It depends on a number of factors such as: the number of owners; whether you will have employees; your primary business activity; whether you have investors and whether there will be other owners who will not be active in management.
Protecting my personal assets from creditors is very important. What is the best way for me to do that?
There are several steps to do that. Some of those steps include choosing the right type of entity such as a limited liability company, corporation or limited partnership. Also, you must follow important guidelines on how you operate your business, sign documents, and represent yourself to the public and your creditors. Further, you should find a trusted legal advisor who is able to properly strategize with you on having the proper business foundation in the areas of legal, insurance, finances, and tax and then, execute that strategy.
First, you must create a business succession plan with the proper documents. You also need to create detailed instructions, secure access to that information and have the cooperation of someone to step into your shoes or a liquidation plan. Insurance may also be a very useful financial tool.