Myths that plague small business owners

believe them. I am here to put the record straight and tell you about the false ideas people got so far. #1: My business is not to be sued. I don’t have enough of profit from the company so they will just leave me alone. Anybody’s business can be sued and so can be yours. Even when you think you don’t have enough for others to take from you, you are wrong. There is always something to take. Let us give an example. Even if you have a tiny office your equipment and furniture can be seized and sold. Your bank accounts can be seized also and that money will be enough to pay the attorney. #2: I am protected from liabilities because I am of a corporate format. Wrong. The corporate format protects individual investors only from personal liability and debts of the corporation for the reasons that were related to the corporate events. All states have the same rules and these rules involved a so-called “corporate veil” that can be removed or adopted according to some circumstances. When a situation like this occurs you may be giving away even your personal assets – such as a house, car or all of your savings. #3: If I become disabled pr die my family and business partners will carry on without me. Wrong. Yes they will but not in terms of business. The business won’t survive if it is small and is left without a major member at least this is the biggest theory around it. Kids don’t like to follow their parent’s footsteps when it comes to business. Usually they are