Invest in RRSPs or other vehicles that are judgment-proof. If the worst happens you still have retirement funds
The advice in this column is easy to put into place and will offer protection for personal assets in the case of a business failure.
But taking it to an extreme, one could creditor-proof to the point where one cant borrow funds to operate a business. Be practical when designing a creditor-proofing plan.
The time to protect assets from creditors is at the start of the business not at the time of its failure.
Get professional legal and accounting advice before the business commences. This is the time to put a creditor-proofing plan in place. Incorporation not only has income tax benefits, but …
Read the full article at: https://www.biv.com/article/2017/4/game-plan-protecting-personal-assets-business-fail/
