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Will my personal assets be safe if I choose not to incorporate my business?
Will my personal assets be safe if I choose not to incorporate my business? I own property and wondered if I MUST incorporate to ensure that I cannot be sued for my personal assets. Or is there insurance for this?
If you do not incorporate your business then you are technically operating as a sole proprietorship or what is known as a “d/b/a” (doing business as) and your assets are not protected. Should you be sued and have a Judgment entered against you, a creditor can place a lien on your property and seize any physical assets in your name.
It may make sense to incorporate, even as a limited liability company, to avoid any litigation against you personally.
The Greater Boston business lawyers at Goldberg & Oriel represent individuals and businesses throughout Massachusetts. Located in Framingham, Massachusetts our business attorneys serve the entire Boston region including the communities of Acton, Arlington, Belmont, Boston, Braintree, Brockton, Brookline, Burlington, Cambridge, Canton, Dedham, Framingham, Lexington, Marlborough, Milton, Natick, Needham, Newton, Norwood, Quincy, Waltham, Watertown, Wellesley, and Worcester.