How do I protect my personal assets by setting up the right business structure

Hi there

I've been an employee all my life, but am about to set up a small side business (so am a bit of a novice from business structure sense of things) - What is the correct business structure to setup to ensure god forbid someone wanted to later sue as a result of the product or service provided..... so that my personal assets are secured seperately from the business

 

first thing to consider is insurance
second thing is the limited liability of a company
third is the structure of the company

 

Thanks Terry
Would you suggest a website I best use to read up on understanding how the limited liability of a company works..
How much ball park to set up a company....
Thinking aloud - With this business being a small ecommerce side business (that may or may not take off) with my 16yr old son, Would it be feasable / better that he be a sole trader... than setting up as a company...

 

I don't know of any websites, but you could google for some articles. I charge $1100 to set up a company wiith some legal advice thrown in

 

Much Thanks Terry, I'll keep reading up and may be in touch

 

Fourth thing is manage risk. eg If you are a builder dont buy rubbish materials that will haunt you later. I often see people with small busienss ideas that cant and wont produce a profit. So why bother with the risk if there is no reward. If you make great profit you can usually address most problems. And can afford the base insurance, company and good advice to steer concerns