were not the owner of that jewelry? You still have the key to the box. The bank still owns the box. But the jewelry is owned by someone else. Who is now in control of that jewelry? Morale: Control of assets has nothing to do with ownership. Assets are controlled by the person who has possession of the key, also when that person is not the owner. |
